Is SoFi a Buy Before the Banking License?

In this video, I will be talking about SoFi Technologies' (NASDAQ: SOFI) new hire Chad Borton, the new president of SoFi Bank, and I'll touch on a couple of points from the Goldman Sachs 11th Annual Financial Technology Conference. You can find the video below.

Last week, SoFi named Chad Borton the new president of SoFi Bank, showing real confidence that a bank license might be close. Borton previously served as USAA's bank president and previously worked at JPMorgan Chase and Fifth Third Bank as well.

Today, SoFi is regulated by 50 states for lending; this means it has to comply with 50 different sets of compliance rules. Once SoFi gets a banking license, it will be regulated by the Federal Reserve, FDIC, and OCC, which will make things much easier.

Source Fool.com