Shares of SoFi Technologies (NASDAQ: SOFI) jumped out of the gate Wednesday, surging as much as 8.3%. As of 12:17 p.m. ET today, the stock was up 3%.

The catalyst driving shares of the digital financial-services provider higher were steps the company is taking to provide members with increased federal insurance on bank accounts.

SoFi announced in a press release today that its checking and savings customers would be able to protect their accounts beyond the standard $250,000 coverage from the Federal Deposit Insurance Corporation (FDIC). They will be able to protect deposits of up to $2 million for new accounts, an offer that will be extended to existing customers over the next week. 

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Source Fool.com