(Zenbanx app screenshot)
Zenbanx, a fintech company with offices in Claymont, Del., Menlo Park, Calif., and Toronto, has been acquired by San Francisco-based SoFi (Social Finance, Inc.) for a reported $100 million, according to a Bloomberg source. (A press release about the acquisition explicitly states that terms were not disclosed by either party.)
Zenbanx was founded in 2012 by Arkadi Kuhlmann, the former CEO and founder of ING Direct, a Delaware company that has spawned many a local tech spinoff. The company offers account holders mobile access to accounts with balances that can be denominated in nine different currencies. Customers can exchange money and make domestic and international transfers with Zenbanx, and they can do it entirely in the Zenbanx app.
The app makes international banking and commerce easier.
SoFi scooped Zenbanx up in order to, according to the release that accompanied this news, expand their personal finance offerings.
“SoFi and Zenbanx are well aligned to create an unparalleled financial experience for customers,” Kuhlman stated in the release. “I am absolutely delighted that we are merging our visions and our talented teams.”
Kuhlmann will take on an exec role within SoFi, and the current Zenbanx staff will become a part of the parent company, too. The Zenbanx offices in Delaware and Canada will remain open, though they will carry the SoFi branding.