SoFi: Why a Bank Charter = Rocket FuelJan 19, 2022
The first time we ever wrote up Sofi we said we loved two things about their business model. It was:
A focus on credit
A focus on getting a bank charter approved
Sofi to date has been able to deliver strong on #1 even if the face of serious headwinds via the student loan moratorium.
And on #2, Sofi just got approved for a bank charter today! This has massive implications for their business going forward.
Let's discuss it below 👇
Sofi Bank Charter:
As we discussed the first time we wrote up Sofi, getting a bank charter approved would be a major step in a differentiated business model versus their peers.
And after years of trying to get one, Sofi just announced that they were approved for a bank charter.
We can't overemphasize how historic this is for their business going forward.