Anshu Jain is going to be the first top ex-banker who is set to join a lending startup, SoFi in an advisory role. The former co-chief executive officer of Deutsche Bank AG, Anshu Jain will help SoFI develop its strategy around securing long-term capital. He will eventually become the board member of the company.
The move to include Anshu Jain comes at a critical time for SoFi as it seeks to continue its tremendous growth in an uncertain manner. In the statement, Anshu Jain described SoFi as “a rapidly-growing leader in fintech“ and ”one of the most closely watched and dynamic forces in this evolving sector.”
Founded by former Wells Fargo banker Mike Cagney, SoFi started in 2011 as Social Finance, an online platform to help match the funding needs of students wanting to study at Stanford. The San Francisco-based SoFi now gives cheap student loans and also offers mortgages, personal loans and wealth-management services to the so-called high net-worth not yet rich borrowers. In September, startup financier Softbank and others invested a total $1.2 billion in the firm.
"I look forward to him (Jain) joining as a board member in the coming months — his insights and relationships will prove to be invaluable to us," Cagney said in the release. In a similar advisory position, former US Securities and Exchange Commission Arthur Levitt joined SoFi, making Jain the second high-profile appointment to the SoFi board.