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What's Going On With SoFi Stock

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SoFi Technologies ($SOFI@US) shares traded 1% higher in after-hours trading on Tuesday. The San Francisco-based digital financial services company said yesterday that it had gained approvals from key regulators to become a full-fledged bank. After getting approval from the Office of the Comptroller of the Currency and the Federal Reserve, the road is now clear for SoFi to operate as a Bank Holding Company through its proposed acquisition of Golden Pacific Bancorp. Sofi will operate its bank subsidiary as SoFi Bank, National Association, and expects the acquisition to close in February. Anthony Noto, CEO of SoFi, said “With a national bank charter, we will be able to lend at even more competitive interest rates and provide our members with high-yielding interest in checking and savings.” In the most recent quarter, SoFi saw total members grow 96% and total products grow 105%.

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