Samsung, SoFi and Mastercard partner to offer Samsung Money by SoFi

Samsung Electronics America, in partnership with fintech company SoFi and Mastercard, has rolled out a new mobile-first money management offering Samsung Money by SoFi.

The new Samsung Money by SoFi includes a cash management account and accompanying Mastercard debit card along with exclusive benefits to Samsung Pay, said the company.

Samsung Electronics North America service business, Samsung Pay vice president and GM Sang Ahn said: “Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users. Samsung Money by SoFi is our biggest move yet to help users do more with their money.

“Samsung Pay is already the most rewarding shopping and payments experience driven by numerous innovations over the years. Now, users can access mobile-first financial services and earn exclusive Samsung benefits. We’re excited to help our users reach their financial dreams by allowing them to spend, save and grow their money and access it easily and securely.”

The company said that its new account offering is secure, involves no account fees and rewards users for saving, enabling them earn high interest compared to the national average of transactional accounts.

It is said to empower people, who wish to leverage technology for essential tasks without leaving home, to manage more of their financial life in the Samsung Pay app.

The new offering, which marks the starting of a new partnership between Samsung and SoFi, is planned to be introduced in the US later this summer.

Users of the new money management offering are allowed to choose between opening an individual or joint cash management account. Besides, they can avail in-network ATM fee reimbursement at more than 55,000 locations in the US.

SoFi CEO Anthony Noto said: “At SoFi, we’re committed to helping people achieve financial independence both directly through the SoFi brand, as well as indirectly, through partnering with leading brands like Samsung to help the world get their money right.

“We’re excited to partner with Samsung, a world-class technology company, to help power this next-generation financial experience, while expanding the impact of SoFi exponentially.”