IPOE - SoFi Has Big Banking Ambitions -- and Is Committing $750 Million to Them
SoFi, the fintech start-up set to go public through a SPAC merger with Social Capital Hedosophia Holdings V (NYSE: IPOE) , has made it clear that it wants to be a full-featured alternative to the traditional banking system. And it just made a big move toward achieving its vision.
SoFi just announced its plans to acquire Golden Pacific Bancorp, a Sacramento-based bank with three branches, for $22 million. This may sound like a tiny acquisition for SoFi (and it is), but it has a much larger significance for investors.
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SoFi Has Big Banking Ambitions -- and Is Committing $750 Million to Them