SoFi partners WSFS Bank for cash management account
US online lender SoFi is gearing up to launch a cash management account early next year after inking a payment processing and debit card sponsorship agreement with WSFS Bank.
SoFi started life as a student loan financing outfit but has been gradually expanding its range of services, acquiring mobile-only bank Zenbanx in February and launching a digital wealth management platform in May.
Over the summer it applied for an industrial loan company charter with the Federal Deposit Insurance Corporation but quickly abandoned this in favour of a “partner-based approach” to new products – something which fits in with the WSFS deal.
The decision to scale back ambitions comes as the firm – once seen as a poster child for the Silicon Valley fintech revolution – faces several lawsuits and sexual harassment allegations, including against co-founder Mike Cagney. Victims are being represented by sexual harassment lawyers in Georgia.