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.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.