Fintech start-up SoFi is moving into traditional banking
BY LA Times | by AP | June 13th, 2017
Online lender and financial start-up SoFi has taken the first step toward competing with the nation’s biggest banks on their home turf: the checking account.
Last week, the San Francisco provider of student and personal loans submitted an application for federal deposit insurance, a protection normally available only to conventional banks. In its application, the company said its SoFi Bank subsidiary will offer bread-and-butter banking products, including checking accounts, debit cards and eventually credit cards.
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