SoFi Blog

Tips and news—
for your financial moves.

SoFis acquisition of Zenbanx

Our acquisition of Zenbanx

We have never been shy about SoFi’s ambitions to become the center of our member’s financial lives. Offering deposits, credit cards, and payment solutions is key to that ambition, and we think we can offer something better than incumbent players with the same kind of innovation we’ve brought to other areas of finance, like student loan refinancing, personal loans, and mortgages.

Today, we got a lot closer to being able to provide those products with the acquisition of Zenbanx, a Delaware-based company that offers a mobile banking account that lets people save, send and spend in multiple currencies.

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What do ‘Bankless’ and ‘Great’ Mean to us? Our CEO breaks it down.

We created SoFi to do something huge – transform a retail-banking paradigm that hasn’t changed for 50 years. We want the world to demand something better than the old transactional and impersonal financial model. We want to deliver a solution that integrates money, career and relationships – the things that really matter to people. For the first time in SoFi’s history, we have used mainstream media to get our message out using two key themes: “Bankless” and “Great”. I want to talk about what these themes mean to us.

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When Disruption Drives Inclusion

There has been a growing regulatory interest in non-bank (marketplace) lenders, from the State of California to the Fed, the FDIC and the Treasury. And while some of this attention can be misguided, we should expect and welcome greater interest given the rapid growth of our industry. Foundation Capital suggests one trillion dollars of global marketplace loan origination by 2025. What is sometimes lost in discussions, however,is why this growth is occurring. Simply put, many non-bank lenders are taking an unorthodox approach to lending to meet consumer needs in a way that traditional financial services firms won’t (or can’t). And as a result, the impact is far greater and more inclusive than many realize.

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