SoFi Secures The Bancorp as Debit Card Issuer

https://finovate.com/sofi-secures-the-bancorp-as-debit-card-issuer/
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Financial services startup SoFi is partnering with The Bancorp to serve as the company’s backend banking provider and card issuer for SoFi Money.

The company launched SoFi Money last year to serve as an alternative banking product. SoFi’s challenger bank features include spending and budgeting tools, billpay, remote deposit capture, peer-to-peer payments, and a high interest cash management account.

Accountholders also have access to SoFi’s flagship borrowing products such as student loan refinancing, private student loans, personal loans, and home loans. As a competitive edge, SoFi also offers member benefits such as career coaching and VIP access to the SoFi Stadium, courtesy of last month’s partnership with Mastercard.

A rendering of the SoFi Stadium, set to open this summer in Inglewood, CA

The Bancorp is one of the top private-label debit and prepaid card issuers in the U.S. for Visa, MasterCard, Discover, and UnionPay. The company has more than 75 million prepaid cards in distribution and processes 1.1 billion transactions each year.

“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,” said Damian Kozlowski, President and CEO of The Bancorp. “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.”

https://finovate.com/sofi-secures-the-bancorp-as-debit-card-issuer/