As part of the personal finance firm’s goal of gaining a US banking charter, SoFi announced the acquisition of California’s Golden Pacific Bancorp, and its subsidiary Golden Pacific Bank (GPB), for $22.3 million in March.
The firm had filed an application for its own licence with the Office of the Comptroller of the Currency (OCC) in July 2020.
Though the proposed acquisition, the United States’ OCC and the Federal Reserve have now approved SoFi’s application to become a bank holding company.
SoFi CEO Anthony Noto says the approval “elevates our ability to help even more people get their money right and realise their ambitions”.
