(SoFi) Shares of SoFi Technologies Inc. rose more than 18% on Wednesday as the digital finance firm was approved to operate as a Bank Holding Company.
The approval happens through SoFi’s proposed acquisition of Golden Pacific Bancorp Inc. and its wholly-owned unit Golden Pacific Bank which will close in February.
SoFi CEO Anthony Noto has lauded the milestone saying it elevates the bank’s ability in realizing its goals and lending at competitive rates.
Noto says operation as a national bank will allow the company to deepen its financial offerings in line with the needs of its customers, business partners, and members.
SoFi says it will inject $750 million in capital and pursue its digital business plan while keeping intact the Golden Pacific Bancorp community’s banking operations and footprint.
SOFI: NASDAQ is up +18.41%.
