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Axos Financial signs agreement to acquire WiseBanyan

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Dion Global

25 Oct 2018

Axos Financial, Inc. announced that its subsidiary, Axos Securities, LLC, has signed a definitive agreement to acquire certain assets of WiseBanyan Holding, Inc. and its subsidiaries. Pending regulatory approval and other customary closing conditions, Axos expects the acquisition to have an immaterial impact on its financial results and close in the fourth quarter of calendar 2018. Axos will fund the all-cash transaction with existing capital.

Headquartered in Las Vegas, Nevada, WiseBanyan is a leading provider of personal financial and investment management services through a proprietary technology platform. Established in 2013 with the goal of providing the tools and education for clients to reach their financial goals, regardless of their starting point, WiseBanyan provides an intuitive and user-friendly technology platform for individuals to manage their finances and create custom investment portfolios tailored to meet their life goals. As one of the first “robo advisors” offering comprehensive digital financial and investment management services free of charge with no minimum balance requirements, WiseBanyan currently serves approximately 24,000 clients with $150 million of assets under management (“AUM”).

“We are very excited to welcome the WiseBanyan team and clients to Axos,” stated Greg Garrabrants, President and Chief Executive Officer of Axos Financial, Inc. “The addition of a state-of-the-art digital wealth management platform with over 24,000 existing customers provides us with an integral piece to our long-term vision of offering a comprehensive set of tailored financial products and services to our clients. It also adds a new, low-cost distribution channel for us to acquire and retain deposit and lending customers. With our strong capital and commitment to expand WiseBanyan’s free and premium products and features, we will strive to create a differentiated and compelling value proposition for individuals looking to simplify their personal financial management.”