June 12 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.
Online news portal TechCrunch first reported the news of SoFi's application. tcrn.ch/2te7IJJ
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 Silver Lake Partners earlier this year. The company's investors include Japanese telecommunications and internet company SoftBank Group Corp. (Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)
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UPDATE 3-U.S. to unveil enhanced airline security plan to avoid laptop ban
WASHINGTON, June 28 U.S. Homeland Security officials on Wednesday will unveil enhanced security measures for foreign flights arriving in the United States to avoid an expansion of an in-cabin ban on laptops and other large electronic devices because they might carry bombs, sources briefed on the matter said.