SoFi acquires Wyndham Capital Mortgage in all-cash deal
US fintech SoFi Technologies has acquired Wyndham Capital Mortgage, a fintech mortgage lender, in an all-cash transaction.
SoFi acquires Wyndham
The acquisition includes both “talent and technology” and is designed to help SoFi scale while boosting sales and operational efficiencies, as well as expand its mortgage product offering.
The deal will also allow SoFi to reduce its reliance on third-party partners and processes. The terms of the transaction were not disclosed.
SoFi says the transaction is not expected to be material to the company’s 2023 financial outlook, but is expected to add value within six months.
Wyndham Capital offers current and prospective homeowners transparent rates and a straightforward digital application process with the platform set to be integrated into SoFi’s lending business.
SoFi CEO Anthony Noto says: “Today’s acquisition of Wyndham Capital will not only allow us to scale and keep pace with accelerated growth, but also allow us to foster that growth in a way that brings value to our members.”
Last year, SoFi purchased core banking software provider Technisys to build “the AWS of fintech”.
Earlier that year, SoFi received regulatory approval in the US to become a national bank, following its purchase of California-based Golden Pacific Bank.
