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Uncle Bruce here, and today we’re talking about a hot topic in the banking world – SOFI. That’s right, SOFI is poised for takeoff as deposits roll into regional banks. But what does that even mean?

Well, SOFI is an online personal finance company that offers a range of financial products and services, including student loan refinancing, personal loans, and investing options. In recent years, they have expanded into offering banking services such as checking and savings accounts.

Here’s where the regional banks come in. As a regulated financial institution, SOFI partners with several smaller regional banks to hold their customer’s deposits. This is actually a common practice in the banking industry. By spreading out their deposits across different banks, SOFI can provide customers with FDIC insurance for up to $1.5 million.

But why is SOFI poised for takeoff? Well, they recently announced that they have seen a significant increase in deposits flowing into their banking services. In fact, they have reported seeing a 78% increase in deposits in the second quarter of 2021 compared to the previous year.

This is great news for SOFI as it provides them with more funds to lend out to their customers. In turn, this allows them to offer more competitive rates and expand their product offerings.

Additionally, SOFI is set to go public through a merger with a special purpose acquisition company (SPAC). This means that they will have access to even more funds to continue growing their business.

In conclusion, SOFI is a growing player in the banking industry. As more customers deposit their money into their accounts, they are able to expand their product offerings, offer better rates, and continue their growth trajectory. Keep an eye on this company as they continue to make waves in the financial world.

That’s it for now, Uncle Bruce signing off.