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WSFS Bank announces alliance with SoFi, extends venture with Zenbanx

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WILMINGTON – WSFS Financial Corporation, the parent company of WSFS Bank, today announced a strategic alliance with Social Finance Inc. (SoFi) in conjunction with their recently announced acquisition of Zenbanx Holding, Ltd. (Zenbanx).

As part of SoFi’s acquisition of Zenbanx, WSFS has extended its strategic alliance with SoFi and will continue to issue and support the mobile-first account and explore partnering on a domestic checking account and credit card offering.

“We are pleased to continue our work with Zenbanx and now with SoFi, who together are assembling the best platform, talent, and resources in the fintech arena,” said Mark A. Turner, president and CEO of WSFS Bank. “As we have done with Zenbanx for nearly three years, we look forward to offering and supporting even more innovative products to the financial services marketplace through SoFi, continuing our organizational learning in this fast-developing space, and participating in value creation through our share ownership.”

“We want to be the center of our members’ financial lives, and our acquisition of Zenbanx is key to that,” said Mike Cagney, SoFi co-founder, chairman, and CEO. “By continuing Zenbanx’s partnership with WSFS, we can more quickly bring people products that we believe are significantly better than what’s on the market today.”

SoFi’s acquisition of Zenbanx is expected to close in mid-February. Following the acquisition, WSFS’ ownership stake in Zenbanx will convert to an ownership in SoFi.

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