SoFi Technologies Comes Onto Becoming As The New Bank Holding Company

SoFi Technologies announces that it has been approved by the Office of the Comptroller of The Currency and the Federal Reserve to become a Bank Holding Company. Upon completion of the acquisition, SoFi will become a bank holding company with its bank subsidiary, SoFi Bank, National Association, based in San Francisco. With this acquisition, SoFi will be able to provide even more people with the financial products and services they need to get their money done right. This will also enhance the company’s operations and provide its members with even better interest rates.

SoFi Technologies

SoFi Technologies’ CEO, Brian McInerney, said that becoming a bank holding company allows the company to better serve its members during their financial moments. In 2021, the company secured a key strategic step in its path to becoming a national bank charter. It acquired Golden Pacific Bancorp, Inc. and its wholly-owned subsidiary, Golden Pacific Bank. SoFi plans to acquire the bank and maintain its community bank branch network while pursuing its digital business plan. It also submitted a bid to become a bank holding company.