Mastercard, SoFi Team Up On Debit Card, Payment Products

Mastercard and digital personal finance company SoFi have teamed up on a suite of products and experiences to benefit SoFi’s nearly one million customers, the companies announced in a release.

The partnership starts with the SoFi Money debit card, an offering that will exist exclusively on the Mastercard network. SoFi’s card will provide an additional way for customers to spend with their SoFi Money cash management accounts. The fee-free account offers features that include high-yielding interest, reimbursements from ATMs, smartphone-enabled check deposits and peer-to-peer (P2P) functionality.

The new debit program includes cash-back incentives, mobile phone insurance and airport concierge services, among other offerings.

“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,” said Anthony Noto, CEO of SoFi. “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.”

Mastercard will serve as the exclusive card network for SoFi’s soon-to-be-released credit card. Also, customers who have specific SoFi and Mastercard products will be able to participate in enhanced fan experiences when SoFi Stadium opens in Los Angeles this year. The stadium, which will be the future home of the Los Angeles Chargers and the Los Angeles Rams, is scheduled to open in July of 2020.

“We look forward to working with SoFi to offer their members innovative new products and benefits,” said Craig Vosburg, president, North America, Mastercard. “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.”