SoFi Stock Surges on Kraken Partnership as Fintech Company Expands into Business Banking
SoFi Technologies' stock surged over 2% in early trading on September 3 after the fintech company announced a partnership with Payward, the parent company of cryptocurrency exchange Kraken. The deal connects SoFi's banking infrastructure to Kraken's trading platform and digital asset liquidity.
The partnership links SoFi's Big Business Banking capabilities with Kraken's institutional trading platform. Under the agreement, Kraken will list SoFiUSD, SoFi's bank-issued stablecoin, on its multi-asset platform and join SoFi's Exchange Network, a real-time settlement system that operates 24 hours a day, seven days a week.
The partnership reflects SoFi's broader push into business banking and digital assets. SoFi launched Big Business Banking in April 2026 to serve corporate customers alongside its consumer-focused operations.
Keefe Bruyette viewed the partnership as 'another positive development' for SoFi's digital asset business, noting that the company stands to benefit from Payward's operations and Kraken's platform reach. However, Keefe maintained an Underperform rating with a $16 price target, implying 13% downside from the announcement price.