The National Basketball Association (NBA) and SoFi (NASDAQ: SOFI) announced a multi-year partnership making SoFi the official banking partner of the NBA, NBA G League, NBA 2K League and USA Basketball.
SoFi, the bank and personal finance company, will also be “the official entitlement partner of the SoFi NBA Play-In Tournament.”
SoFi is also partnering with five-time NBA All-Star Jayson Tatum to “establish the SoFi Generational Wealth Fund, into which SoFi is donating $1 million to promote financial literacy and create family-sustaining wealth for years to come.”
The SoFi NBA Play-In Tournament, which will “take place April 16-19, will see the teams that finish the regular season with the seventh to tenth-highest winning percentages in each conference compete for a spot in the NBA Playoffs presented by Google Pixel.”
As part of the collaboration, “a co-branded SoFi NBA Play-In Tournament logo will be utilized as the official tournament logo, which will be promoted throughout the NBA season, during each tournament game, across the NBA’s global social media community and through in-arena signage.”
Anthony Noto, CEO of SoFi, said:
“SoFi is proud to partner with the NBA to cement our brand as a trusted household name through the league’s vast reach. As the next generation of banking, we believe we can help millions of NBA fans nationwide achieve their financial goals and get their money right. We’re excited to work with Jayson Tatum on the new SoFi Generational Wealth Fund, through which we’re donating $1 million, taking action together on the need for more widespread access to financial education resources and closing the generational wealth gap in America, where nearly 60% don’t feel like they can become financially secure.”
Kerry Tatlock, NBA Executive Vice President of Global Marketing Partnerships and Media.
“SoFi’s innovation in the financial services space and commitment to providing accessible resources to enhance financial literacy aligns with our efforts to make a lasting impact in the communities where we operate. We’re proud to have SoFi join the NBA Family as our Official Bank partner and we look forward to working together to bring these shared values to fans in meaningful ways.”
The SoFi Generational Wealth Fund will “deploy $1 million through grants and direct aid to positively impact individuals far beyond the basketball court.”
In partnership with the Jayson Tatum Foundation, The Fund furthers Tatum’s S.M.A.R.T. Project, which assists single parents “as they navigate parenthood, education and financial wellness.”
The Fund aims to reach the community “with helpful financial resources to support financial literacy and to expand opportunities for homeownership as a path to sustainable wealth for future generations.”
Additionally, beginning February 13, SoFi will “help some lucky NBA fans realize their ambitions – whether it’s creating generational wealth or pursuing financial freedom – by tipping off the SoFi Zero Giveaway sweepstakes.”
Fans who open “a SoFi Checking and Savings account will have a chance, each week throughout the NBA regular season and postseason, to add extra zeros to their account via a $10,000 weekly giveaway. To enter today and learn more visit SoFi.com/Zero/.*
SoFi will also partner with “the NBA’s national media partners, Disney and TNT Sports, and will collaborate with the NBA on additional events throughout the year, including virtual signage during game broadcasts and activations at marquee NBA events including NBA All-Star 2024 in Indianapolis.”
As the official banking partner of the NBA, SoFi is committed to “helping fans get their money right by providing an award-winning banking experience, one of the highest yielding APY’s and no account fees.”
SoFi also equips members “with the financial tools they need to borrow, save, spend and protect their money, all in one app.”
SoFi banking membership comes “with a host of benefits including services, content and tools that are designed to help achieve financial goals.”