SoFi Technologies jumped 18.5% after announcing that it got approval from the Fed to become a Bank, according to a news release by SoFi on Tuesday.

  • SoFi Plans to contribute $750 million capital and focus on its national, digital business plan as they maintain GPB’s community bank business and footprint, including GPB’s currency physical branches.
  • Upon completion of the acquisition, SoFi Technologies will become the parent company of SoFi Bank. The acquisition is expected to be finalized in February.
  • Anthony Noto, CEO of SoFi, stated that the national bank charter will help them to lend at more competitive interest rates and offer members with a high-yielding interest in checking and savings.

The company disclosed plans for its subsidiary Social Finance to acquire Golden Pacific Bancorp and its wholly-owned subsidiary Golden Pacific Bank. SoFi up +18.5%