SoFi moving into traditional banking, to have Utah presence
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Last week, the
The company will have back-office operations in both
SoFi is one of a wave of new financial-technology, or "fintech," startups that aim to reengineer the way Americans manage their savings, take out loans and pay for things.
The company, whose name comes from the moniker Social Finance, was founded in 2011 with a focus on refinancing student loans. The company quickly branched into other products aimed primarily at millennials, including personal loans, mortgages, wealth management and, recently, insurance.
Unlike other fintechs such as
While it's branching into other products, SoFi continues to market itself primarily to younger college graduates with well-to-do jobs, often in major metropolitan areas. The company aims to make its clients feel like members of an exclusive club, holding networking events for them in locales such as
But no one should expect to see a SoFi branch in their neighborhood any time soon. In its application, SoFi says it believes its all-digital approach - meaning no physical branches - will better serve customers, particularly those who find visits to traditional bank offices unnecessary.
In its application to the
SoFi's application carries symbolic value as well. Since the financial crisis nearly a decade ago, only a handful of brand new banks have arisen. And no institution has applied for coverage from the
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