The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Social Finance (SoFi) Inc acquired 8 Securities, a Hong Kong mobile investing startup, marking its first expansion outside of the US.
Rebranded as SoFi Hong Kong, the company will be the only brokerage service that delivers fee-free stock trading on more than 15,000 US and Hong Kong stocks, as well as exchange traded funds, the company said.
The acquisition follows SoFi’s $1.2 billion buyout of Galileo Financial Technologies, a startup that creates applications for card issuers and payments platforms just this month. Following a shake up at the company and a slew of executive departures, former Twitter Inc executive Anthony Noto took over as chief executive officer and has been expanding the business.
San Francisco-based SoFi was founded in 2011 as a student lending service. It has since branched into personal loans, mortgages, investing, checking and savings products, as well as free stock trading.