Looking to expand beyond lending, Business Insider reports the $4bn SF fintech that got its start in grad student financing was in talks to buy Apex, a clearing and custody firm, at a $600m price tag before only making a minority equity investment.
Apex, which already offers clearing and custody services for SoFi, wanted more than $600 million for an acquisition, according to a source. But the two sides couldn’t agree on price and SoFi is now taking a minority stake in the fintech, which is owned by Chicago investment firm Peak6. The investment involves buying out another minority owner, two of the people said. A representative for SoFi declined to comment, while a representative for Apex could not be reached for comment.