Xignite, a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of a collaboration with leading digital personal finance company SoFi on the launch of the SoFi Invest trading platform. Click HERE to download the case study containing the full results.
A longtime leader in the student loan refinancing space, SoFi wanted to help its highly educated client base in the next phase of their personal finance journeys by offering a trading platform. The firm partnered with Xignite for its ability to deliver flexible, endlessly scalable and institutional-strength data solutions at an affordable rate, and was able to launch SoFi Invest in 2017.
The result was a new line of business that continues to see substantial growth. In addition, by leveraging Xignite’s alerts capabilities (for which Xignite received a patent earlier this year), SoFi can more effectively activate its client base; when an alert is sent, client engagement increases by 25% within a day and 10% of users make a trade within the hour.
A key aspect of the collaboration was Xignite’s battle-tested cloud APIs that have enabled SoFi to make fine-tuned investment recommendations through its roboadvisor, and curate lists of stocks based on key characteristics in easily digestible formats. In addition to market data, Xignite’s Global News API enables SoFi to feature the latest financial headlines across its platform to boost engagement and inform its client base.
“Xignite data is comprehensive and easy to use,” said Sam Nofzinger, Trading and Investment Manager at SoFi. “We don’t need to contract with multiple providers to get the data we need, nor do we have to process the data in order to use it. Their APIs enable a streamlined process that allows our staff to focus on what they do best: building innovative features for our clients.”
“We are proud to have so many fintechs on our client roster, and SoFi is one of our biggest success stories,” said Stephane Dubois, CEO and Founder of Xignite. “This case study demonstrates how the right data solution can enable not just a robust trading platform and powerful roboadvisor, but also a host of other features to drive engagement, education and a better user experience overall. We look forward to continuing our work with SoFi as they serve their clients during this time of disruption.”
Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.
SoFi Lending Corp. CFL# 6054612, NMLS #1121636 (www.nmlsconsumeraccess.org). Advisory services are offered through SoFi Wealth, LLC an SEC-registered Investment adviser. Brokerage products and SoFi Money® are offered through SoFi Securities LLC, member FINRA/SIPC. Neither SoFi nor its affiliates is a bank. ©2020 Social Finance, Inc.