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SoFi to acquire mobile banking services provider Zenbanx

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SoFi to acquire mobile banking services provider Zenbanx

Social Finance Inc. is acquiring Delaware financial technology firm Zenbanx as it seeks to expand its suite of online personal finance offerings.

Zenbanx is a provider of multicurrency mobile banking services in the U.S. and Canada. Zenbanx Founder and CEO Arkadi Kuhlmann will assume an executive role leading banking products at SoFi. Zenbanx's existing employees will also join SoFi.

Zenbanx's existing customers will continue to have access to their accounts through Zenbanx's mobile platform and will be later transferred to SoFi bank accounts after the new product is finalized.

The acquisition is expected to close in mid-February. Terms of the transaction were not disclosed.