How SoFi's Bank Charter Could Pay Off for Long-Term Investors
Yahoo Finance ·
SoFi Technologies ' ( SOFI 1.08% ) operations were launched more than a decade ago. Back then, the company's sole activity was providing alumni-funded loans to recent grads. Fast-forward to today, and SoFi has become a full-fledged digital financial services entity. Growth has been exceptional, as the business expanded its product and service offering. This helped to rapidly bring on new members. In 2022, SoFi obtained a national bank charter that reshaped the company. Here's how this move could pay off for long-term investors . Before SoFi got a bank charter, its operations were funded by a mix of securitized debt, warehouse facilities, and convertible notes. These sources of capital had obviously helped the business reach that point.
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