The Bancorp Bank, the wholly owned banking subsidiary of The Bancorp, Inc. (NASDAQ: TBBK) is excited to announce its partnership with SoFi, a digital personal finance company, to provide back-end banking services and act as the exclusive card issuer behind the SoFi Money® product.
The SoFi Money product is a no-account-fee, high-interest cash management account that offers members reimbursed ATM fees worldwide, spending and budgeting tools, and access to no-cost financial advice available to all SoFi members. The partnership with The Bancorp provides SoFi members with the ability to access those funds through both physical and virtual debit cards.
The Bancorp provides banking and payments sponsorship services which enable innovation and disruption within the financial services industry. The company continues to rank as a top issuer of private-label debit and prepaid cards in the country, according to The Nilson Report. With an outstanding technical infrastructure, coupled with an established track record in financial services, The Bancorp achieves an uncommonly high level of service delivery.
“We believe our industry-leading payments sponsorship platform combined with the depth and experience of our Payments team is a perfect complement to SoFi’s extensive and highly respected product capabilities,” said Ryan Harris, EVP and Head of Payments Partnerships at The Bancorp. “This partnership brings together technology and innovation with excellent service delivery that will exceed member expectations.”
“At SoFi, we are always innovating to find ways to help our members Get Their Money Right®,” said Anthony Noto, Chief Executive Officer of SoFi. “We are thrilled to be partnering with The Bancorp to provide a superior financial experience for our members.”
“As a true pioneer in the fintech space, SoFi has been setting and surpassing industry standards by providing outstanding products and services to its members,” said Damian Kozlowski, President and Chief Executive Officer of The Bancorp. “We are incredibly proud to be selected as a key partner that will support SoFi’s mission to deliver innovative products and services to new and existing members.”