SoFi Technologies in San Francisco has bought Wyndham Capital Mortgage.
SoFi said in a press release that it paid cash for the fintech mortgage company. The price wasn’t disclosed.
The deal is expected to be accretive within six months.
SoFi said the acquisition will allow it to broaden its suite of mortgage products, enhance unit economics and take ownership of “an intelligent and scalable platform.”
“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 U.S. real estate market,” Anthony Noto, SoFi’s CEO, said in the release.
The acquisition “will not only allow us to scale and keep pace with accelerated growth, but also allow us to foster that growth in a way that brings 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 significant financial milestones,” Noto added.