SoFi was in talks to acquire clearing and custody firm Apex but the talks failed and the lender instead made a minority investment; Apex backs some of the biggest robo advisors in the market and SoFi was looking to buy the firm to build their own digital wealth platform; Apex reportedly wanted about $600mn and SoFi was unwilling to go that high; the deal would have brought SoFi’s custody and clearing in house and expanded the lender’s wealth management offering. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.