SoFi Technologies’ Stock Is Gaining Momentum After Getting Approval To Become A National Bank

This week the stock market of SoFi Technologies fantastically jumped to $16.36 from $12.04 by composing a 35% profit in one day. Further, now it is open at the price of $15.00. The news that led to the growth of SOFI prices this week is related to the fact that SoFi Technologies received permission from regulatory authorities to create a SoFi Bank by buying Golden Pacific Bancorp. In this situation, it might be the right time for investors to look into the announcement made by the company on Tuesday.

SoFi Technologies

The company has notified that it plans to complete the acquisition in the next month in February 2022; SoFi Bank, National Association will become a subsidiary of SoFi Technologies. The company will support the deal with $750 million in capital and will sustain GPB’s business. By the way, SoFi began trading on June 1, 2021, following a merger with Social Capital Hedosophia Holdings V. SoFi Technologies became the most mentioned stock on the WallStreetBets investor forum on Reddit, overtaking GameStop.