Deals
SoFi Buys Mobile-Banking Startup Zenbanx for About $100 Million
- Online lender Social Finance acquires mobile-banking startup
- Zenbanx will underpin SoFi’s checking, credit card offering
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Social Finance Inc., the online lending company known as SoFi, is muscling further into the financial-services industry by acquiring mobile-banking startup Zenbanx.
SoFi is paying about $100 million in stock for Zenbanx’s technology, according to a person familiar with the agreement, which will serve as the framework for a new SoFi bank-account product that will offer services like checking and credit cards. The smaller startup offers a mobile account in the U.S. and Canada that lets people save, send and spend money in multiple currencies. Zenbanx customers will be transitioned to SoFi bank accounts when the new product is finished later this year, SoFi said.