In an announcement this Wednesday, October 28th, The Office of the Currency Verifier (OCC) granted SoFi a conditional license to operate as a national bank in the United States.
The OCC is the U.S. Treasury Department that regulates federal banks across the country. SoFi, which stands for Social Finance, is a fintech (financial technology) startup that has provided credit and refinancing services in the past. In 2019, the company made cryptocurrency trading possible, and in December of that year the New York Treasury Department granted SoFi the coveted BitLicense.
With this new license, the company can offer a wider range of services. Today the company is too display This will start a credit card cashback rewards program that is used to pay off personal and student debts.
For his part, The OCC made it clear that SoFi Bank must overcome certain obstacles in order for its status to come out of the conditional status. The initial capital must be $ 550 million, of which the OCC rrequires 30% in cash.
At the time of this writing, we were unable to contact the OCC for further information.