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SoFi has agreed to buy a tiny California community lender to accelerate its push into the banking business. SoFi will spend $22 million to acquire Golden Pacific Bancorp, which has 3 branches in and around Sacramento and about $150 million in assets. SoFi plans to contribute an additional $750 million to capitalize the bank for a national, digital expansion should regulators approve the transaction.
SoFi has laid out a bold growth plan to investors. It said it expects to increase its user base to three million customers this year, up 75% from the 1.7 million it had in December. SoFi also told investors it expects adjusted net revenue from its lending business to increase 38% in 2021. Adjusted net revenue at its Galileo business—which provides software and technology to other fintech startups—and at its consumer-banking arm are expected to double and quadruple, respectively, SoFi said. Mr. Noto said that the company’s growth plan was previously approved by bank regulators as part of last year’s application process. Only SoFi’s consumer-banking and lending businesses will be housed in the bank.
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