SoFi (NASDAQ: SOFI) will be supporting Zelle which is being rolled out after requests from clients.
Zelle is a bank-owned instant payments and transfer service that is broadly available in the banking world. SoFi states that Zelle is one of the most requested features for its Fintech ecosystem.
As noted in a blog post, some eligible members will have access as early as today (May 8), while others will “find it in their app soon.”
As explained in the update from SoFi, you’ll “receive an email once this feature is available to you.”
SoFi said they’ve read users’ posts and comments and know that Zelle is a popular service. Starting today, they’re rolling out Zelle with SoFi Checking & Savings members.
SoFi said users should receive an email and in-app notification “with the details on how to enroll.”
As clarified in the update, agents cannot change members’ eligibility or make the feature available to them sooner.
SoFi says they now support this feature because it is Easy: Send or receive money with trusted contacts right from the SoFi app with Zelle.
This past March, Zelle reported consumers and small businesses sent 2.9 billion transactions totaling $806 billion in 2023, both up 28% year-over-year. The fourth quarter of 2023 was the largest quarter to date, with users transacting more than $219 billion across Zelle or an average of more than $100 million was sent per hour. So the service is growing.
Notably, SoFi Technologies recently reported Q1 2024 net revenue of $645 Million and net income of $88 Million, marking the second consecutive quarter of GAAP profitability.
SoFi also reported 54% combined revenue growth in tech platform and financial services segments, which drove 26% of total adjusted net revenue growth.
