Fast growth, dating services come between Sofi and bank license: CEO

Online lender Social Finance Inc is unlikely to seek a banking license because its fast growth and involvement in unorthodox activities like dating services would make it hard to win approval from regulators, according to its chief executive. “It’s not a viable solution for us to be a bank,” CEO Mike Cagney said on a conference call hosted by Goldman Sachs analysts on Tuesday. Known as SoFi, the company is growing at a pace the U.S. Federal Deposit Insurance Corporation would view as too fast, Cagney said.

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