In an announcement on Wednesday, the Office of the Comptroller of the Currency (OCC) granted SoFi a conditional license to operate as a national bank in the United States.
The OCC is the office of the U.S. Treasury that regulates federal banks throughout the country. SoFi, which stands for Social Finance, is a fintech startup that has historically provided loans and refinancing services. In 2019, the firm launched crypto trading, and last December, the New York Department of Financial Services granted SoFi a coveted BitLicense.
This new license will enable the firm to offer a wider range of services. Just today, the firm announced that it was also releasing a credit card with cashbash rewards that paid down personal and student debt
For its part, the OCC makes clear that SoFi Bank must clear certain hurdles for its charter to leave conditional status. Initial capital will be $550 million, of which the OCC requires 30% to be in cash.
The OCC could not be reached for comment as of publication time.