SoFi Acquires Mobile Investing Fintech 8 Securities in Hong Kong
HONG KONG, April 22, 2020 /PRNewswire/ -- SoFi, one of the largest and fastest growing online personal finance companies in the US, with over one million members, announced today its acquisition of mobile investing company 8 Securities, to be rebranded as SoFi Hong Kong. This acquisition marks SoFi's first international foothold outside of the United States.
SoFi Hong Kong will be the only brokerage service that delivers fee-free stock trading of over 15,000 US and Hong Kong stocks, as well as ETFs, with zero commissions, zero platform fees and zero custodian fees. Members will be able to follow the investment portfolios of top-performing members of the community and learn what they are buying, selling and holding. Members will also see where their own performance ranks against their peers.
"We underwent an extensive process in considering our initial expansion into an international market, and it quickly became clear that Hong Kong, a financial capital of Asia, is ripe for innovation." said Anthony Noto, CEO of SoFi. "Based on the platform we've built, SoFi, together with 8 Securities, can meet the needs of both experienced and novice investors alike, as part of our overall efforts to make headway on our mission outside of the US to help people get their money right. Because when it comes to achieving financial independence, investing is not optional - it is imperative."
Mathias Helleu, co-founder of 8 Securities, commented, "Over the course of our discussions with SoFi, it was immediately clear that we share the common goal of making investing simpler, faster and more affordable for young investors." He added, "SoFi's commitment to enter Hong Kong is a big vote of confidence in 8 Securities and in our city."
8 Securities was a leading mobile investing and robo-advisory service in Hong Kong. The company has a track record of innovation and was Asia's very first mobile-only investing service, robo-advisor and zero commission brokerage. It was one of Hong Kong's first licensed fintech companies and previously raised US$70 million in capital. The company was founded by Mathias Helleu and Mikaal Abdulla, who, prior to starting it in 2012, led E*TRADE's international business across 14 countries.
To celebrate the launch, SoFi Hong Kong will soon be giving away a free stock worth up to US$100 to all new members who open their accounts with an e-signature, with one whole share of their choice of Disney, Nike, Coca-Cola, Beyond Meat or Advanced Micro Devices. Please follow their Facebook: @SoFiHongKong for more details.
This transaction is pending traditional closing and regulatory requirements. 8 Securities will rebrand under the SoFi name beginning soon.
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, future home of the World Cup, Olympics and two National Football League teams.