Fintech unicorn SoFi announced on Thursday it has formed a new partnership with offer a suite of products and in-person experiences to its nearly one million SoFi members.
According to SoFi, the partnership will initially focus on the SoFi Money debit card, for which Mastercard will now be the exclusive card network. The card is one way to spend with the SoFi Money cash management account that now offers no account fees, high-yielding interest, ATM fee reimbursements, mobile check deposit, P2P, and other digital tools. With the new debit program, added member benefits will include cashback rewards, complimentary cell phone insurance, and discounted airport concierge services. As part of the new partnership, Mastercard will also be the exclusive card network for SoFi’s upcoming credit card product.
Anthony Noto, CEO of SoFi, further explained that SoFi’s mission is to help its members achieve financial independence and to do so, he and his SoFi team have built products and services to help members “Get their Money Right.”
“It is imperative that our partners are leaders in technological innovation, security, and enhanced benefits, and Mastercard is an industry leader across all of those areas.”
SoFi then noted that members holding certain SoFi and Mastercard products will be able to take advantage of an “enriched” fan experience at SoFi Stadium, which will be opening in Los Angeles later in 2020. Craig Vosburg, President of North America at Mastercard, added:
“We look forward to working with SoFi to offer their members innovative new products and benefits. We recognize the importance of SoFi’s mission to enable their members to live better financial lives and are pleased they have selected Mastercard as their partner in doing so.”
The partnership with Mastercard comes less than two months after SoFi announced the New York State Department of Financial Services has approved its bitlicense application, allowing SoFi Invest customers in New York to trade cryptocurrencies on its platform through SoFi Digital Assets, LLC. The fintech revealed at the time that the bitlicense approval comes just a couple of months following its launched ot trade cryptocurrencies within its investment platform abilities.
Noto previously spoke about SoFi’s cryptocurrency capabilities with CNBC. The platform now allows its users to purchase and trade cryptocurrencies, specifically Bitcoin, Litecoin, and Ethereum.