US-based digital personal finance company SoFi has selected The Bancorp as its back-end banking service provider.
As per the agreement, The Bancorp will also act as the exclusive card issuer for SoFi Money Product.
The SoFi Money product is a no-account-fee, high-interest cash management account.
It offers customers reimbursed ATM fees globally, spending and budgeting tools, and access to no-cost financial advice.
Through this partnership, SoFi Money users can gain access funds through both physical and virtual debit cards.
The Bancorp president and CEO Damian Kozlowski said: “As a true pioneer in the fintech space, SoFi has been setting and surpassing industry standards by providing outstanding products and services to its members.
“We are incredibly proud to be selected as a key partner that will support SoFi’s mission to deliver innovative products and services to new and existing members.”
The Bancorp head of payments partnerships Ryan Harris said: “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.”
SoFi CEO Anthony Noto said: “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.”
In May 2019, SoFi raised $500m in equity funding led by sovereign wealth fund Qatar Investment Authority (QIA).
SoFi introduced its SoFi Money and SoFi Invest products in February last year.