{"id":2916,"date":"2022-01-25T12:27:49","date_gmt":"2022-01-25T06:57:49","guid":{"rendered":"http:\/\/641e9b6dc5f49f232f998c5e"},"modified":"2023-07-20T05:31:47","modified_gmt":"2023-07-20T00:01:47","slug":"sofi-a-fintech-a-challenger-and-a-bank","status":"publish","type":"post","link":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/","title":{"rendered":"SoFi: a FinTech, a Challenger, and a Bank"},"content":{"rendered":"SoFi: a FinTech, a Challenger, and a BankThe alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions. As the FinTech industry matures, many of these newcomers are venturing to become a full-stack business by obtaining the trusted safety net of licenses to operate as a bank. The agenda is to reimagine the entire business model and technology stack of the financial industry by launching an extensive set of customer-centric offerings for a variety of segments. And having a license enables a FinTech to get regulatory endorsement to build trust with the consumers, and to independently do everything that an incumbent can do. SoFi has become the latest American FinTech to acquire a banking charter in this race of banking licenses, as the national regulators accepted its applications to become a Bank Holding Company and form SoFi Bank. Through this post, we take a look at some of the key events that shaped its path towards becoming a national bank.SoFi\u2014which started as student loan refinance FinTech \u2014first set its sights on acquiring a banking license [&hellip;] \t\t<div class=\"woocommerce\">\n\t\t\t<div class=\"woocommerce-info wc-memberships-restriction-message wc-memberships-message wc-memberships-content-restricted-message\">\n\t\t\t\tThis post is only available to members.\t\t    <\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\"><\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">mins read<\/span><\/span> SoFi: a FinTech, a Challenger, and a BankThe alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions. As the FinTech industry matures, many of these newcomers are venturing to become a full-stack business by obtaining the trusted safety net of licenses to operate as a bank. The agenda is to reimagine the entire business model and technology stack of the financial industry by launching an extensive set of customer-centric offerings for a variety of segments. And having a license enables a FinTech to get regulatory endorsement to build trust with the consumers, and to independently do everything that an incumbent can do. SoFi has become the latest American FinTech to acquire a banking charter in this race of banking licenses, as the national regulators accepted its applications to become a Bank Holding Company and form SoFi Bank. Through this post, we take a look at some of the key events that shaped its path towards becoming a national bank.SoFi\u2014which started as student loan refinance FinTech \u2014first set its sights on acquiring a banking license [&hellip;] \t\t<\/p>\n<div class=\"woocommerce\">\n<div class=\"woocommerce-info wc-memberships-restriction-message wc-memberships-message wc-memberships-content-restricted-message\">\n\t\t\t\tThis post is only available to members.\t\t    <\/div>\n<\/p><\/div>\n","protected":false},"author":8,"featured_media":3807,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104,88],"tags":[117,113,56],"hashtags":[],"class_list":["post-2916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech-strategy","category-insights","tag-challenger-bank","tag-global","tag-timeline","membership-content","access-restricted"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SoFi: a FinTech, a Challenger, and a Bank - WhiteSight<\/title>\n<meta name=\"description\" content=\"The alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SoFi: a FinTech, a Challenger, and a Bank - WhiteSight\" \/>\n<meta property=\"og:description\" content=\"The alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/\" \/>\n<meta property=\"og:site_name\" content=\"WhiteSight\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-25T06:57:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-20T00:01:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/03\/SoFi-a-FinTech-a-Challenger-and-a-Bank.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sanjeev Kumar&nbsp;and&nbsp;Risav Chakraborty\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@WhiteSight_\" \/>\n<meta name=\"twitter:site\" content=\"@WhiteSight_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sanjeev Kumar&nbsp;and&nbsp;Risav Chakraborty\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/\"},\"author\":{\"name\":\"Sanjeev Kumar&nbsp;and&nbsp;Risav Chakraborty\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/b60d017fd16c9a8f3949fb111e7a9054\"},\"headline\":\"SoFi: a FinTech, a Challenger, and a Bank\",\"datePublished\":\"2022-01-25T06:57:49+00:00\",\"dateModified\":\"2023-07-20T00:01:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/\"},\"wordCount\":501,\"publisher\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/#organization\"},\"keywords\":[\"Challenger Bank\",\"Global\",\"Timeline\"],\"articleSection\":[\"Fintech Strategy\",\"Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/\",\"url\":\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/\",\"name\":\"SoFi: a FinTech, a Challenger, and a Bank - WhiteSight\",\"isPartOf\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/#website\"},\"datePublished\":\"2022-01-25T06:57:49+00:00\",\"dateModified\":\"2023-07-20T00:01:47+00:00\",\"description\":\"The alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions.\",\"breadcrumb\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/qistaging.com\/whitesight\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SoFi: a FinTech, a Challenger, and a Bank\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/#website\",\"url\":\"https:\/\/qistaging.com\/whitesight\/\",\"name\":\"WhiteSight\",\"description\":\"Fintech Research\",\"publisher\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/qistaging.com\/whitesight\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/#organization\",\"name\":\"WhiteSight\",\"url\":\"https:\/\/qistaging.com\/whitesight\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/logo\/image\/\",\"url\":\"http:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/07\/WS_Logo_-for-White-BG-01.png\",\"contentUrl\":\"http:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/07\/WS_Logo_-for-White-BG-01.png\",\"width\":758,\"height\":495,\"caption\":\"WhiteSight\"},\"image\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/twitter.com\/WhiteSight_\",\"https:\/\/www.linkedin.com\/company\/whitesight\/\"]},[{\"@type\":[\"Person\"],\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/b60d017fd16c9a8f3949fb111e7a9054\",\"name\":\"Sanjeev Kumar\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/image\/\",\"inLanguage\":\"en_US\",\"url\":\"https:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/06\/Sanjeev-Kumar.jpg\",\"caption\":\"Sanjeev Kumar\"}},{\"@type\":[\"Person\"],\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/b60d017fd16c9a8f3949fb111e7a9054\",\"name\":\"Risav Chakraborty\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/image\/\",\"inLanguage\":\"en_US\",\"url\":\"https:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/03\/Risav-Photo.png\",\"caption\":\"Risav Chakraborty\"}}]]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SoFi: a FinTech, a Challenger, and a Bank - WhiteSight","description":"The alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/","og_locale":"en_US","og_type":"article","og_title":"SoFi: a FinTech, a Challenger, and a Bank - WhiteSight","og_description":"The alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions.","og_url":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/","og_site_name":"WhiteSight","article_published_time":"2022-01-25T06:57:49+00:00","article_modified_time":"2023-07-20T00:01:47+00:00","og_image":[{"width":700,"height":1024,"url":"https:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/03\/SoFi-a-FinTech-a-Challenger-and-a-Bank.jpg","type":"image\/jpeg"}],"author":"Sanjeev Kumar&nbsp;and&nbsp;Risav Chakraborty","twitter_card":"summary_large_image","twitter_creator":"@WhiteSight_","twitter_site":"@WhiteSight_","twitter_misc":{"Written by":"Sanjeev Kumar&nbsp;and&nbsp;Risav Chakraborty","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/#article","isPartOf":{"@id":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/"},"author":{"name":"Sanjeev Kumar&nbsp;and&nbsp;Risav Chakraborty","@id":"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/b60d017fd16c9a8f3949fb111e7a9054"},"headline":"SoFi: a FinTech, a Challenger, and a Bank","datePublished":"2022-01-25T06:57:49+00:00","dateModified":"2023-07-20T00:01:47+00:00","mainEntityOfPage":{"@id":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/"},"wordCount":501,"publisher":{"@id":"https:\/\/qistaging.com\/whitesight\/#organization"},"keywords":["Challenger Bank","Global","Timeline"],"articleSection":["Fintech Strategy","Insights"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/","url":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/","name":"SoFi: a FinTech, a Challenger, and a Bank - WhiteSight","isPartOf":{"@id":"https:\/\/qistaging.com\/whitesight\/#website"},"datePublished":"2022-01-25T06:57:49+00:00","dateModified":"2023-07-20T00:01:47+00:00","description":"The alliance between traditional banks and disruptive FinTechs is no news \u2013 the past few years have witnessed several established financial institutions acquiring or collaborating with these novel business model providers to develop collaborative business propositions.","breadcrumb":{"@id":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/qistaging.com\/whitesight\/sofi-a-fintech-a-challenger-and-a-bank\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/qistaging.com\/whitesight\/"},{"@type":"ListItem","position":2,"name":"SoFi: a FinTech, a Challenger, and a Bank"}]},{"@type":"WebSite","@id":"https:\/\/qistaging.com\/whitesight\/#website","url":"https:\/\/qistaging.com\/whitesight\/","name":"WhiteSight","description":"Fintech Research","publisher":{"@id":"https:\/\/qistaging.com\/whitesight\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/qistaging.com\/whitesight\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/qistaging.com\/whitesight\/#organization","name":"WhiteSight","url":"https:\/\/qistaging.com\/whitesight\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/qistaging.com\/whitesight\/#\/schema\/logo\/image\/","url":"http:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/07\/WS_Logo_-for-White-BG-01.png","contentUrl":"http:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/07\/WS_Logo_-for-White-BG-01.png","width":758,"height":495,"caption":"WhiteSight"},"image":{"@id":"https:\/\/qistaging.com\/whitesight\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/twitter.com\/WhiteSight_","https:\/\/www.linkedin.com\/company\/whitesight\/"]},[{"@type":["Person"],"@id":"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/b60d017fd16c9a8f3949fb111e7a9054","name":"Sanjeev Kumar","image":{"@type":"ImageObject","@id":"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/image\/","inLanguage":"en_US","url":"https:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/06\/Sanjeev-Kumar.jpg","caption":"Sanjeev Kumar"}},{"@type":["Person"],"@id":"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/b60d017fd16c9a8f3949fb111e7a9054","name":"Risav Chakraborty","image":{"@type":"ImageObject","@id":"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/image\/","inLanguage":"en_US","url":"https:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/03\/Risav-Photo.png","caption":"Risav Chakraborty"}}]]}},"_links":{"self":[{"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/posts\/2916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/comments?post=2916"}],"version-history":[{"count":9,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/posts\/2916\/revisions"}],"predecessor-version":[{"id":5206,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/posts\/2916\/revisions\/5206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/media\/3807"}],"wp:attachment":[{"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/media?parent=2916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/categories?post=2916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/tags?post=2916"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/qistaging.com\/whitesight\/wp-json\/wp\/v2\/hashtags?post=2916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}