SoFi acquires Zenbanx to supercharge banking product development

SAN FRANCISCO and CLAYMONT, Del., Feb. 1, 2017 /PRNewswire/ -- SoFi announced today it has acquired Zenbanx, a Delaware-based fintech firm providing multi-currency mobile banking services in the United States and Canada. The company intends to leverage Zenbanx's platform and underlying technology to expand SoFi's growing suite of online personal finance offerings.

"SoFi and Zenbanx share a vision that banking should and can be better, and have built products and services to do it," said Mike Cagney, co-founder, CEO, and Chairman of SoFi. "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."

Founded in 2012 by former ING Direct CEO Arkadi Kuhlmann, Zenbanx offers a mobile banking account that lets people save, send and spend money in multiple currencies both domestically and internationally. Zenbanx's mobile application was designed to eliminate the complexities of international banking and provide ease of use and security for customers. 

"SoFi and Zenbanx are well aligned to create an unparalleled financial experience for customers," commented Arkadi Kuhlmann, Founder and CEO of Zenbanx. "I am absolutely delighted that we are merging our visions and our talented teams."

Kuhlmann is assuming an executive role leading banking products at SoFi, and Zenbanx's staff will be joining the company. Zenbanx's Claymont, DE and Toronto, Canada locations will remain open as SoFi offices.

Zenbanx customers in both the U.S. and Canada will continue to have access to their accounts through Zenbanx's mobile platform and will later be transitioned to SoFi bank accounts once the new product is finalized.

The acquisition is expected to close in mid-February. Terms were not disclosed by the parties.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management, and insurance. From unprecedented products and tools to faster service and open conversations, we're all about helping our members get ahead and find success. Whether they're looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

To date, SoFi has received more than $1.4 billion funding, including a 2015 $1 billion Series E led by SoftBank, and SoFi's customers now number more 225,000. The company has over 800 employees across offices in San Francisco (HQ); Healdsburg, CA; New York City, NY; Helena, MT; Washington D.C.; and Cottonwood Heights, Utah.

About Zenbanx
Zenbanx is a financial technology provider that offers mobile, multi-currency accounts through relationships with regulated financial institutions. A Zenbanx account enables customers to hold balances denominated in up to nine currencies offered in a single account and conveniently and securely exchange among currencies and transfer funds domestically or internationally for a flat rate -- all from their mobile. Zenbanx accounts in the U.S. are available through a strategic alliance with WSFS Bank and in Canada through DUCA Financial Services Credit Union Ltd. (DUCA), in Toronto. Customer funds held in a Zenbanx account are subject to the security and insurance protection limits of a regular account.

Zenbanx was founded in 2012 by Arkadi Kuhlmann (former CEO and founder of ING Direct Canada and USA) to make money global, mobile and secure. Incorporated in Delaware, Zenbanx has offices in Delaware, California, and Toronto, Ontario. For more information about the Zenbanx account visit Zenbanx.com.

For press inquiries:
Laurel Toney
SoFi
[email protected] 
(415) 735-4044

Cathy MacFarlane
Zenbanx
[email protected]
(302) 766-1631

SOURCE SoFi

Related Links

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