June 12, 2017 / 9:29 PM / 7 months ago

Digital lender SoFi applies for new bank charter

June 12 (Reuters) - Social Finance Inc, the online lender known as SoFi, has applied for a new bank charter, according to an application posted on the U.S. Federal Deposit Insurance Corp’s website.

SoFi has applied for an industrial loan charter in Utah under the name SoFi Bank and listed a Salt Lake City location as its proposed depositary address, according to online news portal TechCrunch. tcrn.ch/2te7IJJ

SoFi Bank will operate as an online-only institution, with no branches or deposit-taking ATMs, the TechCrunch report said on Monday.

SoFi, which started out as a company that refinances student loans, launched a digital wealth management platform in May.

The bank will offer customers FDIC-insured NOW account and a credit card product, the report said.

Social Finance Inc did not immediately respond to a Reuters request for additional details. (Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)

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