SoFi Supercharges its Debit and Credit Cards with MastercardJanuary 23, 2020 | By William Tsang
SoFi and Mastercard to Offer Top-of-the-Line Benefits and Technology to SoFi Members
SAN FRANCISCO – January 23, 2020 – 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.”
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.
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.
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.
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