By Nate Wolf
SoFi Technologies said Thursday it was launching an around-the-clock banking service for businesses, marking a major expansion into enterprise solutions for the fintech company.
The service, dubbed SoFi Big Business Banking, will allow enterprise customers to hold deposits, transfer funds, and settle transactions within SoFi's nationally chartered bank. Customers can use the platform to manage both fiat currency and stablecoins -- cryptocurrencies pegged to the U.S. dollar or other assets -- allowing for 24/7 operations.
"To be competitive businesses today must operate in a global, always-on environment 24 hours a day, 7 days a week, while legacy banks typically still operate 9 to 5, Monday to Friday," CEO Anthony Noto said in a statement.
SoFi cut its teeth in student lending but has expanded into credit cards, personal banking, brokerage, small business loans, and more. The Big Business Banking service gives the company yet another way to attract a new set of customers.
The launch Thursday builds on a series of product announcements and regulatory wins over the last few years. The company built a small business financing marketplace in 2024. More recently, it has been integrating crypto offerings, unveiling blockchain-powered remittances last August and a dollar-pegged stablecoin, SoFiUSD, in December.
The new services combine the "strength and regulatory foundation of a nationally chartered bank with the speed, scale, and flexibility companies need to move and manage money or digital assets in real time," Noto added.
Shareholders have been hoping for some kind of catalyst. SoFi stock has fallen 40% this year as of Wednesday's close of trading, weighed down by a brutal market for fintech and allegations of accounting mishandling by the short seller Muddy Waters Research. SoFi has denied those claims and threatened legal action.
Write to Nate Wolf at nate.wolf@barrons.com
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April 02, 2026 08:00 ET (12:00 GMT)
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