SoFi

The challenger bank exceeded analysts' expectations in income, revenue and earnings per share.

The San Francisco-based fintech reported record adjusted net revenue of $689 million for the third quarter, fueled by a 64% jump in its financial services and tech platform segments.

Derek White, former financial services head for Google Cloud, wants to take Galileo — the SoFi unit that provides tech services to challenger banks — international and into new niches outside banking.

The acquisition of Golden Pacific Bank will accelerate the online lender’s effort to become a full-service bank.

The deal between San Francisco-based lender and Social Capital Hedosophia Holdings Corp. V is latest example of a closely held firm going public by merging with a special purpose acquisition company.

Figure Technologies, the home equity lender founded by the former CEO of SoFi, is seeking a national bank charter so it can offer more products and services while reducing the need for state-by-state licenses.

Both developments are part of the company’s strategy of becoming a full-service bank for its young, affluent customer base.

Clients of the challenger bank's robo-adviser are able to see one another's trades, add comments and watch a leaderboard of top investors.

The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals to see their data.

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