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Report: SoFi mulls bank charter

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Report: SoFi mulls bank charter

Social FinanceInc. is considering a bank charter as it plans to offer otherfinancial services, The Wall StreetJournal reported.

Executives of the company have met with Utah and federal regulatorsover a charter that would allow it to provide insured deposit accounts andcredit cards, the news outlet said, citing "people familiar with thetalks."

The push to grow also involved a meeting in February withJPMorgan Chase & Co.Chairman and CEO Jamie Dimon, the sources reportedly added. No deal wasannounced afterward, apparently because they could not agree on which firmwould control customer relations.

JPMorgan in December 2015 announced it was with anotheronline lender, On Deck CapitalInc.

Back in 2012, SoFi reported havingraised $77million. The WSJ's sources saidMike Cagney, SoFi chairman and CEO, that year actually expected a $100 millionequity investment from SoftBankGroup Corp — and had made loans accordingly. When SoftBank informedhim only $10 million would be invested, he managed to raise $75 million fromventure capital firms, while also preparing for the possibility SoFi would haveto close.