The Bancorp Partners With SoFi to Power SoFi Money Product
The Bancorp Bank announced a Banking-as-a-Service sponsor bank partnership with SoFi in early February 2020 to support the SoFi Money cash management product. Under the deal, The Bancorp serves as the exclusive card issuer and provides back-end banking services for SoFi Money, which offers no-account-fee, high-interest accounts with reimbursed worldwide ATM fees, spending and budgeting tools, mobile check deposit, P2P payments, and no-cost financial advice. SoFi members access the product via physical and virtual debit cards issued through The Bancorp's payments sponsorship platform, which The Nilson Report ranks as a top issuer of private-label debit and prepaid cards.
Ryan Harris, EVP and Head of Payments Partnerships at The Bancorp, stated the partnership brings together technology and innovation with excellent service delivery. SoFi CEO Anthony Noto expressed enthusiasm about partnering with The Bancorp to deliver a superior financial experience for members. Financial terms of the deal were not publicly disclosed.
The partnership underscores The Bancorp's growing BaaS footprint alongside its concurrent Chime relationship extension in the same month.
- Strengthens The Bancorp's position as a leading BaaS sponsor bank for major fintechs alongside its Chime relationship
- Signals SoFi's strategy of leveraging established BaaS infrastructure rather than building proprietary banking rails at that stage