Online lender SoFi to take over digital banking startup Zenbanx
Online lending firm SoFi has agreed to acquire Delaware-based mobile-banking startup Zenbanx for an undisclosed sum.
Zenbanx, established in 2012 by ex-ING Direct CEO Arkadi Kuhlmann, offers a mobile banking account to allow people save, and send money in multiple currencies domestically and internationally. The company has offices in Delaware, California, and Toronto, Ontario.
SoFi started in 2011 with its business of refinancing student loans, and later expanded into personal loans, mortgages, wealth management and life insurance. The takeover of Zenbanx, expected to be wrapped up in mid-February, is expected to further expand SoFi’s online personal finance offerings.
SoFi CEO Mike Cagney said: “With Zenbanx joining SoFi, we’re moving one step closer to becoming the center of our members’ financial lives by adding SoFi deposit, money transfer, and credit card products to our offerings for members.”
Zenbanx founder and CEO Arkadi Kuhlmann will take up an executive role leading banking products at SoFi. Employees of Zenbanx will also join SoFi.
“SoFi and Zenbanx are well aligned to create an unparalleled financial experience for customers. I am absolutely delighted that we are merging our visions and our talented teams,” Kuhlmann said.