Sofi’s Unique Approach to Become Bank-Like

Crowdfund Insider explores Sofi’s move to offer banking service without become a bank itself; the rent a bank model allows for FDIC insured accounts while Sofi gets to own the customer experience and offer these services without the regulatory burden of a bank; Sofi Money is set to roll out in 2018 and will offer 0.96% APY on accounts; there are no account fees and they will offer free ATMs internationally; many banks still have legacy systems and lack the culture of fintech companies so it will be interesting to see how they compete. Source

Notify of
Inline Feedbacks
View all comments