SoFi Acquires 8 Securities in Hong Kong
SoFi, one of the largest and fastest growing online personal finance companies in the US, has announced that it has acquired mobile investing company 8 Securities, to be rebranded as SoFi Hong Kong.
The acquisition of 8 Securities marks SoFi’s first international foothold outside of the United States, according to a SoFi press release.
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.
Anthony Noto, CEO, SoFi, said “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. 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, 8 Securities, said “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.”
“SoFi’s commitment to enter Hong Kong is a big vote of confidence in 8 Securities and in our city,” Helleu continued.
8 Securities was a leading mobile investing and robo-advisory service in Hong Kong, according to the press release. 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 USD70 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 USD100 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.
This transaction is pending traditional closing and regulatory requirements.