The online lending platform acquired Golden Pacific Bank as a path to getting the full-fledged banking license, the regulator said in a statement. 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.
“This incredible milestone elevates our ability to help even more people get their money right and realize their ambitions,” Noto, SoFi’s chief executive officer, said in a statement posted on the company’s website. Matt Levine's Money Stuff is what's missing from your inbox. We know you're busy. Let Bloomberg Opinion's Matt Levine unpack all the Wall Street drama for you. Sign up to this newsletter