Social Finance Inc., a fintech that operates under the SoFi name, has applied with federal regulators for a de novo national bank charter, which would allow the challenger bank to accept deposits and make loans without the need to piggyback on a third-party FDIC insured bank.

"We can confirm that SoFi has formally submitted an application to the OCC for a proposed de novo national bank, SoFi Bank National Association," a spokesman told Mobile Payments Today, via email. "We look forward to working with the Office of the Comptroller of the Currency, as well as the Fed and the FDIC, as they review our application."

The application is the second go around for SoFi, which previously attempted to get federal approval in 2017, but later withdrew its application after top executives left the company.

The new application marks the most recent of a series of moves by SoFi to grow its presence in the payments and banking space.

SoFi teamed up with Samsung in May to launch a mobile cash management account. The company in April acquired Galileo Financial Technologies for $1.2 billion.

"SoFi is on a mission to help our members achieve financial independence to realize their ambitions," Anthony Noto, CEO of SoFi, said in an emailed statement. "We firmly believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services."