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SoFi's bank charter bid highlights need for exec experience, consistency

Oct 30, 2017 - SNL Financial

Social Finance Inc.'s short-lived initial attempt to open a bank unit could offer lessons to other institutions and groups interested in entering into or expanding in the bank space.

SoFi's attempt to license a bank unit underlines the importance of leadership consistency and executive experience for new financial ventures that require regulatory approval. SoFi and other financial companies like small-business payment processor Square Inc. and mobile banking platform Varo Money Inc. have a...