Key Points SoFi got its bank charter in 2022, and it was one of the first fintechs to get one. It has been transformative for the bank, allowing it to take deposits and fund its loans more effectively. Upstart and Affirm have both applied for bank charters. 10 stocks we like better than SoFi Technologies › One of the challenges for nontraditional fintech lenders has been the expense associated with lending. Because most of them do not have bank charters, they must partner with a traditional third-party bank to fund their loans. However, they must pay a fee or provide a cut of interest income earned on every loan they make using a third party. That eats into their profits. Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger.
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