In 2023, SoFi Technologies (NASDAQ:SOFI) is proving that it’s not just a personal finance app; it’s actually a safe haven during a time of banking-sector turmoil. As some depositors flee less reputable banks and entrust their funds with SoFi Technologies, SOFI stock has a chance to reach double-digit territory during the coming months.

It’s understandable that some investors are wary of financial stocks in 2023. They probably heard about the failures of SVB Financial Group (OTCMKTS:SIVBQ) subsidiary Silicon Valley Bank, Signature Bank (OTCMKTS:SBNY) and First Republic Bank (OTCMKTS:FRCB). These banks apparently over-leveraged themselves on government bonds or cryptocurrency. Furthermore, they likely didn’t take strong enough measures to ensure the security of their customers’ deposits.

SoFi Technologies belongs in a different category than First Republic and the other banks that fell by the wayside. As SoFi Technologies’ financials demonstrate improvement and the company aims for profitability, SOFI stock looks like a sure winner this year and in 2024 as well.

SOFI Stock Could Soar as SoFi Technologies Reports Inflow of Deposits

Instead of worrying about the collapse of some U.S. banks, SoFi Technologies’ investors should see the glass as half full. That’s because, while depositors took their funds out of less reputable banks, some of them apparently parked their money with SoFi Technologies.

SoFi Technologies CEO Anthony Noto made a great point when he recently discussed the “diversity” of his company’s business model. SoFi isn’t “overly dependent on any one product or service,” Noto explained. That’s because SoFi Technologies has products that can perform well in high- and low-interest-rate environments.

Besides, SoFi Technologies didn’t rely too heavily on Treasury bonds, cryptocurrency or any other asset class. Consequently, SoFi has earned the trust of its depositors. To cement that bond of trust, SoFi Technologies now offers as much as $2 million in Federal Deposit Insurance Corporation (FDIC) insurance for each customer account.

Since the company has a good reputation, it makes perfect sense that SoFi Technologies reported an inflow of deposits in the first quarter of 2023. Noto gladly pointed out that SoFi’s total deposits in Q1 2023 “grew by a record $2.7 billion, up 37% during the quarter.” Impressively, the company’s deposits reached $10 billion at the end of the quarter.

SoFi Technologies Grows Its Revenue and Targets Profitability

Suffice it to say that Noto had plenty of positive data points to report for the year’s first quarter. Importantly, SoFi Technologies booked its “eighth consecutive quarter of record adjusted net revenue.” To be more specific, SoFi posted $472.158 million in adjusted net revenue for Q1 2023. This represents a year-over-year increase of 43% — not too shabby.

Additionally, SoFi Technologies’ objective is to achieve “positive GAAP net income in the fourth quarter of 2023.” To put it another way, SoFi seeks to be a profitable business by the end of this year. Is this realistic, though?

I’d say it’s an achievable objective. Bear in mind, SoFi Technologies reported a $110.4 million net earnings loss in 2022’s first quarter. Fast forward to Q1 of this year, and SoFi reduced its net loss to $34.4 million. Thus, the company is on the right track and moving at a fast enough pace to potentially close its profitability gap.

Set a $10 Target for SOFI Stock by 2024

Overall, the banking sector crisis of 2023 has been bad news. However, there’s a silver lining for safety-focused banks like SoFi Technologies. Amid the turmoil, some depositors undoubtedly turned to SoFi as a comparative safe haven.

Besides, SoFi Technologies has a slew of positive data points to prove its critics wrong. By the end of this year, SoFi just might prove its critics wrong and turn a profit.

So, what can you do now? You can think about buying SOFI stock as it’s still far below its peak price. Moreover, set your sights on $10 as this is an ambitious but realistic price target to reach by 2024.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.