SoFi

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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If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.