<p>今天两家令人兴奋的金融科技公司是 <strong>SoFi Technologies</strong>(SOFI -4.01%) 和 <strong>Nu Holdings</strong>(NU -1.49%)。这两家公司都盈利且快速增长，前景光明。但从投资的角度来看，哪一家公司更值得投资呢？</p>
<h2>SoFi Technologies 拥有引人注目的商业模式</h2>
<p>SoFi 是一个相当直接的金融科技项目：它以技术为中心的方式直接应对金融行业。这使得它能够进入巨大的可服务市场，同时也受益于科技公司的增长和规模优势。其金融平台旨在成为一个一站式服务，用户可以在这里注册银行账户或信用卡、整合学生贷款、向朋友汇款，甚至购买加密货币。</p>
<p>从商业角度来看，战略非常明确：创建一个生态系统，为其客户群提供所需的所有相关金融服务。这分散了客户获取成本，同时使得向已有受众推出新产品变得更加容易。</p>
<p>这是一个引人注目的商业模式，但存在一个问题：竞争。几乎所有其他金融服务公司——而且数量众多——都在尝试遵循类似的战略，无论是在其主要品牌下还是子品牌下。这提高了 SoFi 的客户获取成本，降低了其盈利能力。这也导致管理层降低了其增长预期，尽管其最新季度的结果——收入和收益均超出预期——让市场感到乐观。即便如此，SoFi 的估值仍高于 Nu Holdings，而后者则拥有更快的增长率和更宽的利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46e21aeb7eaac2fc1a8d911ea480744b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46e21aeb7eaac2fc1a8d911ea480744b.png"/></p>
<p>NU 收入 (TTM) 数据来源于 YCharts</p>
<h2>Nu Holdings 的大优势在于缺乏竞争</h2>
<p>即使你是金融科技股票的爱好者，你可能也忽视了 Nu Holdings。这是因为它仅在拉丁美洲运营，业务覆盖墨西哥、哥伦比亚和巴西。</p>
<p>Nu 的商业模式与 SoFi 非常相似。其客户通过智能手机应用访问其金融服务平台，提供从加密钱包和 ETF 投资到保险和支票账户等多种产品。然而，它们之间的关键区别在于它们所处的竞争环境。拉丁美洲的金融行业在市场饱和度和竞争力方面可以说落后于美国约十年。这是因为多年来，银行业由少数强大的 incumbents 控制，主要依赖实体分支机构。</p>
<p>大约一年前，Nu 迅速占领市场，从几乎没有客户增长到超过 1 亿。现在，50% 的巴西成年人都是 Nu 的客户。金融科技领域缺乏竞争以及大量未银行化消费者使得 Nu 能够更快地增长，更早地达到盈利拐点。这导致其利润率更高，总体利润也比 SoFi 更大。有些令人惊讶的是，尽管 Nu 拥有更优越的竞争环境、财务状况和增长潜力，其股票交易价格却相对于 SoFi 大幅折扣。分析师预计 Nu 在未来一年内收入将增长 31%，而 SoFi 预计仅增长 16%。</p>
<p>Nu 的知名度不如 SoFi，但其股票作为投资在今天显得更具吸引力。</p>

SOFI

<p>SoFi Technologies 和 NU Holdings 是两家有前景的金融科技公司。SoFi 提供全面的金融平台，但面临激烈的竞争，导致客户获取成本增加和盈利能力下降。相比之下，NU Holdings 在一个不那么饱和的拉丁美洲市场运营，实现了快速增长和更高的利润率。分析师预测，NU 明年的收入将增长 31%，而 SoFi 仅为 16%。尽管 SoFi 的估值更高，但 NU 更强的财务状况使其成为更具吸引力的投资选择</p>

<p>Two of the more exciting fintech companies today are <strong>SoFi Technologies</strong>(SOFI -4.01%) and <strong>Nu Holdings</strong>(NU -1.49%). Both are profitable and growing quickly with bright futures ahead. But from an investment standpoint, which one is the better pick?</p>
<div class="lb-trans"><p>今天两家令人兴奋的金融科技公司是 <strong>SoFi Technologies</strong>(SOFI -4.01%) 和 <strong>Nu Holdings</strong>(NU -1.49%)。这两家公司都盈利且快速增长，前景光明。但从投资的角度来看，哪一家公司更值得投资呢？</p>
</div><h2>SoFi Technologies has a compelling business model</h2>
<div class="lb-trans"><h2>SoFi Technologies 拥有引人注目的商业模式</h2>
</div><p>SoFi is a pretty straightforward fintech play: It directly addresses the financial industry with a tech-focused approach. This allows it to tap huge addressable markets while also benefiting from the growth and scaling advantages of tech companies. Its financial platform is supposed to be a one-stop shop where you can register for a bank account or credit card, consolidate your student loans, send money to friends, and even purchase cryptocurrencies.</p>
<div class="lb-trans"><p>SoFi 是一个相当直接的金融科技项目：它以技术为中心的方式直接应对金融行业。这使得它能够进入巨大的可服务市场，同时也受益于科技公司的增长和规模优势。其金融平台旨在成为一个一站式服务，用户可以在这里注册银行账户或信用卡、整合学生贷款、向朋友汇款，甚至购买加密货币。</p>
</div><p>From a business perspective, the strategy is clear: create an ecosystem that provides its customer base with all the related financial services they need. That spreads out its customer acquisition costs while making it easier to launch new products to an established audience.</p>
<div class="lb-trans"><p>从商业角度来看，战略非常明确：创建一个生态系统，为其客户群提供所需的所有相关金融服务。这分散了客户获取成本，同时使得向已有受众推出新产品变得更加容易。</p>
</div><p>This is a compelling business model, but there's an issue: competition. Nearly every other financial services company in the country -- and there are many -- is trying to follow a similar strategy, whether under its main banner or a sub-brand. That has raised SoFi's customer acquisition costs and lowered its profitability. It has also led management to dial back its growth projections, although the results from its latest quarter -- when both revenues and earnings exceeded estimates -- have the market feeling optimistic. Even so, SoFi trades at a higher valuation than Nu Holdings, which boasts a faster growth rate and a wider profit margin.</p>
<div class="lb-trans"><p>这是一个引人注目的商业模式，但存在一个问题：竞争。几乎所有其他金融服务公司——而且数量众多——都在尝试遵循类似的战略，无论是在其主要品牌下还是子品牌下。这提高了 SoFi 的客户获取成本，降低了其盈利能力。这也导致管理层降低了其增长预期，尽管其最新季度的结果——收入和收益均超出预期——让市场感到乐观。即便如此，SoFi 的估值仍高于 Nu Holdings，而后者则拥有更快的增长率和更宽的利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46e21aeb7eaac2fc1a8d911ea480744b.png" alt="" original-src="https://media.ycharts.com/charts/46e21aeb7eaac2fc1a8d911ea480744b.png"/></p>
<p>NU Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>NU 收入 (TTM) 数据来源于 YCharts</p>
</div><h2>Nu Holdings' big advantage is a lack of competition</h2>
<div class="lb-trans"><h2>Nu Holdings 的大优势在于缺乏竞争</h2>
</div><p>Even if you're a fan of fintech stocks, you may have overlooked Nu Holdings. That's because it operates solely in Latin America, with a presence in Mexico, Colombia, and Brazil.</p>
<div class="lb-trans"><p>即使你是金融科技股票的爱好者，你可能也忽视了 Nu Holdings。这是因为它仅在拉丁美洲运营，业务覆盖墨西哥、哥伦比亚和巴西。</p>
</div><p>Nu's business model is very similar to SoFi's. Its customer base accesses its financial services platform through its smartphone app, which offers products that range from crypto wallets and ETF investing to insurance and checking accounts. The key difference between them, however, relates to the competitive landscapes where they operate. The Latin American financial industry is arguably a decade behind the U.S. in terms of market saturation and competitiveness. That's because, for years, the banking industry was controlled by a handful of powerful incumbents that mainly relied on physical branches.</p>
<div class="lb-trans"><p>Nu 的商业模式与 SoFi 非常相似。其客户通过智能手机应用访问其金融服务平台，提供从加密钱包和 ETF 投资到保险和支票账户等多种产品。然而，它们之间的关键区别在于它们所处的竞争环境。拉丁美洲的金融行业在市场饱和度和竞争力方面可以说落后于美国约十年。这是因为多年来，银行业由少数强大的 incumbents 控制，主要依赖实体分支机构。</p>
</div><p>Nu took the market by storm roughly a year ago, growing from essentially no customers to more than 100 million. An astounding 50% of all Brazilian adults are now Nu customers. A lack of competition in the fintech space and a large population of unbanked consumers has allowed Nu to grow more quickly, reaching its profitability inflection point sooner. That has resulted in higher profit margins and bigger overall profits compared to Sofi. Somewhat surprisingly, Nu shares trade at a deep discount relative to SoFi despite its superior competitive landscape, financial situation, and growth runway. Analysts expect Nu to grow its revenues by 31% over the next year, while SoFi is expected to grow by just 16%.</p>
<div class="lb-trans"><p>大约一年前，Nu 迅速占领市场，从几乎没有客户增长到超过 1 亿。现在，50% 的巴西成年人都是 Nu 的客户。金融科技领域缺乏竞争以及大量未银行化消费者使得 Nu 能够更快地增长，更早地达到盈利拐点。这导致其利润率更高，总体利润也比 SoFi 更大。有些令人惊讶的是，尽管 Nu 拥有更优越的竞争环境、财务状况和增长潜力，其股票交易价格却相对于 SoFi 大幅折扣。分析师预计 Nu 在未来一年内收入将增长 31%，而 SoFi 预计仅增长 16%。</p>
</div><p>Nu doesn't have as much name recognition as SoFi, but its shares are significantly more compelling as an investment today.</p>
<div class="lb-trans"><p>Nu 的知名度不如 SoFi，但其股票作为投资在今天显得更具吸引力。</p>
</div>

更好的金融科技股票：SoFi Technologies 与 NU Holdings