Deutsche Bank's former CEO has joined a fintech startup

Anshu Jain (File photo by Thomas Lohnes/Getty Images)

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

SoFi, an online lender started in 2011, attracted $1 billion (£720 million) of investor money last year, valuing it at more than $4 billion and making it one of the biggest financial technology companies in the world.

It processes about $8 billion in loans a year.

Jain will start as a senior advisor to SoFi, and will likely take a seat on the company’s board in the coming months, according to Bloomberg.

Sofi founder Mike Cagney told Business Insider last year that SoFi, which specialises in refinancing student loans, could start a wealth management arm, pushing the company’s valuation beyond $30 billion.

“It is a great pleasure to get involved with SoFi,” Jain said in a statement. “As a rapidly growing leader in fintech, SoFi has become one of the most closely watched and dynamic forces in this evolving sector.”

Jain left Deutsche Bank last summer under a cloud of falling profitability and increasing fines and litigation costs. He joined the bank in 1995 and climbed the ranks to become head of its investment banking division before becoming co-CEO in 2012 succeeding Josef Ackermann.

NOW WATCH: The fabulous life of Kirsty Bertarelli, the richest woman in Britain

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.