SoFi Technologies has added two new credit cards to its digital financial services line.
One of the mentioned company’s new products is designed for consumers who prioritize earning rewards for activities related to daily spending. Another credit card added to SoFi’s digital financial services will be of interest to those customers who are interested in building or improving their credit scores. The relevant information is contained in the company’s press release, which was published last Wednesday, October 9.
SoFi chief executive officer Anthony Noto stated that the firm is excited to continue building out credit card products and deepen relationships with its members.
The press release contains information according to which the new SoFi Everyday Cash Rewards Credit Card offers consumers 3% unlimited cash back on dining, 2% unlimited cash back on grocery store and convenience store purchases, and 1% unlimited cash back on all other eligible purchases.
Anthony Noto stated that expanding the range of credit cards allows the company to better meet the needs of more people in terms of spending and borrowing, whether it helps them to receive rewards for everyday purchases or build their credit.
It is worth noting that for platforms such as SoFi, which combine services and spending, savings, and lending products, the flow of cross-pollination opportunities will help improve financial wellness while forming self-contained ecosystems.
In April, Anthony Noto, during an earnings call, stated that the company’s growth in the direct deposit area provides ample opportunities for cross-buy into other products of the firm.
Last week, SoFi announced the launch of a Directed Share Platform (DSP) called DSP2.0. As part of this offer, companies that intend to raise capital in the United States are given access to a modern and streamlined approach to equity program management.
In May, SoFi announced the placement of a $350 million personal loan securitization. In the specified case, these are used funds and accounts managed by PGIM Fixed Income.
As we have reported earlier, SoFi Debuts Student Loan Tool.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
