San Francisco-based financial technology (fintech) firm Social Finance Inc. (SoFi) has acquired Claymont, Del.-based Zenbanx Holding Ltd., a fintech firm that operates in Canada and the U.S. providing multi-currency mobile banking services.
Zenbanx has strategic alliances with DUCA Financial Services Credit Union Ltd. in Canada and WSFS Bank in the U.S. The firm offers clients a mobile banking account that allows multiple currencies in an effort to eliminate the complexities of international banking.
The acquisition is expected to close in mid-February. Terms of the deal were not disclosed.
Arkadi Kuhlmann, former CEO of ING Direct in Canada and the U.S., founded Zenbanx in 2012. Kuhlmann will take on an executive role at SoFi, leading banking products. Zenbanx’s staff will be joining SoFi, and its Toronto office will become a SoFi office as well.
“SoFi and Zenbanx are well aligned to create an unparalleled financial experience for customers,” Kuhlmann says in a statement.
SoFi intends to leverage Zenbanx’s platform and underlying technology to expand its 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,” says Mike Cagney, co-founder, CEO, and chairman of SoFi, in a statement. “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.”