The FinTech company SoFi is making its first leap to go global with a big move into Hong Kong. The opening of a Hong Kong outpost is part of SoFi’s bid to acquire online brokerage firm 8 Securities, while expanding its business and serving up commission-free trading there.
The new Hong Kong-based SoFi Invest will also offer “automated investing” along with financial advice and education, per a press release announcing the expansion.
SoFi CEO Anthony Noto said, in a prepared statement, that “Hong Kong, a financial capital of Asia, is ripe for innovation and a launching pad for further expansion.” He said that SoFi “can meet the needs of both experienced and novice investors alike in Hong Kong, all in support of our overall efforts to make headway on our mission to help people get their money right.”
Terms of the deal were not disclosed. SoFi, which deals with consumer financial services, said it will continue to serve existing 8 Securities brokerage customers. The San Francisco-based SoFi’s products include student loan refinancing, private student loans, personal loans and home loans, along with mortgages.
As previously reported by PYMNTS, just this month, SoFi inked a deal to buy Galileo Financial Technologies in a cash-and-stock deal valued at $1.2 billion.
“SoFi has established itself as a leader in the FinTech sector, providing our more than one million members [with] a full array of financial products to help them get their money right,” Noto said at the time. Noto added that the Galileo deal was part of SoFi’s desire “to think bigger, bolder and more expansively, given the insatiable consumer appetite for financial services innovation.” Galileo will remain an independent SoFi subsidiary, and Wilkes will continue as chief executive, the companies said.
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