'There are some people that need to build for the future, and they're choosing to invest during these trying times now that they have more time to be home and be more thoughtful about investing,' SoFi CEO Anthony Noto told CNBC.
told CNBC on Wednesday that the fintech company's investing platform has seen a strong increase in users this year, in what has been a volatile period for financial markets.
"We've seen the number of people that use SoFi Invest double, the number of accounts open since the beginning of the year," Noto said onNoto said the uptick in SoFi Invest usage is indicative of a "tale of two cities" during the coronavirus pandemic, which has caused widespread economic damage in the U.S. in addition to its significant health toll.
"There are some people that absolutely need to repair their financial lives, and they need to borrow to do so," Noto said. "There are some people that need to build for the future, and they're choosing to invest during these trying times now that they have more time to be home and be more thoughtful about investing."during the coronavirus-driven market downturn as a number of other online brokers say they saw a spike in new accounts so far this year.
Allowing fractional stock purchases is viewed as a way to make investing more accessible, particularly for younger people. Firms such as
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