INSUBCONTINENT EXCLUSIVE:
Consumer financial services platform SoFi is making its first expansion outside of the United States with the acquisition of Hong Kong-based
investing app 8 Securities.The terms of the deal were not disclosed
Targeted to personal investors, 8 Securities will rebrand to SoFi Hong Kong and retain its team, who will began launching services in other
markets as well.SoFi currently has about one million members in the U.S
Last month, it acquired payments and bank account infrastructure company Galileo, with the goal of expanding its products further beyond
consumer services.SoFi Hong Kong gives SoFi its first international foothold
international market, and it quickly became clear that Hong Kong, a financial capital of Asia, is ripe for innovation
part of our overall efforts to make headway on our mission outside of the U.S
first mobile-only investment service and robo-advisor to launch in Asia, and raised $70 million in capital from investors including Velocity
Capital, Route 66 Ventures and Normura Asset Management.A TechCrunch Beijing finalist in 2011, 8 Securities focused on new investors with an
online community that lets users follow the portfolios of top-performing members
and Hong Kong stocks and ETFs with no commissions, platform fees or custodian fees, and it will continue to be regulated under the
Securities and Futures Commission of Hong Kong.SoFi Hong Kong will retain its social trading features, and add new ones like SoFi membership
different sectors.Despite the impact of COVID-19 on the global markets, SoFi Hong Kong CEO Abdulla told TechCrunch that the first quarter of
