Fintech startup SoFi gets preliminary approval for U.S. bank charter
Financial technology company Social Finance Inc has received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) over its application for a national bank charter, Reuters reports.
The application for “SoFi Bank, National Association”, which was filed in July, still needs to be reviewed by the Federal Deposit Insurance Corporation and the Federal Reserve.
A banking licence would enable SoFi to hold customer deposits and make loans, without having to rely on a bank partner as it currently does.
