LogFAQs > #961610232

Interesting mini SOFI article from Thursday that Im sure a lot of you already know. Basically its waiting for some bank charter news that would send it up a lot. No idea what its supposed to happen though:

SoFi stock dips to lowest since de-spac as investors await bank charter

SoFi Technologies (SOFI -1.0%) stock dropped as low as $13.01 in Thursday trading, its lowest point since it first started trading after its merger with Chamath Palihapitiya's SPAC, Social Capital Hedosophia Holdings V.

That's 41% below its opening trade of June 1, 2021, its first day as a publicly traded company. Remember that the fintech is waiting for approval to acquire Golden Pacific Bancorp, a tiny bank that would give SoFi (NASDAQ:SOFI) a national bank charter. That would allow the company to start accepting deposits and making loans using member deposits.

SA contributor Tyler Okland digs into what the bank charter means for SoFi's business, what its Galileo product does, and how student loan repayment extensions will affect its profitability.