The deal will help SoFi scale mortgage growth, and create sales and operational efficiencies.

SoFi Technologies, a digital financial services company, has announced its acquisition of Wyndham Capital Mortgage, a fintech mortgage lender, in an all-cash deal. Although the deal is not expected to significantly impact SoFi’s 2023 results, it is expected to be accretive within six months.

The transaction is intended to allow SoFi to expand its range of mortgage products, enhance its unit economics, and obtain ownership of a mortgage platform has established a benchmark in the industry for providing a complete digital mortgage experience. This acquisition also enables SoFi to minimize its reliance on third-party partners and processes through a “full-stack” approach.

Anthony Noto, CEO of SoFi, said that purchasing a home is one of the most significant financial decisions individuals make in their lives. He added that macro- and socioeconomic factors have ushered in a new era in the US real estate market, making it even more critical for borrowers to have a trusted partner to rely on as they navigate the mortgage application process. The acquisition of Wyndham Capital will allow SoFi to scale up its growth and bring value to its members through sales and operational efficiencies, helping them achieve financial independence.

Wyndham Capital has helped over 100,000 borrowers with a satisfaction rating of 98% since its launch more than two decades ago. By acquiring Wyndham Capital, SoFi can offer savings in both time and money through transparent rates and a seamless application process. Wyndham Capital’s innovative approach to delivering a fully digital and award-winning experience for borrowers has freed up employee time to focus on borrower communication, transparency, and trust.

SoFi plans to integrate Wyndham Capital’s employees and technology into its lending business, enhancing the home loans segment of the company’s Financial Services Productivity Loop (FSPL) strategy.

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