#DigitalBanking / With preliminary approval for SoFi bank charter, OCC expands field for fintechs

SoFi, once known by the tagline “Don’t bank, SoFi,” is now on the fast track to become a bank.

[SoFi CEO:] “By pursuing a national bank charter, we hope to be able to give consumers more choices and enhanced value when it comes to a full suite of financial services, which can help even more people achieve financial independence.”

According to SoFi’s charter application to the OCC, a charter would allow it to pursue an “originate and hold” model instead of an “originate and sell” business model, and fulfill customer demand through a variety of economic cycles… A charter also would “level the playing field” with traditional banking competitors, and permit it to offer consumers an “innovative set of personal finance products” through mobile-first channels…