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Top online lending firm SoFi announced earlier this month it had acquired a start up called Zenbanx which offers money transfer services both online and through a mobile app. This is a pretty interesting acquisition as SoFi is heavily involved in providing finances such as student loan refinances, mortgages and personal loans.
This move could be revolution for their existing services and could allow them to step into the money transfer industry. The merge of these two companies could allow SoFi to dwell into the financial lives of its customers and provide a more tailored option of depositing money or refinancing.
Zenbanx also caters to various different services such as banking, savings, debit, money transfer and even bill payments. The one we think could push SoFi forward as a financial market player is the ability to hold money in 9 currencies. This could have extremely useful business application for allowing users to make overseas purchases on finance. Until now SoFi have operated heavily in the US; this move into digital financial services could allow them to make international presence.
Last year we saw SoFi take an exploration into applying for their own banking charter, however we have not heard much news on that front. In the same year sources claimed they acquired a credit card start up; the details of the acquisition are undisclosed. As it stands the company is still private but has managed to raise $1 Billion in funding.
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