Leading fintech platform, SoFi, has applied for a national bank charter with the OCC; unlike back in 2017 when they applied for an industrial loan charter before withdrawing it a few months later, SoFi is applying for a full de novo bank charter; SoFi is joining a growing number of fintech companies seeking full bank charters; Varo applied back in 2017, Robinhood did so last year and LendingClub have gone down the acquisition route (with Radius Bank) for their bank charter; CEO Anthony Noto said, “SoFi is on a mission to help our members achieve financial independence to realize their ambitions. We firmly believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services.” Lend Academy.
