WSFS Financial Corporation, the parent company of WSFS Bank, 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 expected to launch in early 2018.
“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,” said Mark Turner, Chairman, CEO, WSFS Financial Corporation. “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.”
“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,” said Steven Freiberg, vice chairman of SoFi. “We’re happy to do this together with a forward-thinking partner in WSFS.”
SoFi is a San Francisco-based online lender that is expanding into other financial service markets. The company has offices in Claymont and earlier announced plans to hire 400 people in the next year.
WSFS has been a technology pioneer.
In 1972 the bank became one of the first in the nation to grant customers access to their checking accounts through electronic fund transfers with the WSFS Plan Card.
In 1998, WSFS launched CashConnect, a subsidiary that created the software and technologies that have powered the industry’s ATM cash management and deposit safe services. CashConnect is a leading national provider of cash management technical solutions to merchants and banks.
More recently, WSFS 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.
In 2015, WSFS was the fourth bank in the nation and the first in the Mid Atlantic to rollout WSFS Mobile Cash, a service that allows customers to withdraw cash from an ATM by using their WSFS Mobile Banking app.