American digital lender SoFi is expanding into Asia after buying the parent firm of Hong Kong-based online brokerage 8 Securities. Financial terms were not disclosed.
The acquisition, still subject to closing conditions, will enable the launch of SoFi invest in Hong Kong, offering locals a mobile platform with access to brokerage, automated investing, and ETFs, all within the SoFi ecosystem, complete with commission-free trading.
Anthony Noto, CEO, SoFi, says: "We underwent an extensive evaluation process when considering our first international market, and it was clear that Hong Kong, a financial capital of Asia, is ripe for innovation and a launching pad for further expansion in both product and geography.
"Leveraging the learnings from the SoFi Invest platform in the US, 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."
SoFi started life as a student loan financing outfit but in recent years has been expanding aggressively. While this is the first move into new territories, the company has previously used acquisitions to enter new markets.
Earlier this month it paid $1.2 billion for financial services API and payments platform Galileo Financial Services. In 2017 it bought mobile banking outfit Zenbanx and last year it teamed up with Coinbase as it moved to add the ability to trade cryptocurrencies within the overall SoFi Invest platform.