The move is the latest in a string of deals designed to transform the lender into a one-stop financial shop. The all-stock deal is equivalent to roughly 10% of SoFi’s market value, and gives SoFi control of its own core-banking platform, the back-end technology that banks use to power mobile-banking apps, open accounts and keep track of customer deposits.
The market volatility hasn’t made Mr. Noto rethink SoFi’s strategy. “We’re not slowing down. The distance between us and others is only going to increase,” Mr. Noto said.