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. “SoFi is on a mission to help consumers get their money right all in one app,” chief executive Anthony Noto said in a statement. “This preliminary conditional approval from the OCC is a testament to the mission-driven company we have built, the employees who help it grow, and the over 1.5 million members we currently serve.” The licence would make SoFi the latest fintech to secure a bank charter. Earlier this year the FDIC approved a banking charter for Square Inc, the payments company founded and led by Twitter Inc Chief Executive Jack Dorsey.

https://www.reuters.com/article/us-sofi-bank-charter/fintech-startup-sofi-gets-preliminary-approval-for-u-s-bank-charter-idUSKBN27D27W