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SYDNEY – Softbank-backed U.S. online lender SoFi Technologies Inc said on Tuesday it received regulatory approvals to become a national bank, lifting its shares from a one-year low.
The company said in a statement the Office of the Comptroller of the Currency and the Federal Reserve approved its application to operate as a bank and it expects to do so next month.
In after-market trade shares leapt about 19% to $14.40 from a closing price of $12.06, which was a more than one-year low.
(Reporting by Tom Westbrook; Editing by Chris Reese)