SoftBank-backed SoFi buys HK-based fintech firm 8 Securities

Mobile-only stock trading app

SoftBank-backed US-based online personal finance company SoFi has acquired 8 Securities Limited, a Hong Kong-based fintech startup operating a mobile stock trading app. The deal will give SoFi an overseas footprint in the Asia market. Earlier this month, SoFi acquired US-based payment firm Galileo Financial Technologies at $1.2 billion, according to a recent press release.

The financial terms of the deal with 8 Securities are yet to be ascertained, but it will result in the firm being rebranded as SoFi Hong Kong, according to a company statement. 

In a letter credited to the founders of 8 Securities, the firm said, “We will imminently be rolling out the SoFi Hong Kong app which will be an update to the 8 Securities app. We will also have a new website up for you to learn more about SoFi Hong Kong.”

Going forward, the company will bring more free financial products from the US, as well as introduce fractional shares and margin trading services. Headquartered in San Francisco, SoFi, is one of the largest online personal finance companies, providing cash management services to help members borrow, save, spend, invest, and protect their money better. SoFi claims that it has have served over 1 million global members. 

It counts SoftBank as its largest shareholder. Previously in 2015, SoFi had raised a total of $1 billion in a Series E round of financing led by SoftBank. 

According to the letter, Forbes recently ranked SoFi as one of the top 5 largest fintech companies in America with a valuation of US$4.4 billion. Back in 2019, Qatar Investment Authority had infused a total of $500 million in SoFi.

“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, the CEO of SoFi in a statement.

8 Securities, founded by Mathias Helleu and Mikaal Abdulla, pitched an investment platform to younger investors. It offered mobile-only investing, a robo-advisor, a social trading platform, and free commission trading service. 

Its website reveals that it has tens of thousands of customers in over 50 countries, with the majority in Singapore, Hong Kong, and mainland China. It has garnered over $60 million in funding, including $25 million of financing from Japanese investment bank Nomura in 2018.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.