SoFi Technologies (SOFI) Acquires Leading Fintech Mortgage Lender, Wyndham Capital Mortgage
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Today, SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced that it has acquired Wyndham Capital Mortgage, a leading fintech lender in an all cash transaction. While the transaction is not expected to be material to the company’s financial outlook for 2023, it is expected to be positive within six months. The acquisition – which includes the integration of both talent and technology from Wyndham Capital – will allow SoFi to expand its suite of mortgage products available to members, improve unit economics and take ownership of an intelligent and scalable platform that has set the industry standard for a fully digital mortgage experience. This “full stack” approach is also intended to minimize SoFi’s dependence on third-party partners and processes.
“At SoFi, we’re on a mission to help people get their money right, and buying a home is often one of, if not the, biggest financial decision individuals make in their lives,” said Anthony Noto, CEO of SoFi Technologies, Inc. “Several macro and socioeconomic factors – high inflation and rising mortgage rates, the new world of work and others – have ushered in a new era across the US real estate market. These changing circumstances mean that it is more important than ever that borrowers have a trusted partner they can look to as they go through the process of getting a home loan. Today’s acquisition of Wyndham Capital will not only allow us to scale and keep pace with accelerated growth, but also allow us to drive that growth in a way that delivers value to our members through sales and operational efficiencies and helps members get their money right when it comes to one of life’s most important financial milestones.”
Wyndham Capital has helped more than 100,000 borrowers – with a 98 percent satisfaction rating – since it launched more than two decades ago.
SoFi’s acquisition of Wyndham Capital enables savings for current and potential homeowners in both time and money through transparent pricing and a seamless application process. Wyndham Capital’s innovation-first approach has enabled it to deliver a fully digital and award-winning experience for borrowers, while freeing up staff time to focus on borrower communication, transparency and trust.
Looking ahead, SoFi will work to integrate Wyndham Capital’s talented team and robust technology platform into the company’s lending business, adding strength and efficiency to the mortgage segment of the company’s Financial Services Productivity Loop (FSPL) strategy.
