<p>今天兩家令人興奮的金融科技公司是 <strong>SoFi Technologies</strong>(SOFI -4.01%) 和 <strong>Nu Holdings</strong>(NU -1.49%)。這兩家公司都盈利且快速增長，前景光明。但從投資的角度來看，哪一家公司更值得投資呢？</p>
<h2>SoFi Technologies 擁有引人注目的商業模式</h2>
<p>SoFi 是一個相當直接的金融科技項目：它以技術為中心的方式直接應對金融行業。這使得它能夠進入巨大的可服務市場，同時也受益於科技公司的增長和規模優勢。其金融平台旨在成為一個一站式服務，用户可以在這裏註冊銀行賬户或信用卡、整合學生貸款、向朋友匯款，甚至購買加密貨幣。</p>
<p>從商業角度來看，戰略非常明確：創建一個生態系統，為其客户羣提供所需的所有相關金融服務。這分散了客户獲取成本，同時使得向已有受眾推出新產品變得更加容易。</p>
<p>這是一個引人注目的商業模式，但存在一個問題：競爭。幾乎所有其他金融服務公司——而且數量眾多——都在嘗試遵循類似的戰略，無論是在其主要品牌下還是子品牌下。這提高了 SoFi 的客户獲取成本，降低了其盈利能力。這也導致管理層降低了其增長預期，儘管其最新季度的結果——收入和收益均超出預期——讓市場感到樂觀。即便如此，SoFi 的估值仍高於 Nu Holdings，而後者則擁有更快的增長率和更寬的利潤率。</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) 數據來源於 YCharts</p>
<h2>Nu Holdings 的大優勢在於缺乏競爭</h2>
<p>即使你是金融科技股票的愛好者，你可能也忽視了 Nu Holdings。這是因為它僅在拉丁美洲運營，業務覆蓋墨西哥、哥倫比亞和巴西。</p>
<p>Nu 的商業模式與 SoFi 非常相似。其客户通過智能手機應用訪問其金融服務平台，提供從加密錢包和 ETF 投資到保險和支票賬户等多種產品。然而，它們之間的關鍵區別在於它們所處的競爭環境。拉丁美洲的金融行業在市場飽和度和競爭力方面可以説落後於美國約十年。這是因為多年來，銀行業由少數強大的 incumbents 控制，主要依賴實體分支機構。</p>
<p>大約一年前，Nu 迅速佔領市場，從幾乎沒有客户增長到超過 1 億。現在，50% 的巴西成年人都是 Nu 的客户。金融科技領域缺乏競爭以及大量未銀行化消費者使得 Nu 能夠更快地增長，更早地達到盈利拐點。這導致其利潤率更高，總體利潤也比 SoFi 更大。有些令人驚訝的是，儘管 Nu 擁有更優越的競爭環境、財務狀況和增長潛力，其股票交易價格卻相對於 SoFi 大幅折扣。分析師預計 Nu 在未來一年內收入將增長 31%，而 SoFi 預計僅增長 16%。</p>
<p>Nu 的知名度不如 SoFi，但其股票作為投資在今天顯得更具吸引力。</p>

SOFI

<p>SoFi Technologies 和 NU Holdings 是兩家有前景的金融科技公司。SoFi 提供全面的金融平台，但面臨激烈的競爭，導致客户獲取成本增加和盈利能力下降。相比之下，NU Holdings 在一個不那麼飽和的拉丁美洲市場運營，實現了快速增長和更高的利潤率。分析師預測，NU 明年的收入將增長 31%，而 SoFi 僅為 16%。儘管 SoFi 的估值更高，但 NU 更強的財務狀況使其成為更具吸引力的投資選擇</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>今天兩家令人興奮的金融科技公司是 <strong>SoFi Technologies</strong>(SOFI -4.01%) 和 <strong>Nu Holdings</strong>(NU -1.49%)。這兩家公司都盈利且快速增長，前景光明。但從投資的角度來看，哪一家公司更值得投資呢？</p>
</div><h2>SoFi Technologies has a compelling business model</h2>
<div class="lb-trans"><h2>SoFi Technologies 擁有引人注目的商業模式</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 是一個相當直接的金融科技項目：它以技術為中心的方式直接應對金融行業。這使得它能夠進入巨大的可服務市場，同時也受益於科技公司的增長和規模優勢。其金融平台旨在成為一個一站式服務，用户可以在這裏註冊銀行賬户或信用卡、整合學生貸款、向朋友匯款，甚至購買加密貨幣。</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>從商業角度來看，戰略非常明確：創建一個生態系統，為其客户羣提供所需的所有相關金融服務。這分散了客户獲取成本，同時使得向已有受眾推出新產品變得更加容易。</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>這是一個引人注目的商業模式，但存在一個問題：競爭。幾乎所有其他金融服務公司——而且數量眾多——都在嘗試遵循類似的戰略，無論是在其主要品牌下還是子品牌下。這提高了 SoFi 的客户獲取成本，降低了其盈利能力。這也導致管理層降低了其增長預期，儘管其最新季度的結果——收入和收益均超出預期——讓市場感到樂觀。即便如此，SoFi 的估值仍高於 Nu Holdings，而後者則擁有更快的增長率和更寬的利潤率。</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) 數據來源於 YCharts</p>
</div><h2>Nu Holdings' big advantage is a lack of competition</h2>
<div class="lb-trans"><h2>Nu Holdings 的大優勢在於缺乏競爭</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愛好者，你可能也忽視了 Nu Holdings。這是因為它僅在拉丁美洲運營，業務覆蓋墨西哥、哥倫比亞和巴西。</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 的商業模式與 SoFi 非常相似。其客户通過智能手機應用訪問其金融服務平台，提供從加密錢包和 ETF 投資到保險和支票賬户等多種產品。然而，它們之間的關鍵區別在於它們所處的競爭環境。拉丁美洲的金融行業在市場飽和度和競爭力方面可以説落後於美國約十年。這是因為多年來，銀行業由少數強大的 incumbents 控制，主要依賴實體分支機構。</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>大約一年前，Nu 迅速佔領市場，從幾乎沒有客户增長到超過 1 億。現在，50% 的巴西成年人都是 Nu 的客户。金融科技領域缺乏競爭以及大量未銀行化消費者使得 Nu 能夠更快地增長，更早地達到盈利拐點。這導致其利潤率更高，總體利潤也比 SoFi 更大。有些令人驚訝的是，儘管 Nu 擁有更優越的競爭環境、財務狀況和增長潛力，其股票交易價格卻相對於 SoFi 大幅折扣。分析師預計 Nu 在未來一年內收入將增長 31%，而 SoFi 預計僅增長 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，但其股票作為投資在今天顯得更具吸引力。</p>
</div>

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