Bull Market and Beyond: 2 Stocks Just Waiting to Soar

These two companies are making all the right moves, and patient investors could be handsomely rewarded.

2023 has been a solid year for the stock market overall, but it remains to be seen if we've truly started another bull market. But there are some stocks that look extremely promising over the long run, throughout the next bull market and for years beyond.

With that in mind, here are two truly disruptive companies that have executed very well in recent years despite difficult market conditions. Both still have tons of potential and could become home runs for patient investors if things go well.

A fintech with massive potential

SoFi (SOFI -0.58%) went public as part of the 2021 SPAC boom, but unlike most of the others that did the same, this company is the real deal. In addition to its core lending business, SoFi offers excellent checking and savings accounts, credit cards, and a highly competitive investment platform. A major differentiator between SoFi and other online banks is that SoFi aims to completely replace its customer's relationships with the big branch-based banks.

To say that SoFi's growth has been impressive would be a massive understatement. Its membership base has more than tripled since the start of 2021, and in the third quarter of 2023, SoFi added more than 1 million new products to its portfolio between loans and financial services.

 Not only has SoFi's growth been incredible, but the company's economics have been improving dramatically, and management has said SoFi will achieve profitability for the first time in the fourth quarter.

Since officially becoming a bank at the beginning of 2022, SoFi's growth has been very impressive. In fact, according to recent Federal Reserve data, SoFi went from being the 449th largest bank at the end of March 2022 to the 80th largest bank at the end of the third quarter of 2023. However, it's still rather small, with assets in the same ballpark as Eastern Bancshares or Atlantic Union Bank. If you just said "Who?" -- that's kind of the point. SoFi could still be in the very early days of realizing its true potential, and if it continues to attract new customers at this rate, it will continue moving up the list.

This disruptor is finally showing a path to profitability

The insurance business is clunky at best. Shopping for homeowners insurance or auto insurance can be confusing, and if you actually need to use your insurance, the claims process can be an absolute nightmare.

That's where Lemonade (LMND 1.38%) comes in. The company uses AI technology to make every aspect of the insurance process easy and as affordable as possible. It pays out most claims in seconds and makes it incredibly simple to get a quote and buy coverage.