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SoFi acquires mobile banking services firm Zenbanx

Published 02 February 2017

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

“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.

Source: Company Press Release