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SoFi is at risk of not getting a Bank charter due to a lawsuit against the company. SoFi is a fast growing fintech company with its hands in more areas than almost any company. But is has faced legal challenges recently from several lawsuits. One of those lawsuits in particular regarding their Golden Pacific Bank acquisition could cost SoFi their ability to obtain a bank charter, losing them billions in value.
SoFi started out as a student loan company, offering graduate loans across the country. They then expanded into new areas of lending such as mortgages or personal loans. While they have since moved into new areas like financial services with their apps SoFi Money or SoFi Invest, their Galileo Technology Platform, or their credit card, lending has always been there operating in the background.
In this video I look into SoFi’s most damaging potential lawsuit, talking about the effects it could have on the company obtaining a bank charter, going over what that could mean for the company, and analyzing how likely that worst case scenario is to actually happen.
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I am not a financial or investment advisor. Everything in this video is for entertainment purposes only. Links above include affiliate commission or referrals, and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.