Every investor is looking for the next Apple or Nvidia. Putting even a small amount into either of those stocks when they were just starting out would be giving investors staggering results today.

That's why it's so important to have a diversified portfolio of excellent stocks. You only need one to take off to create incredible market success, but you won't know which one it will be.

SoFi Technologies (NASDAQ: SOFI) is a young fintech superstar. Could SoFi stock set you up for life?

Why SoFi looks so compelling

SoFi is an online bank, and it's part of a wave of all-online banks that are challenging the traditional, large banks. CEO Anthony Noto has the ambitious goal of SoFi becoming a top-10 bank, and if it continues to grow the way it is right now, that could eventually happen.

Customers are signing up at a fast pace. There were 756,000 new member signups in the third quarter for a total of 9.3 million, and 1.1 million new products for a total of 13.6 million.

As customers discover and enjoy the platform, they're signing up for more products, which is another growth driver. SoFi was originally a loan co-op, but it has expanded into a broad assortment of financial services products. It's benefiting from this strategy in many ways, from lowering its risk to increasing engagement to generating higher sales.

In the third quarter, revenue increased 30% year over year. Another benefit of the expansion strategy is that it's leading to scale, and SoFi has reported positive net income for four consecutive quarters. It's guiding for that to continue in the first quarter and in 2025.

What to watch out for

As wonderful as this all sounds, and is, there are still risks. SoFi is still young and largely unproven, although it's doing an excellent job of proving itself. Four quarters of profitability is a sign that it's a viable company, but it doesn't yet have the same decades of operation that make some bank stocks incredibly stable and reliable.

Some of the good performance is coming from external factors, and investors shouldn't ignore that. As a financial stock, SoFi's business is highly affected by the macroeconomy and interest rates. Higher interest rates have affected many banks negatively over the past few years, SoFi included.

While the consolidated results are strong, the lending segment has been under pressure. Revenue was decreasing at one point this year, and management warned that full-year lending revenue would be lower year over year. As interest rates go down, results have been better than expected, and management revised its guidance, much to the relief of investors.