SoFi is ditching some of its most ambitious initiatives “pulling back” on plans to expand into Canada and Australia and asset management from its original business of lending to young, high-income U.S. consumers. SoFi also recently dropped its bid to open its own bank.
As part of the changes, SoFi executives Peter Early and Arkadi Kuhlmann are leaving the firm, a person familiar with the matter said. Mr. Early has led asset management, while Mr. Kuhlmann led banking after joining SoFi as part of an acquisition earlier this year. Steve Freiberg, a SoFi board member and its acting finance chief, is taking over responsibility for the company’s banking products and its plans to launch deposit accounts and debit cards in early 2018 through SoFi’s brokerage arm and partner banks.