SoFi and WSFS Bank collaborate for new cash management account

SoFi, a US online lender has entered into a two year partnership with WSFS Bank to launch a cash management account.

SoFi and WSFS Bank collaborate for new cash management account

The new SoFi Money account is expected to launch in early 2018 allowing customers to manage their money and track transactions. WSFS Financial stated that its bank will process payments and provide debit card sponsorship services for SoFi Money.

Mark Turner, chairman, president and CEO at WSFS Financial Corporation, stated: “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.”

SoFi has been taking a new approach to lending, wealth management and insurance.