Could SoFi Become One of the Biggest Banks in America?
It's relatively tiny now, but never say never. The online-only bank's got a curious competitive edge.
Could SoFi Become One of the Biggest Banks in America?
Overview
In the grand scheme of things, online bank SoFi Technologies (NASDAQ: SOFI) seems a million miles away from the biggest names in the banking business. SoFi boasts less than $47 billion in total assets, for comparison, versus powerhouses like JPMorgan's (NYSE: JPM) and Bank of America's (NYSE: BAC) $3.7 trillion and $2.6 trillion (respectively). It's difficult to imagine this neobanking outfit ever catching up with the industry's longest-established players.
Don't dismiss the potential growth of this newcomer, though. It's built from the ground up to serve modern-day banking.
Details
Online banking isn't exactly new anymore; most banks offer the option in one way or another.
Source
Originally published at www.fool.com.
