Samsung Electronics America, Inc. announced on Wednesday it has teamed up with SoFi to launch Samsung Money by SoFi, a new mobile-first money management experience that brings a cash management account and accompanying Mastercard debit card along with exclusive benefits to Samsung Pay.
According to Samsung, the account is secure, with no account fees and rewards users for saving, earning higher interest relative to the average national savings rate.
“At a time when people are turning to their technology to take care of essential tasks without leaving home, Samsung Money by SoFi makes it easier for them to manage more of their financial life in the Samsung Pay app.”
While sharing more details the account, Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics, stated:
“Samsung Money by SoFi is our biggest move yet to help users do more with their money. Samsung Pay is already the most rewarding shopping and payments experience driven by numerous innovations over the years. Now, users can access mobile-first financial services and earn exclusive Samsung benefits.”
Anthony Noto, CEO of SoFi, added:
“At SoFi, we’re committed to helping people achieve financial independence both directly through the SoFi brand, as well as indirectly, through partnering with leading brands like Samsung to help the world get their money right. We’re excited to partner with Samsung, a world-class technology company, to help power this next-generation financial experience, while expanding the impact of SoFi exponentially.”
Samsung Money by SoFi is now set to launch later this summer.
