The US-based fintech has teamed up with Mastercard for its new card network. Currently, SoFi offers a debit card product to users as part of its SoFi Money product via a partnership with Visa, but under the new deal, the cards will now run on Mastercard's network.
In addition to issuing new cards to existing cardholders, SoFi is adding new benefits to its offering, including cash-back rewards, free cell phone insurance, and discounted airport concierge services. The fintech is also planning to launch a credit card with Mastercard.