SAN FRANCISCO, Jan. 23, 2020 /PRNewswire/ -- SoFi, the
digital personal finance company, and Mastercard today announced a
multifaceted partnership to offer a suite of products and in-person
experiences to its nearly one million (and growing) 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 – unveiled last year – which offers no account fees,
high-yielding interest, ATM fee reimbursements, mobile check
deposit, P2P, and other digital tools. Under the new debit program,
added member benefits will include cashback rewards, complimentary
cell phone insurance, discounted airport concierge services, and
much more.
"Our mission at SoFi is to help our members achieve financial
independence to realize their ambitions. In order to do so, we must
build products and services that help our members Get Their Money
Right," said Anthony Noto, CEO of
SoFi. "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."
With Mastercard, SoFi will leverage the payments network to
develop new products, benefits, and experiences for its members. As
part of the new partnership, Mastercard will also be the exclusive
card network for SoFi's upcoming credit card product. Members
holding certain SoFi and Mastercard products will be able to take
advantage of an enriched fan experience at SoFi Stadium, opening in
Los Angeles later this year.
"We look forward to working with SoFi to offer their members
innovative new products and benefits," said Craig Vosburg, president, North America, Mastercard. "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."
About SoFi
SoFi helps people achieve financial
independence to realize their ambitions. Our products for
borrowing, saving, spending, investing, and protecting give our
more than 900,000 members fast access to tools to get their money
right. SoFi membership comes with the key essentials for getting
ahead, including career advisors and connection to a thriving
community of like-minded, ambitious people. SoFi is also the naming
rights partner of SoFi Stadium, future home of the Los Angeles
Chargers and the Los Angeles Rams, opening in July 2020. For more information, visit SoFi.com
or download our iOS and Android apps.
About Mastercard
Mastercard (NYSE: MA),
www.mastercard.com, is a technology company in the global payments
industry. Our global payments processing network connects
consumers, financial institutions, merchants, governments and
businesses in more than 210 countries and territories. Mastercard
products and solutions make everyday commerce activities – such as
shopping, traveling, running a business and managing finances –
easier, more secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on the Beyond the
Transaction Blog and subscribe for the latest news on the
Engagement Bureau.
Contact
SoFi
Rachel Rosenzweig
rrosenzweig@sofi.com
(415) 692-4436
Mastercard Communications Contact
Will Tsang
william.tsang@mastercard.com
(914) 414-5420
DISCLOSURES
SoFi loan products are originated by SoFi
Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org).
Licensed by the Department of Business Oversight under the
California Financing Law License No. 6054612. SoFi Money® is
offered through SoFi Securities LLC, Member FINRA/SIPC. SoFi
Money is a cash management account not a bank account, and is
offered by a broker dealer. The SoFi Money account is a brokerage
account. Neither SoFi nor its affiliates is a bank. SoFi doesn't
charge any ATM fees and will reimburse ATM fees charged by other
institutions. Please note, though SoFi doesn't charge foreign
transaction fees, there is a foreign exchange fee of 1% charged by
Visa that is not waived. SoFi reserves the right to limit or revoke
ATM reimbursements at any time without notice.
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SOURCE SoFi; Mastercard