Anshu Jain, the former co-chief executive of Deutsche Bank, is to join online lender SoFi as an adviser in his first venture since he left Germany's biggest bank at the end of last year.
In joining SoFi, a San Francisco-based company best known for refinancing student loans, Mr Jain becomes the latest in a succession of former big-bank chief executives exploring the emerging world of financial technology. Vikram Pandit, once of Citigroup, and John Mack, formerly of Morgan Stanley, have developed portfolios of investments in small but fast-growing companies seeking to challenge traditional brick-and-mortar lenders.
SoFi, which has raced to about $8bn of funded loans since its founding in San Francisco in 2011, has styled itself as a scrappy upstart taking on some tarnished giants. Chief executive Mike Cagney — a former banker at Wells Fargo — has said that the likes of JPMorgan Chase, Bank of America and Citi have become "commoditised utilities of questionable value and little trust", and that smaller, nimbler groups such as SoFi are better equipped to meet customers' needs.