News

Challenger FI SoFi acquires Zenbanx, aims for mobile banking market

February 14, 2017

SoFi, a digital-only provider of lending services, has acquired Zenbanx, a Delaware-based fintech firm offering multicurrency mobile banking services in the U.S. and Canada.

The acquisition of the Zenbanx platform and underlying technology will allow SoFi to expand its suite of online financial services.

"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, in a press release. "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."

Former ING Direct CEO Arkadi Kuhlmann founded Zenbanx in 2012 to provide a mobile banking account that lets people save, send and spend money in multiple currencies both domestically and internationally.  

Zenbanx customers in the U.S. and Canada will continue to have access to their accounts through the company's mobile platform. They will 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.