San Francisco-based online student loan refinancer Social Finance Inc. is buying a minority stake in Apex Clearing Corp., a provider of custody and clearing services for robo advisers, sources told Business Insider.
SoFi had been "in late-stage talks" to acquire the PEAK6 Investments LP-owned firm, which already provides the former with clearing and custody services. However, deal talks between the parties fell through as Apex Clearing demanded $600 million for the buyout and the companies failed to agree upon a price, according to the report.
A potential takeover of Apex Clearing would have enabled SoFi to become a personal finance center for managing money as well as recognize cost savings by meeting its custody and clearing needs in-house, sources said.
SoFi's acquisition of a minority stake involves buying out another minority owner in Apex Clearing, the media outlet said.
A representative for SoFi declined to comment on the news and Business Insider could not reach a representative for Apex Clearing for comment.