<article><a style="color: #000080;" href="https://www.dealstreetasia.com/tag/social-finance-inc/">Social Finance Inc</a>, the online lender known as SoFi, said on Monday it applied for a new bank charter with the <a style="color: #000080;" href="https://www.fdic.gov/" target="_blank" rel="noopener noreferrer">U.S. Federal Deposit Insurance Corp.</a></article>

<a style="color: #000080;" href="https://www.dealstreetasia.com/tag/social-finance-inc/">Social Finance Inc</a>, the online lender known as SoFi, said on Monday it applied for a new bank charter with the <a style="color: #000080;" href="https://www.fdic.gov/" target="_blank" rel="noopener noreferrer">U.S. Federal Deposit Insurance Corp.</a>
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.
Online news portal TechCrunch first reported the news of SoFi&#8217;s application.
SoFi Bank will operate as an online-only institution, with no branches or deposit-taking ATMs, the TechCrunch report said.
The bank will offer customers FDIC-insured NOW account and a credit card product, the report said.
SoFi, which started out as a company that refinances student loans, launched a digital wealth management platform in May.
San Francisco-based SoFi raised $500 million in a Series F financing round led by <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/silver-lake-partners/">Silver Lake Partners</a> earlier this year. The company&#8217;s investors include Japanese telecommunications and internet company <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/softbank-group-corp/">SoftBank Group Corp</a>.
Also Read: <a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/sofi-close-raising-500m-led-silver-lake-asian-investors-join-65283/">SoFi close to raising $500m led by Silver Lake, Asian investors to join too</a>
Reuters

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

SoftBank-backed digital lender SoFi applies for new bank charter

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

SoftBank-backed digital lender SoFi applies for new bank charter

Continue reading this premium story with a subscription to DealStreetAsia.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief