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Block is in direct competition with CashApp with its software and hardware systems. However, in the long run, I think that SoFi is far superior to Block.
I believe that SOFI has more growth potential. It’s a smaller company, and the market it’s going after is more fragmented. Block has more competition in the buy now, pay later space that it’s expanding into right now.
Even Apple (AAPL) is starting to offer buy now, pay later options. And that makes the competition much stiffer for smaller companies like Block.
Indeed, Block has already had its day in the sun, but SoFi hasn’t yet. So, we think it has much more upside potential than Block.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.