Anshu Jain, a former co-CEO of Germany's Deutsche Bank, is becoming an advisor to the San Francisco-based company SoFi. He's the latest top player to join the realm of fintech, an alternative to classical banking.
Former Deutsche Bank Co-CEO Anshu Jain will join Social Finance Inc. (known as SoFi) in San Francisco, the fintech startup confirmed Monday. Bloomberg reported that Jain would begin as an advisor to the online lender and was likely to "take a seat on the board in the coming months."
SoFi started its loan operations in 2011 and was founded by former Wells Fargo banker Mike Cagney. It's made a name for itself as an online platform caring for the funding needs of students.
It provides cheap loans, but also offers mortgages, personal credits and wealth management services.
Turning over a new leaf
"It's a great pleasure to get involved with SoFi," Jain said in a statement. "As a rapidly growing leader in fintech, SoFi has become one of the most closely watched and dynamic forces in this evolving sector."
SoFi said it became profitable in 2014. It's so far funded close to $7.8 billion (7.1 billion euros) in loans.
For Anshu Jain, his new position means migrating to a sector that's been out to disrupt the loan business of conventional banks.
Jain had been with Germany's largest lender, Deutsche Bank, since 1995 and became co-CEO of the bank in 2012, succeeding Josef Ackermann. But he finally left the job as Deutsche began to be probed for tax evasion, Libor interest rate rigging and other scandals.