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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Mastercardannounced today it has received approval from the People’s Bank of China (PBOC) to set up a domestic bankcard clearing institution in China. PBOC has given Mastercard, along with its partner NetsUnion Clearing Corp (NUCC), one year to begin clearing activity in China.
This move comes after a long period of restricted payment card operations in China. For the past ten years, foreign payment card companies could only tap into China’s credit card market via partnership with state-run UnionPay.
“China is a vital market for us and we have reiterated our unwavering commitment to helping drive a safer, more inclusive and seamless payments ecosystem for Chinese consumers and businesses,” said Mastercard President and CEO Ajay Banga. “We remain focused on working with the Chinese government and local partners to grow the overall payments infrastructure.”
According to Bloomberg, which estimates the payments market in China to be $27 trillion, the country has 8.2 billion bank cards in circulation 90% of which are debit cards.
Thanks to a recent trade deal with the U.S., China has ended the monopoly of state-run payments and so far has already opened its doors to American Express and PayPal after the payments company took a 70% stake in China-based GoPay.
Customers have been getting a lot of attention in the financial services industry lately, and for good reason. After all, they’re the ones who are interacting with and relying on banking services on a monthly, weekly, and daily basis. And many times they are even the ones footing the bill!
Fortunately, there are fintechs in the business of helping financial services companies connect with their customers. Take Unblu, for example. The Switzerland-based company launched in 2008 as a conversational platform for financial services companies.
Unblu allows banks and relationship managers to interact with their customers across multiple channels and mediums in order to keep the conversation natural, comfortable, and compliant. Customers can open a chat discussion, host a video call, or schedule a co-browsing session with a view of existing websites and screens to enhance the conversation of the customer’s view.
The company offers four products. The first, Conversational Banking, provides interactivity that allows for a seamless flow of questions, answers, ideas, and scheduling. Retail Banking and Private Banking allow the organization to enhance the user experience while better capturing leads for upsell and cross-sell opportunities. Lastly, the insurance offering provides the capability to submit claims and compare different products.
Key to the Unblu platform are the safety and compliance aspects. Not only does Unblu protect clients’ data, it also protects their information during screensharing by masking sensitive information. Organizations are safeguarded as well, with archived interaction logs and audit trails of client communications.
Last year Unblu opened an office in Frankfurt, Germany. The move aimed to support geographic expansion and marks the company’s third international office location– in addition to the U.S. and U.K.– outside of its Switzerland headquarters. And Unblu’s growth continues to compound. The company counts more than 120 financial services firms as clients– almost triple the number of clients Unblu had in 2017.
If you happen to be at FinovateEurope this week, you’re in luck! Unblu will take the stage during the second demo session on Wednesday, 12 February at the Intercontinental Berlin. There’s still time to register so book now!
For all the excitement about challenger banking ex-U.S., there may be more going on in the alternative banking scene in America than many think.
Mobile banking company Varo Money, for example, announced this week that it has received approval for deposit insurance from the Federal Deposit Insurance Corporation (FDIC). This is a significant step on the company’s journey toward obtaining a national bank charter and moves Varo to the final stage of the approval process, the company said in a statement.
Varo Money CEO Colin Walsh said that the goal of earning a license to operate nationally was “part of Varo’s vision from the very beginning.” Walsh noted that the bank charter would help Varo also meet its goal of boosting financial inclusion. “Becoming a fully chartered bank will give us greater opportunity to deliver products and services that positively impact the lives of everyday people around the country,” he said.
Founded in 2015 and headquartered in San Francisco, California, Varo Money offers a mobile banking account with high-yield savings, direct deposit, and no account fees. The company had a big 2019 – forging partnerships with Galileo Processing, Socure, Cachet Financial, Bancorp Bank, and iHeartMedia in the second half of the year alone. Varo also raised a significant chunk of change in 2019 – picking up a $100 million investment from Warburg Pincus, Gopher Asset Management, and The Rise Fund that drove the company’s total capital to more than $178 million.
En route to earnings its national banking charter, Varo still needs to complete certain organizational requirements, as well as meet terms of both the OCC’s (Office of the Comptroller of the Currency) and the FDIC’s Federal Reserve membership. The company said that once it earns its charter it will expand its offerings to include products like credit cards, loans, and savings solutions.
How is the battle of the challenger banks manifesting itself in Germany? As FinovateEurope gets started in Berlin this week, we take a look at some of the top challenger banks in the country.
Bitwala– Based in Berlin, Germany, Bitwala leverages blockchain technology to offer a banking experience for holders of both fiat and cryptocurrencies. Co-founded by Benjamin Jones, Jorg von Minckwitz, and Jan Goslicki in 2015, Bitwala has raised more than $21 million in funding. Late last summer, the challenger bank launched its all-in-one mobile bitcoin app, enabling customers in 30+ countries to open a German bank account with an integrated Bitcoin wallet and trading functionality.
Consorsbank – Founded in 2014 – and sporting an origin story that goes back to 1994 – Consorsbank is owned by BNP Paribas SA Niederlassung Deutschland. The bank offers a current account and two free debit cards, as well as a securities trading account with fee-free trading in ETFs and funds. In 2018, Consorsbank introduced its new installment loan product, and last year, the company went live with both Apple Pay and Google Pay.
Fidor Bank – Headquartered in Munich, Fidor Bank was founded in 2009, and serves both retail and business banking customers. The firm was acquired by Groupe BPCE of France in 2016, one year after Fidor Bank began operations in the U.K. Fidor offers a business account and card solutions, as well as financing products including installment loans and lines of credit. The bank also facilitates customer investment in foreign currencies and online savings bonds. Fidor Bank celebrated its 10th anniversary last May, and currently has 250,000 private and 40,000 business customers.
Fyrst -Bonn-based Fyrst Bank is the latest challenger bank in Germany to offer financial services to freelancers and the self-employed. Launched in 2019, Fyrst charges no account management fees and offers integrated accounting and invoice management, instant payment transfers and inexpensive financing options. Fyrst is backed by DB Privat- and Firmenkundenbank AG, and is a division of Postbank.
Insha – Founded in 2018 and proclaiming itself to be the first interest-free mobile bank in Europe upon its launch a year later, Insha is a spin-off from Turkey’s Albaraka Turk Participation Bank. Insha is headquarted in Berlin and offers a mobile account and Insha Mastercard debit card, money transfers, and financial wellness tools inSave and inSight to help customers manage their money better. Insha also provides a zakat calculator to help Islamic customers accurately determine the amount of their annual zakat obligation.
Kontist – A bank that specializes in serving freelancers and workers in the gig economy, Kontist is based in Berlin and was founded in 2015. The challenger bank calls itself the only bank that calculates and sets aside taxes in real-time – responding to a major pain point for workers with irregular or untraditional sources of income. Kontist offers its customers a mobile app and business account, and supports its customers accounting by keeping banking and bookkeeping in “permanent sync.” Kontist also provides a Mastercard Business debit card. The company is a strategic partner of solarisBank.
N26 – Berlin-based N26 provides mobile and online banking services to customers throughout the E.U. Earning its banking license in 2016 and rebranding from Number 26 to N26Bank, the company has raised $683 million in funding, including a $470 million Series D completed last summer. This funding was accompanied by the bank’s expansion to the U.S. With a valuation of more than $2.7 billion, N26 is regarded as one of the most valuable challenger banks in Europe.
Penta – Founded in 2016, Penta provides banking services – including expense management, accounting, and corporate cards – for SMEs and startup companies. Penta customers can establish sub-accounts to more readily monitor various business cash flows, and take advantage of a variety of small business financing options. Headquartered in Berlin, and acquired by finleap in spring of 2019, Penta introduced its all-in-one founder’s package, Kompass, in January. Kompass includes a set of legal documents and guidelines to help ensure successful company launch.
solarisBank – A self-described technology company with a banking license, solarisBank was founded in 2016, and has both its own banking license as well as a banking platform to help other firms to offer their own financial solutions. The Berlin-based firm offers a suite of RESTful APIs to enable its partners to integrate its modular financial services solutions within their own product line. solarisBank announced a partnership with Penta last fall to support the business banking platform’s expansion into Italy. In December, the bank launched its subsidiary, Digital Assets, to provide a custody solution that takes advantage of the growing ownership of cryptocurrencies and other digital assets.
Tomorrow – Tomorrow offers a current account that gives customers the opportunity to make a positive difference on the environment. The bank finances renewable energy and organic agriculture, as well as other climate-supporting initiatives. The challenger bank’s account features a digital budget with automatic categorization, and real-time, push notifications for every transaction. Tomorrow was founded by Inas Nureldin, Michael Schweikart and Jacob Berndt and is based out of Hamburg. Tomorrow closed its first round of funding in 2019, pulling in €8.5 million from impact investors.
Top U.K.-based challenger bank Starling Bank raised $77.5 million (£60 million) from existing investors Merian Global Investors and JTC.
Today’s investment brings Starling’s total funding to $417 million (£323 million).
“The support of our existing investors represents a huge endorsement of our business strategy, as we continue to ramp up our growth,” said Anne Boden, Starling Bank founder and CEO. “We’re constantly innovating and have big ambitions to turn Starling into a world-leading digital bank.”
Starling will use the funding to support “rapid expansion” efforts and to create products and services that compete with traditional financial institutions. Helping motivate its employees to push for this expansion, the bank is awarding shares to its staff.
“We could not do this without the support of our 800 employees, who work so hard to provide a better banking experience for our customers, giving them more control over their finances. So I’m thrilled to be giving shares to them,” said Boden.
Since launching its banking app in 2017, Starling has amassed 1.25 million accounts and holds $1.61 billion (£1.25 billion) in assets under management. The bank was founded in 2014 and is headquartered in London with offices in Southampton, Cardiff, and Dublin.
Blockchain-powered payments platform Paystand has raised $20 million in Series B funding. The investment, which the company will use to grow its products and services, as well as sales, marketing, and engineering teams, featured the participation of both new and existing investors.
“We made a promise to reboot commercial finance because it’s insecure, inefficient, and built on trustless networks and technology,” Paystand CEO Jeremy Almond said. “Today markets another step towards realizing that vision and transforming enterprise finance.”
Paystand seeks to do for complicated commercial payments what Venmo has done for P2P transactions. By digitizing and automating a company’s cash cycle, Paystand’s payments-as-a-service platform helps businesses become more capital efficient, streamlines back office operations, and allows them to offer innovative payment experiences.
Paystand participated in our developer’s conference, FinDEVr Silicon Valley, in 2014. With offices in both Scotts Valley, California, and Guadalajara, Mexico, the company has added 80 new large enterprise customers in the last 24 months.
Last week we shared news of FinovateEurope alum Opentech and its partnership with Mastercard.
Now we can add that Swiss Bankers Prepaid Services has teamed up with Opentech to launch its latest money sending service, Send. The new offering is based on Opentech’s OpenPay Send solution which, as we learned last week, leverages the Mastercard Send platform to give users a convenient, “use-case agnostic” way to transfer money to locations around the world.
Swiss Bankers’ Send can be readily activated after a quick KYC process that only takes a few minutes via the mobile app. The solution is is available to all Swiss citizens who are Swiss Bankers cardholders.
Highlighting the rise of P2P payments as a preference for both domestic and international payments, Swiss Bankers CEO Hans-Jorg Widiger praised the partnership with Opentech. “Seizing this opportunity is a crucial step for us to remark and consolidate our positioning as a customer-driven, trustable and innovative company,” he said. “With Send we faced this challenge, relying on our long-dated partnership with Mastercard and Opentech to provide our customers with a distinctive solution in line with our quality standards.”
Fiserv Partners with Hong Kong Digital Bank Pioneer ZA Bank – ZA Bank, will use the company’s VisionPLUS global payment software, which supports the entire card payment lifecycle from origination and issuance to settlement and customer service.
Worldline to Acquire Ingenico in $8.6 Billion Deal – The combination of Worldline and Ingenico will create the world’s fourth largest payment services provider with 20,000 workers in 50 countries serving nearly one million merchants and 1,200 financial institutions.
Also on Finovate.com
Everything Fintech at Davos 2020 – We combed through the agenda to bring you a view of the discussions through a fintech lens. Here’s a summary of some of the most interesting fintech-related topics covered at the global event.
Finovate Launches New Gender Diversity Stream at FinovateEurope – FinovateEurope is innovative for us in a number of ways. This year we will debut our Women in Fintech stream.
Fintech and the Case for Senior-Based Solutions – Ensuring that the online and mobile worlds are a safer place for seniors is one of the important contributions that technology can make.
Can Amazon Help Goldman Sachs Get its Groove Back? – According to reporting in both the Financial Times and on CNBC, Amazon and Goldman Sachs are discussing a partnership that would enable the investment bank to offer loans directly to merchants via Amazon’s platform.
With FinovateEurope kicking off this week in Berlin, Germany, we thought it would be fun to check in with FinovateEurope Best of Show winner and Central and Eastern European fintech innovator Dorsum.
How are the social and technological changes in Europe influencing the way fintechs and financial services companies build, pilot, and market their solutions? We reached out to Dorsum’s Senior Innovation Expert, Greg Csorba, to find out how the company is meeting these challenges and more.
Finovate: As a European fintech, what is the most exciting thing about fintech inEurope right now, and how is Dorsum taking advantage of this opportunity?
Greg Csorba: In the next 10 to 15 years a significant amount of wealth will pass from the Baby Boomer generation to the Y (Millennial) and Z generations. This will, among other things, change the service model expected of investment service providers. This multigenerational wealth transfer will present a real challenge for every player in the market to adapt to the digital expectations of the new generation, which could bring significant business benefits in the coming years.
Finovate: Dorsum won Best of Show at FinovateEurope last year. What does that accomplishment mean for the company on the eve of your return to FinovateEurope?
Csorba: We were very honored to have won the award last year at FinovateEurope. It confirms that our solutions represent what the industry demands. Every year we are working on understanding our clients better to create new, innovative products, answering their needs. This mindset lead us to create the subject of this year’s show as well, our Wealth Management Communication HUB. We do hope that it will win over the audience as well.
Finovate: For those unfamiliar with Dorsum, can you tell us a little bit about the company and the work it does?
Csorba: Dorsum is an investment software provider company, based in Hungary with two other subsidiaries in Romania and Bulgaria. Since our foundation in 1996, we became a leading software company in the CEE region. Our investment software family offers versatile solutions to players in the capital and wealth management markets. We are especially proud of our innovation team who always keeps one step ahead of the market for the company to continue creating industry-leading solutions.
Finovate: What are some of the key enabling technologies used by your platform? Do machine learning, AI, and other new technologies play a major role in powering your offerings?
Csorba: Yes, we always looking at new technologies and new ways to empower our customers. AI and machine learning are used in our Botboarding chatbot engine, our client-facing investment app My Wealth, and the new Communication HUB. As for the future, we are looking into innovative ways of using and applying information from Big Data databases, which has yet to make a notable change in the lives of wealth managers and investors. For example, we are excited to work on a project aiming to profile users based on their everyday interactions with other digital services – which could reflect their attitude towards risk taking and provide personalized product recommendations.
Finovate: Dorsum is known for its work in the Central and Eastern European markets. How is the company’s growth in this region going and are there any significant plans for expansion beyond the CEE?
Csorba: This year one of our greatest achievements was to win BNP Paribas and their Polish subsidiary as one of our customers and we are working on new deals to continue this growth in the future. In 2020 we are mainly focusing on the CEE market as our main target group. To this end, it’s important for us to have a constant presence in the most prestigious Europe-wide conferences such as Finovate.
Finovate: Dorsum uses a hybrid model combining traditional and digital advisory processes. Why do you think this is a winning strategy for you and your clients?
Csorba: We see that new digital technologies in wealth management and the private banking industry are always welcome, but clients still need and rely on the advice of their advisor. This type of advice however can be managed in innovative ways on digital platforms. This is why we created a hybrid advisory model where digital meets the personal touch. Clients can manage their portfolio on their own, but if they need, they can learn from an AI-driven chatbot or reach their personal advisor through an app and real-time chat.
Finovate: What does Dorsum have in store for 2020? Can you give us a little preview of what you’ll be presenting at FinovateEurope next week?
Csorba: We are presenting new communication features for our wealth management applications, referred to collectively as the Wealth Management Communication HUB. The HUB connects advisors and clients through notification sending and real-time chat. This GDPR- compliant, secure communication module is superior to non-binding e-mail chains, and includes automated notification sending, paperless document underwriting and even an integrated educational chatbot. The HUB represents our hybrid advisory vision, as it allows banks to reach the mass affluent and well as the private banking segments with digital products, saving time and money through efficiency.
Watch Dorsum demonstrate its latest technology live at FinovateEurope in Berlin, Germany, February 11 through 13. Tickets are still available.
Here is our weekly look at fintech around the world
Sub-Saharan Africa
Nigerian fintech Wallets Africa unveils its new Wallets for Developers offering.
ITWeb’s Samuel Mungadze looks at how a pair of South African fintechs – Meerkat and Spoon Money – are “redesigning financial services.”
Nigeria’s The Guardianprofiles African fintech pioneer, Segun Aina, on his 65th birthday.
Central and Eastern Europe
Hamburg, Germany-based digital debt servicing platform Receeve raises 4 million euros in seed funding.
Analysis from Sberbank shows that for the first time, Russian made more digital payments than cash payments in the fourth quarter of 2019.
Varengold Bank announces plans to open a fintech hub in Berlin.
Middle East and Northern Africa
Morocco’s Bank Assafa goes live on Path Solutions’ iMAL core banking system.
National Bank of Kuwait announces availability of Fitbit Pay.
Entrepreneur.com lists “4 Things to Know About the Middle East Fintech Industry.”
Central and Southern Asia
Freelance Wallet, the product of a new partnership between Paystand and JS Bank, enables freelancers in Pakistan to receive payments via smartphone.
PayU co-founder Shailaz Nag raises $8 million in seed funding for his finech startup, Dot.
State Bank of India partners with BEP Systems for mortgage origination.
Latin America and the Caribbean
The Mexico City-based Startupbootcamp Fintech accelerator run by Finnovista reports that four of the 20 fintechs in its latest graduating cohort have female leadership.
Born2Invest examines the state of Chile’s fintech sector.
Mexican digital banking startup Stori locks in $10 million in funding.
Asia-Pacific
Jumioteams up with CIMB Bank Phillippines to bring its digital onboarding and AI-enabled identity verification to Filipino customers.
Fiservpartners with Hong Kong digtal bank pioneer ZA Bank.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Business spending and expense management platform Divvy is opening up new financing possibilities this week for its business clients with the launch of Divvy Capital.
The new funding option is done via invoice financing. Divvy enables its business customers to “float” their invoices for terms of one, two, or three months. Repayment is straightforward and there is a single, flat fee with APRs ranging from 10.8% to 11.4%.
The Utah-based company describes the new offering as a “flexible, lightweight” funding option that is separate from the Divvy Credit Card, which gives businesses both a physical and virtual Mastercard that offers 1% cash back plus 15% to 50% off select travel expenses.
https://youtu.be/2yVnRpFNrmo
Since all of Divvy’s current business clients are automatically pre-approved, there is no need to wait on credit approvals and funds are disbursed in near-real time. The company has been testing the new financing model for the last six months and it is now opening it up to its wider customer base.
“Divvy Capital is our most important public move in that direction,” the company stated in its press release, adding, “but stay tuned—2020 is full of many more big announcements to come.” A look at the Divvy Capital page reveals that the company is planning to launch short-term loans of up to $50,000 for terms of up to 12 months and and option that allows businesses to float a portion of their credit card balance for a fixed fee.
A look at the companies demoing at FinovateFall on September 14-16, 2020. Register today and save your spot.
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Costs only a fraction compared to a dedicated accountant
Why It’s Great ANNA does your invoicing, sort expenses, keep accounts up-to-date and even submits your tax returns, saving you the time and hassle.
Presenters
Vic Casambros, Digital Manager Casambros has previous experience working in the Charities and Public Sector organisations. He specialises in analytics reporting, social media and digital engagement strategies. LinkedIn
Boris Dyakonov, Co-Founder Co-Founder at Tochka.com, knopka.com, and Anna. Dyakonov is an expert on financial services for entrepreneurs. LinkedIn
FinovateEurope is innovative for us in a number of ways. This will be the first time our fintech conference has been held in continental Europe after eight years of hosting our event in London. We are also launching our new Startup Booster program, which is designed to help give fintech startups the information, guidance, and support they need in order to more effectively build, pitch, and market their innovations.
FinovateEurope will also feature the debut of our Women in Fintechstream. Held on the afternoon and early evening of Wednesday, February 12, our Women in Fintech stream consists of presentations, keynotes, a panel discussion, and an end-of-day networking opportunity with refreshments hosted by European Women Payment Network (EWPN).
Here are some of the women who will be speaking as part of our Women in Fintech stream.
Isil Ugurlu
Country Ambassador, Germany, at the European Women Payments Network, Ugurlu is also Head of Payment at Berlin, Germany-based Elumeo group, a firm that produces and sells high-quality gemstone jewelry. She is responsible for the firm’s global payment infrastructure and processes, and the company’s global payment partner relations.
Theodora Lau
Founder at Unconventional Ventures, Lau is a speaker, writer, and innovator. Her focus is on developing and growing an ecosystem of financial institutions, corporate leaders, entrepreneurs, and venture capitalists to respond to the needs of an increasingly diverse consumer. She is a mentor to both fintech and healthtech startups, and supports a growing partnered portfolio.
Juliane Schmitz-Engels
Head of Communications at Mastercard for Germany and Switzerland and a host at Fintech Berlin, Schmitz-Engels is also a host at Fintech Berlin and a curator at FocusCamp. Previous to her work at Mastercard, Schmitz-Engels led communications and public relations at technology and finance companies in Berlin and Frankfurt. She studied at the Universitat Potsdam and the Institute for Law and Finance.
Also scheduled to participate in our Women in Fintech stream are:
Akira Sasaki
Ria Shetty
Sabrina Small
Weina Wang
For more on our FinovateEurope agenda, visit our FinovateEurope page. We’re looking forward to seeing you in Berlin!
Hong Kong’s first digital bank will use payment technology from Fiserv. The firm, ZA Bank, will use the company’s VisionPLUS global payment software, which supports the entire card payment lifecycle from origination and issuance to settlement and customer service. ZA Bank will leverage Fiserv’s suite of APIs to ensure fast and seamless app development and integration.
“We are pleased to partner with Fiserv as we embark on a journey to shift the lifestyle of future banking users,” ZA Bank CEO Rockson Hsu said. “With our companies’ combined knowledge and expertise in banking and technology, we are well-placed to respond fast to the ever-changing market with an agile product development approach.”
Licensed in March of last year, ZA Bank launched as a pilot in December with 2,000 retail customers. The pilot enabled the challenger bank to test services such as remote onboarding, time deposit, and facial recognition. ZA Bank offers 6% interest on three-month deposits of up to $25,000 (HK$200,000). Established by ZhongAn Technologies International Group, ZA Bank emphasizes a “community-driven approach” that seeks to match innovative technologies with the changing lifestyles of its customers.
“Ultimately, we want to offer superb user experiences via a robust and secure platform,” Hsu said. “I am confident that with the support of Fiserv, ZA Bank will be well-positioned to deliver relevant, convenient, and excellent service to our users.”
A long-time Finovate alum, Fiserv demonstrated its technology on the Finovate stage most recently at FinovateSpring 2018. The Brookfield, Wisconsin-based company, founded in 1984, acquired fellow Finovate alum First Data last year, and began 2020 with news of a pair of new credit union partnerships.
Speaking for Fiserv on the ZA Bank partnership, company EVP and head of Asia Pacific Ivo Distelbrink, put the collaboration in the broader context of financial innovation taking place in the region. Distelbrink called the launch of ZA Bank “an important milestone” for financial services in Hong Kong, and praised the firm as a “modern banking option aligned to the changing way people want to move and manage money.”
Financial services startup SoFi is partnering with The Bancorp to serve as the company’s backend banking provider and card issuer for SoFi Money.
The company launched SoFi Money last year to serve as an alternative banking product. SoFi’s challenger bank features include spending and budgeting tools, billpay, remote deposit capture, peer-to-peer payments, and a high interest cash management account.
Accountholders also have access to SoFi’s flagship borrowing products such as student loan refinancing, private student loans, personal loans, and home loans. As a competitive edge, SoFi also offers member benefits such as career coaching and VIP access to the SoFi Stadium, courtesy of last month’s partnership with Mastercard.
A rendering of the SoFi Stadium, set to open this summer in Inglewood, CA
The Bancorp is one of the top private-label debit and prepaid card issuers in the U.S. for Visa, MasterCard, Discover, and UnionPay. The company has more than 75 million prepaid cards in distribution and processes 1.1 billion transactions each year.
“As a true pioneer in the fintech space, SoFi has been setting and surpassing industry standards by providing outstanding products and services to its members,” said Damian Kozlowski, President and CEO of The Bancorp. “We are incredibly proud to be selected as a key partner that will support SoFi’s mission to deliver innovative products and services to new and existing members.”
