SoFi has completed a $22.3 million acquisition of Golden Pacific Bancorp, a California-based community bank with $150 million in assets. The acquisition, which is a cash transaction, builds on SoFi's current application to obtain a national bank charter with the Office of Comptroller of the Currency, according to a report in Seeking Alpha.

A bank charter will allow SoFi to take deposits from its customers and make loans using these deposits. This strategy will provide an enhanced value proposition for SoFi members, driving down costs versus the current process of financing loans to a non-bank.

This acquisition fundamentally helps position SoFi for profitability by bringing its bank operations entirely in-house. SoFi will become a digital-only bank that can perform normal banking operations without the legacy brick-and-mortar infrastructure.

The move will allow SoFi to operate more efficiently and potentially lead to a higher level of realized EBITDA in the coming years.

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