SoFi Plans New Lending Products and Move Into Stock Trading

Social Finance Inc. plans to expand the types of loans it offers and broaden its products allowing customers to trade stocks and exchange traded funds on its platform this year, according to a letter sent to investors.

The move would generate more competition for other financial technology startups including Robinhood Financial LLC, Betterment LLC and Wealthfront Inc., which have been offering digital customers low-cost investing options for years.

While the company didn’t disclose revenue figures for the quarter or the full year, SoFi’s volume of loans, its most lucrative offering, continued to decline, falling to $2.24 billion from $2.5 billion ...