The stock of SoFi Technologies jumped 14% on Wednesday after the fintech company received a regulatory license to become a national bank.

The stock hit a year low of $12.02 on Tuesday before rebounding after the Office of the Comptroller of the Currency and the Federal Reserve accepted its applications to become a bank holding company by acquiring Golden Pacific Bancorp.

The stock hit a high of $28.26 in February and has subsequently dropped by more than half.

SoFi Bank, National Association will be the name of SoFi's bank subsidiary, which is expected to close in February.

While keeping GPB's community bank business and footprint, the company expects to invest $750 million in capital and pursue its national, digital business plan.SoFi Review 2021: Personal Loans & Student Loan Refinancing Guide

The business estimates adjusted net revenue of $980 million and adjusted earnings before interest, taxes, depreciation, and amortization of $27 million for the fiscal year ending in December.

After a merger with blank-check provider Social Capital Hedosophia Holdings V, SoFi began trading on June 1. It provides services such as mortgages, auto loans, stock and cryptocurrency trading, and wealth management.