Former Deutsche Bank Chief Joins Fintech Firm
Anshu Jain, the former head of German financial giant Deutsche Bank, is heading to the United States to team up with an established financial technology company.
Jain will be joining the “unicorn” company Social Finance (SoFi) as a senior advisor, with people familiar with the matter saying Jain will likely join the board of directors sometime soon.
This move by the former chief executive is not the first move by a major finance figure moving into fintech.
SoFi deals with close to $8 billion in loans and acquired over $1 billion in financing last year, giving the company a $4 billion valuation.
SoFi is considered one of the “unicorn” fintech companies, meaning it surpassed the $1 billion mark while still a relatively young fintech company. Currently SoFi deals with refinancing student loans, but executives at the company are planning to create a wealth management division, a move the company believes will increase its valuation to $30 billion or more.
Jain stepped down from the top position at Deutsche Bank last year as the company was reeling with continually worsening problems and a lack of profit. Considering his previous role in the investment banking division of Deutsche Bank, it makes sense that SoFi would be planning to create a wealth management division.
He recently discussed his move to SoFi, saying “it is a great pleasure to get involved with SoFi. As a rapidly growing leader in fintech, SoFi has become one of the most closely watched and dynamic forces in this evolving sector.”