Search Results for "SoFi"
14 results for "SoFi"
Deals 13
SoFi Launches Enterprise Banking Program With Crypto-Native Infrastructure
SoFi launched SoFi Big Business Banking, an enterprise commercial banking program integrating fiat accounts, crypto rails, and its tokenized deposit SoFiUSD for 24/7 real-time money movement. The product uses a 'stablecoin sandwich' approach to enable instant settlements while keeping deposits on SoFi's balance sheet. Initial clients include Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, Jupiter, Mesh Payments, and Mastercard.
SoFi Adopts Galileo Cyberbank Core for Sponsor Banking Program
SoFi Technologies announced it will adopt Galileo's Cyberbank Core platform for its new commercial payment services sponsor banking program. The implementation leverages Galileo's modern core banking technology to power SoFi's expanding BaaS capabilities. Rollout was expected to complete in November 2024.
OCC Approves Zero Fintech De Novo Bank Charters Under Acting Comptroller Hsu
As of October 2023, the OCC had not approved any de novo bank charter applications from fintech companies since Acting Comptroller Hsu took office. More than half of fintechs that filed since 2017 withdrew their applications. This regulatory freeze has pushed fintechs toward acquiring existing banks rather than building new ones.
Galileo Launches Customizable BNPL Solution for Banks and Fintechs
Galileo Financial Technologies, a SoFi subsidiary, launched a customizable buy now, pay later (BNPL) solution enabling banks and fintechs to issue loans via bank partners. Galileo handles servicing, virtual cards, and underwriting integration. The product expands embedded lending capabilities for Galileo's BaaS platform.
SoFi Acquires Core Banking Platform Technisys for ~$1.1 Billion
SoFi announced the acquisition of Technisys, a cloud-native core banking platform, for approximately $1.1 billion. The deal supports SoFi's banking ambitions following its acquisition of Golden Pacific Bancorp and national bank charter. Technisys gives SoFi in-house core technology to power its banking and potential BaaS offerings.
SoFi Receives Preliminary Approval for National Bank Charter
SoFi obtained preliminary approval for a national bank charter, bringing the fintech closer to operating as a fully licensed bank. This approval allows SoFi to reduce its reliance on intermediary banks and offer a more comprehensive suite of financial products. The move reflects the broader trend of large fintechs seeking banking independence.
SoFi Acquires Golden Pacific Bancorp to Obtain Bank Charter
SoFi announced a $22.3 million acquisition of Golden Pacific Bancorp, a small community bank in Sacramento, to obtain a national bank charter. The deal enables SoFi to reduce its reliance on sponsor bank partnerships and directly offer banking products. This represents a significant strategic shift for the fintech toward becoming a chartered bank.
SoFi Announces SPAC Merger to Go Public and Expand Digital Banking
SoFi announced a merger with Social Capital Hedosophia Holdings Corp. V, a special purpose acquisition company, to go public. The deal aimed to fund SoFi's expansion into digital banking and broader financial services. The move signaled growing investor appetite for fintech platforms pursuing bank-like capabilities.
SoFi Receives Preliminary Conditional National Bank Charter from OCC
The Office of the Comptroller of the Currency granted SoFi preliminary conditional approval for a national bank charter on October 28, 2020. SoFi had applied in July 2020 and still required additional approvals from the Federal Reserve and FDIC. The charter would allow SoFi to operate under unified federal regulations rather than a patchwork of state requirements, positioning it to compete more directly with traditional banks.
The Bancorp Partners With SoFi to Power SoFi Money Product
The Bancorp Bank became the exclusive card issuer and back-end banking services provider for SoFi Money, a cash management product. The partnership leverages The Bancorp's payments sponsorship platform, ranked as a top issuer of private-label debit and prepaid cards. SoFi members gain physical and virtual debit cards with features including ATM fee reimbursement and P2P payments.
SoFi Abandons Federal Bank Charter Pursuit for Alternative Growth Strategy
SoFi's leadership announced they had abandoned pursuit of a federal banking charter, opting for alternative growth strategies instead. The decision reflected the difficult regulatory environment for fintech charter applications and signaled continued reliance on partner-bank models.
SoFi Subsidiary Receives NYDFS Virtual Currency and Money Transmitter Licenses
The New York Department of Financial Services approved virtual currency and money transmitter licenses for a SoFi subsidiary. The approval enables SoFi users to trade Bitcoin, Ethereum, and Litecoin on its platform. This expands SoFi's embedded finance offering by integrating crypto trading into its broader consumer financial services ecosystem.
Fintechs Increasingly Partner With Small Banks Instead of Pursuing Charters
A Los Angeles Times investigation reported that fintech companies are increasingly teaming up with small-town banks rather than pursuing their own banking charters. Companies like Square and SoFi faced regulatory obstacles, with SoFi withdrawing its ILC application entirely. The trend underscored the growing importance of bank-fintech partnerships as the foundation of embedded finance.