FinTech SoFi Announces Partnership with Mastercard

Over the past few months, the FinTech firm SoFi has been quite busy. For example last year it introduced a hybrid money management account called SoFi Money, offering high-yield interest, reimbursed ATM fees, and other perks. Now the company is looking to expand on that success, announcing a multifaceted partnership with Mastercard.

In their press release, SoFi also teased additional benefits and products that will come to fruition through their partnership with Mastercard. The FinTech says that the new debit program will offer such perks as complimentary cell phone insurance and discounted airport concierge services in addition to cash back rewards. As for that lattermost benefit, the company has seemingly started testing this model, offering 20% cash back to users who use their debit cards for Lyft rides now through February 18th.

It’s also worth mentioning that the firm says those with select SoFi and Mastercard products will be eligible to enjoy an “enriched fan experience” at the upcoming SoFi Stadium. That project, which will be home to the NFL’s Los Angeles Rams and Los Angeles Chargers, is slated to open in Inglewood later this year. Finally SoFi also revealed that they’re in the process of developing a credit card product, although no other details were offered.

Currently the company’s SoFi Money debit cards operate on the Visa network. While there’s no word on how the switch to Mastercard will affect existing customers, SoFi responded to one user on Twitter saying that account holders should receive an email on the changes and required actions in the coming days.

Reflecting on how the partnership with Mastercard will benefit SoFi and its customers, the firm’s CEO Anthony Noto said, “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. 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.” Meanwhile Mastercard’s president of North America Craig Vosburg remarked, “We look forward to working with SoFi to offer their members innovative new products and benefits. 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.”

For as big of a year as SoFi had in 2019, it seems that 2020 is posed to be even larger. Beyond the excitement that comes with an NFL stadium bearing its name debuting, the company is proving to be a major force in FinTech and continues to build an attractive brand that values its customer’s financial health. With Mastercard now in their corner, we can expect plenty more products and surprises from SoFi.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

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