The Bancorp Bank announced a partnership with digital personal finance startup SoFi to provide back-end banking services and be the exclusive card issuer for the company’s SoFi Money account.
SoFi Money is a high-interest cash management account that offers reimbursed ATM fees, no-cost financial advice, spending and budgeting tools and charges no account fee. The partnership also allows customers to access the account using both physical and virtual debit cards.
Bancorp Bank, a unit of Bancorp Inc., and the partner bank of some of the most innovative fintechs in the country, said the SoFi partnership will offer unique benefits to customers.
“We believe our industry leading payments sponsorship platform combined with the depth and experience of our payments team is a perfect compliment to SoFi’s extensive and highly respected product capabilities,” Ryan Harris, executive vice president and head of payments partnerships at the Bancorp.