Fintech startup SoFi receives preliminary conditional approval for bank charter

Credit: REUTERS/DADO RUVIC

Financial technology company Social Finance Inc has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency on its application for a national bank charter, the company said on Wednesday.

LONDON, Oct 28 (Reuters) - Financial technology company Social Finance Inc has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency on its application for a national bank charter, the company said on Wednesday.

A banking license would enable SoFi to hold customer deposits and make loans, without having to rely on a bank partner as it currently does.

(Reporting by Anna Irrera)

((Anna.Irrera@thomsonreuters.com; +1 646 223 4005 ;))

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