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SoFi shares bounce after winning bank approval -Breaking

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© Reuters.

SYDNEY, (Reuters) – Softbank-backed U.S. online lender SoFi Technologies Inc announced Tuesday that it has received regulatory approvals for becoming a national banking institution. This will allow the company’s shares to rise from a year ago.

In a statement, the company stated that the Federal Reserve and the Office of the Comptroller of the Currency had approved the company’s application to be a bank and they expect it to open next month.

Following-market trading shares rose by 19% to $14.40 at a close price of $12.06 which was an over-one-year low.

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