SoFi was in talks to acquire clearing and custody firm Apex but the talks failed and the lender instead made a minority investment; Apex backs some of the biggest robo advisors in the market and SoFi was looking to buy the firm to build their own digital wealth platform; Apex reportedly wanted about $600mn and SoFi was unwilling to go that high; the deal would have brought SoFi’s custody and clearing in house and expanded the lender’s wealth management offering. Source.
