SoftBank-backed digital lender SoFi applies for new bank charter

Social Finance image sourced from its Twitter page

Social Finance Inc, the online lender known as SoFi, said on Monday it applied for a new bank charter with the U.S. Federal Deposit Insurance Corp.

The company has applied for an industrial loan bank charter in Utah under the name SoFi Bank and listed a Salt Lake City location as its address.

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