SoFi Teams Up with Mastercard to Boost Benefits for Members

https://finovate.com/sofi-teams-up-with-mastercard-to-boost-benefits-for-members/
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Courtesy of a new partnership with Mastercard, SoFi members will have access to a new range of products and in-person experiences – including a new fan experience for visitors at SoFi Stadium in Los Angeles, California. SoFi will develop these offerings by leveraging Mastercard’s payments network, which will also serve as the exclusive card network for SoFi’s to-be-released credit card.

“Our mission at SoFi is to help our members achieve financial independence to realize their ambitions,” SoFi CEO Anthony Noto said. “In order to do so, we must build products and services that help our members ‘Get Their Money Right’.”

The partnership between SoFi and Mastercard will bring new member benefits to users of the SoFi Money debit card, which enables users to make transactions from their SoFi Money cash management account, launched last February. Cardholders will now benefit from cashback rewards, complimentary cell phone insurance, discounted airport concierge services, as well as other perks thanks to the Mastercard relationship.

“It is imperative that our partners are leaders in technological innovation, security, and enhanced benefits,” Noto said, “and Mastercard is an industry leader across all of those areas.”

SoFi, in collaboration with Quovo, participated in our developers conference, FinDEVr New York, in 2017. Together, the companies’ presentation “How Quovo and SoFi Perfected Bank Authentication” demonstrated how the integration of Quovo’s Authentication API supports the secure and streamlined authentication of financial accounts.

Headquartered in San Francisco, California, and founded in 2011, SoFi currently has 900,000+ members who rely on the firm’s growing array of solutions for borrowing, saving, spending, and investing. SoFi has raised $2.5 billion in funding – including a May 2019 investment of $500 million in a round led by Qatar Investment Authority – and has a valuation of more than $4.8 billion.

https://finovate.com/sofi-teams-up-with-mastercard-to-boost-benefits-for-members/