SoFi Bets on Crypto to Cement Its Digital Finance App Lead

Digital banking. The phrase means different things to different consumers, but for the PYMNTS app provider rankings, digital banking includes the apps that enable them to plan, spend and track their money within the same ecosystem. You would expect SoFi’s page to do well here, and you would be right.

SoFi topped our August rankings for digital finance apps, posting a three point gain for an almost perfect score of 92. The PYMNTS App provider rankings offers a monthly ranking of apps in a specific category, assessing them based on publicly-available information and exclusive app usage data, helping users identify the top performers in the market. The ranking aims to provide precise insights into app performance, aiding stakeholders in making informed decisions.

There’s a lot reasons SoFi improved its score. But the one recent announcement that stands out happened early in the summer. SoFi said it will launch new crypto-enabled services later this year, including international money transfers and a return to cryptocurrency investing, as part of its push to broaden its one-stop digital finance platform. The company plans to let members send money abroad using blockchain networks at lower cost and faster speeds than traditional services, and will also reintroduce trading in digital currencies such as Bitcoin and Ethereum. SoFi, which operates a federally chartered bank, said the moves are made possible by recent regulatory guidance allowing banks to handle certain crypto activities, including custody and stablecoin reserves. Chief Executive Anthony Noto said the company aims to weave crypto and blockchain across its offerings, from payments to investing, in a bid to distinguish itself from rivals and position for wider adoption of digital assets.

“The future of financial services is being completely reinvented through innovations in crypto, digital assets and blockchain more broadly,” said Noto. “We’re accelerating our efforts to give members more choice and more control, whether they’re investing, sending money across borders, or planning for their future. Crypto and blockchain innovations can and will be threaded through each of our businesses and capabilities, including buying, paying, saving, investing, borrowing and protecting. And in doing so, we will continue to stand alone in offering our members unmatched products and services as the only digital one-stop shop for their financial needs.”

Another recognizable name placed second in August with a three-point gain. MoneyLion’s total score is now 72, and the reasons this “financial services mall,” as CEO Dee Choubey calls the company, jumped could have to do with its parent company’s focus on fraud. Gen bought MoneyLion on April 17 and counts Norton anti-virus among its sister companies. Gen reported a sharp rise in online scams and cyberattacks in its latest threat report, highlighting how criminals are exploiting AI to expand their reach. The company said it blocked one million fake online pharmacy attacks this year tied to what it calls “PharmaFraud,” a network of more than 5,000 websites selling bogus or unsafe medications. Researchers also uncovered the first known AI-built ransomware, dubbed FunkSec, which was neutralized after Gen helped release a free decryption tool. Other findings included a 340% jump in financial scams, many spread through Facebook ads and fake pages, a doubling of sextortion schemes, and a 21% rise in data breaches. Gen said its brands, including Norton, Avast and LifeLock, are stepping up scam protection tools as cybercriminals grow more sophisticated.

Rounding out the top three was a surprise: GO2Bank. It posted a two point gain for a total of 37. GO2bank is Green Dot’s mobile-first subsidiary and offers a streamlined suite of financial services tailored to low- and moderate-income consumers, including checking and high-yield savings “Vaults” (up to 4.50% APY on balances up to $5,000), early direct deposit (up to two days ahead of paychecks and four for government benefits), up to $200 in overdraft protection, a secured credit card with no credit check, and broad access to cash deposits and withdrawals via a nationwide retail and ATM network.

Why the increase? Its competitive high-yield savings rates and convenient features such as early direct deposit and no-fee ATM access are standout benefits amid persistently high inflation and economic uncertainty. Its appeal is amplified by the fact that it is backed by Green Dot’s bank charter, offering consumers FDIC protection without reliance on partner banks. That regulatory advantage positions it to capture market share from neo-bank rivals and appeal directly to consumers seeking stability and value.