Regulators Approve SoFi Application to Become a National Bank

Jan 19, 2022 By MarketDepth

Breaking Business Headlines Investing What's Hot

Gold Coins and US Dollars

SoFi Technologies, Inc. (NASDAQ: SOFI) today announced that the Comptroller of the Currency (OCC) and the Federal Reserve have accepted its application to become a Bank Holding Company.

Up 19% Premarket

Shares of SoFi Technologies, Inc. (NASDAQ: SOFI) gained over 19% in premarket trading. 

“This incredible milestone elevates our ability to help even more people get their money right and realize their ambitions.”

Anthony Noto, CEO of SoF

The company was approved to become a Bank Holding Company through its proposed acquisition of Golden Pacific Bancorp, Inc., and will operate its bank subsidiary as SoFi Bank, National Association. The company now plans to contribute $750 million in capital and pursue its national, digital business plan.

“This important step allows us to add to our broad suite of financial products and services to better be there for our members during the major financial moments in their lives and all of the moments in between. I’m incredibly proud of our team and excited about the opportunities ahead to help even more people achieve financial independence.”

Anthony Noto, CEO of SoF