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SoFi Rises After Regulator Approves U.S. Bank Charter

  • OCC gives conditional banking license for online lender SoFi
  • Firm’s chief executive says charter is ‘incredible milestone’
Updated on

SoFi Technologies Inc., the financial firm led by former Twitter Inc. executive Anthony Noto, surged after the Office of the Comptroller of the Currency granted it a U.S. banking charter. 

The online lending platform acquired Golden Pacific Bank as a path to getting the full-fledged banking license, the regulator said in a statement on Tuesday. While the entity will have a national reach and SoFi’s well-established digital lending platform, the OCC said that the new license didn’t cover crypto transactions.