Last week, WSFS Financial Corporation, the parent company of WSFS Bank, has entered into a two-year partnership to provide payment processing and debit card sponsorship services for a new cash management account by SoFi Securities, a subsidiary of SoFi. The new “SoFi Money” account is reportedly expected to launch in early 2018.
While sharing details about the new account, Mark Turner, Chairman, President and CEO of WSFS Financial Corporation, stated:
“At WSFS, we have welcomed innovation and accepted the challenge to adopt technologies and create and support solutions that will meet Customers’ evolving financial needs. Our partnership with SoFi makes strategic sense. As technology disruption accelerates, community banks must adapt. WSFS is at the forefront of working with fintech providers and bringing innovative solutions to market.”
Steven Freiberg, Vice Chairman of SoFi, added:
“Being able to offer these accounts will move us closer to our vision of serving all our members’ financial needs, but more importantly it’s something our members really want and have been asking for. We’re happy to do this together with a forward-thinking partner in WSFS.”
WSFS notably became the first bank to issue a mobile-first, multi-currency account through a partnership with Zenbanx, which was acquired by SoFi earlier this year.