The Bancorp Bank, the wholly-owned banking subsidiary of The Bancorp, Inc. (NASDAQ: TBBK) announced earlier this week it has formed a new partnership with SoFi to provide back-end banking services and become exclusive card issuer of the SoFi Money product.
According to the duo, the SoFi Money product is a no-account-fee, high-interest cash management account that offers members reimbursed ATM fees worldwide, spending and budgeting tools, and access to no-cost financial advice available to all SoFi members. Speaking about the collaboration, Ryan Harris, EVP and Head of Payments Partnerships at The Bancorp, stated:
“We believe our industry-leading payments sponsorship platform combined with the depth and experience of our Payments team is a perfect complement to SoFi’s extensive and highly respected product capabilities. This partnership brings together technology and innovation with excellent service delivery that will exceed member expectations.”
Anthony Noto, CEO of SoFi, then added:
“At SoFi, we are always innovating to find ways to help our members Get Their Money Right. We are thrilled to be partnering with The Bancorp to provide a superior financial experience for our members.”
The partnership with The Bancorp Bank comes just a couple of weeks after SoFi announced it has formed a new partnership with offer a suite of products and in-person experiences to its nearly one million SoFi members. 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. Noto stated at the time:
“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.”
