Zenbanx offers mobile accounts in the U.S. and Canada that let people save, send and spend money in multiple currencies. After expanding from student loans to personal loans, mortgages, wealth management, and life insurance, this acquisition further enables SoFi to expand across financial services.
“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,” Mike Cagney, co-founder, chief executive officer and chairman of SoFi, said in a statement Wednesday. The acquisition is expected to close in mid-February. Zenbanx has raised $10 million in venture financing from a group of investors including China’s Tencent Holdings Ltd. and Recruit Strategic Partners at a pre-money valuation of $129.4 million in 2014, according to PitchBook Data Inc. SoFi has raised more than $1.4 billion in funding, including a $1 billion round led by SoftBank Group Corp. in 2015.