Deutsche Bank’s ex-CEO Joined a Fintech Startup

Anshu Jain, Deutsche Bank’s former co-CEO, is joining American finance company SoFi.

SoFi, an online lender started in 2011 and attracted $1 billion of investor money last year, valuing it at more than $4 billion and making it one of the biggest financial technology companies at the moment.

According to Bloomberg, Jain will start as a senior advisor and most likely will take a seat on company’s board during the next months.

Mike Cagney, founder of Sofi, says the company could start a wealth management arm, pushing its valuation way beyond $30 billion in the near future.

After joining the bank in 1995 and becoming head of investments in 2012, Jain left Deutsche Bank in the summer of last year after a falling profitability and increasing fines and law suites costs.