SoFi to Acquire Zenbanx, Allowing It to Be More Like a Bank
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Mike Cagney, co-founder and chief executive of Social Finance, the online lending company known as SoFi. A new acquisition will expand the company’s line of services. CreditDavid Paul Morris/Bloomberg
SAN FRANCISCO — The financial start-up SoFi is getting closer to its ambition of being able to replace your bank.
SoFi, or Social Finance as it is officially known, announced Tuesday that it was acquiring a company, Zenbanx, allowing SoFi to offer checking accounts, credit cards and international money transfers to its customers.
SoFi, based in San Francisco, began in 2011 by refinancing student loans taken out by graduates of elite universities. Since succeeding in that niche, the company has expanded into personal loans, mortgage lending, asset management and even life insurance. But until now it has not been able to accept deposits, one of the most basic functions of a bank…
SoFi to Acquire Zenbanx, Allowing It to Be More Like a Bank
