SoFi
From Stanford alumni-funded student loans to a chartered digital bank; issued SoFiUSD stablecoin in Dec 2025.
Bank charter; launched SoFiUSD stablecoin Dec 2025.
- Who holds it
- The company itself — it holds a full banking licence — National bank charter (2022).
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from SoFi’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| AI | AI assistant as the interface |
| HQ | San Francisco, US |
| Founded | 2011 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | National bank charter (2022) |
| Card | Visa/MC · Debit |
| Yield | Up to ~4.5% APY (tiers) |
| Stablecoins | Yes |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | Mike Cagney, Dan Macklin, James Finnigan, Ian Brady |
| Funding | Public (SOFI) |
| FX markup | 0.2% conversion fee on debit foreign purchases/ATM (Mastercard); credit cards 0% (2026-07) · source ↗ |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @SoFi ↗
Common questions about SoFi
What is SoFi?
SoFi is a fiat neobank, headquartered in San Francisco, US and founded in 2011. Your money is held custodially, so SoFi or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (National bank charter (2022)).
Does SoFi have a card, and where can you use it?
It issues a Visa and Mastercard debit card. It is available in North America.
Does SoFi require KYC?
Yes. SoFi requires identity verification (KYC) to open an account, as a licensed bank.
What does SoFi cost?
From the verified fields: FX abroad — 0.2% conversion fee on debit foreign purchases/ATM (Mastercard); credit cards 0% (as of 2026-07); yield Up to ~4.5% APY (tiers). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with SoFi before relying on them.
Early investors
Head-to-head
Peers
Chime · Wise · Varo · Current · Ally Bank · Dave
SoFi appears in
Neobanks that hold their own banking license (132) · Neobanks available in North America (126) · Neobanks that issue a Visa card (182) · Neobanks that issue a Mastercard (150) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.