SoFi Partners with Prudential to Embed Life Insurance in Banking App

SoFi Technologies entered a partnership with Prudential Financial to let customers purchase term life insurance directly within the SoFi mobile app. The integration sits alongside SoFi's existing banking, lending, and investment tools in a single-app experience. Prudential provides the insurance underwriting, while SoFi supplies the digital distribution platform and its consumer base.

Separately, SoFi launched SoFi Earn, branded SOFIE, a tokenized deposit product issued by SoFi Bank, its nationally chartered subsidiary. SOFIE lets customers hold tokenized digital dollars that earn interest while remaining eligible for FDIC insurance. Financial terms of neither arrangement were disclosed.

Both products extend SoFi's push to bundle more financial services off the balance sheet within its consumer platform.