2 Brilliant Growth Stocks to Buy Now and Hold for the Long Term

SoFi Technologies (NASDAQ: SOFI) and Uber Technologies (NYSE: UBER) are both disruptive leaders in their respective industries and have seen their shares soar over the past two years. Both have significantly improved their financial results and turned a profit. And the best part is, even after their recent strong runs, SoFi and Uber have excellent prospects and could deliver better-than-average returns over the long run. Let me explain.

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1. SoFi Technologies

SoFi Technologies is firing on all cylinders. Over the past few years, the company's revenue and earnings have soared as its ecosystem continues to expand. What's driving SoFi's growth? It offers a large (and growing) pool of services, all on a digital platform, which makes it attractive to many consumers, especially younger ones. Here's the best part. SoFi has both mid-term and long-term catalysts that should help boost sales growth even further.

For instance, the company announced it would bring back cryptocurrency trading to the platform (after giving up that business some two years ago), a meaningful source of revenue for some fintech specialists like Block. This is right down the alley of one of SoFi's key demographics: The stats suggest that younger, high-income investors are more likely to invest in crypto -- that's precisely the population SoFi was originally created to cater to. The return of cryptocurrency should help SoFi compete even better against other platforms like Robinhood Markets.

That's not all SoFi is doing. The company is also launching international money transfers, another opportunity that should help its clients use its platform even more, rather than routing those transfers (and the fees associated with them) through a competing service. These are all changes that could positively impact SoFi Technologies. And that's before we mention that the company has 12.6 million members and 18.6 million product customers, which works out to about 1.5 products per member.

Cross-selling additional products to its existing users is another way the company could grow its revenue in the next few years. What about the company's prospects beyond that? SoFi's appeal among younger generations gives it a significant long-term advantage as they increase their income and wealth and opt into even more of the banking services the company offers. The company should also launch plenty more services, as it has consistently done over the years. All these factors make SoFi's long-term outlook attractive, making it a top stock to buy and hold, even after its impressive run in recent years.

2. Uber Technologies

Many people doubted Uber. For a while, the company faced consistent net losses and significant regulatory issues. However, the ride-hailing specialist has overcome these challenges and has become a highly profitable company that continues to generate impressive revenue growth. Uber's progress also serves another important purpose: deepening its network effect. The growing number of delivery drivers, restaurants, and grocery stores on the platform attracts even more customers. Uber ended the second quarter with 180 million active consumers on its platform, up 15% year over year.

Yet even Uber's most mature markets remain underpenetrated, with most having only 10% (or fewer) of adults aged 18 and over among Uber's monthly active consumers. Increasing penetration in these existing markets should represent a powerful tailwind even without any other aspect.

But other factors will also help power Uber's growth, including the fact that members of younger generations (like Gen Z) are less likely than previous generations at the same age to have a driver's license and to drive. There are multiple factors for that demographic difference. Whatever the case, though, Uber is well positioned to benefit from it. Further, Uber has turned even potential challenges, such as the rise of autonomous vehicles, into an advantage by partnering with leaders in this field.

Uber is delivering excellent financial results, building a strong moat, and has attractive long-term opportunities. The company looks likely to reward investors over the long run.

Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Block and Uber Technologies. The Motley Fool has a disclosure policy.