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June 14, 2017

‘Fintech' startup SoFi: a branchless bank

By KEN SWEET
AP Business Writer

NEW YORK — Online lender and financial startup SoFi has taken the first step toward competing with the nation's biggest banks on their home turf: the checking account.

Last week, the San Francisco provider of student and personal loans submitted an application for federal deposit insurance, a protection normally only available to conventional banks. In its application, the company said its SoFi Bank subsidiary will offer bread-and-butter banking products, including checking accounts, debit cards and eventually credit cards.


 
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