With SoFi, Samsung to launch new bank product this summer


Samsung has partnered with SoFi to release new banking services: Samsung Money by SoFi. The program will provide Samsung users with an actual debit card, which will be issued by Bancorp Bank. 

In addition to the debit card, Samsung Money will offer an array of perks for its customers, including no fees, higher earned interest compared to the national average for checking accounts, and Samsung Rewards points through use of the card, which will provide members with discounts on future Samsung purchases.

Samsung Money will also include greater FDIC insurance coverage than the average debit card– $1.5 million, which is six times the amount of the average debit card coverage. The product will be incorporated into the Samsung Pay App. Until the physical card arrives, customers can use the Samsung Pay App to make their purchases.

For SoFi, this partnership marks its entry into B2B revenue. The tech company just purchased Galileo, a financial platform that provides APIs allowing companies to launch financial products and issue both virtual and physical debit cards without the hassle of getting a banking license. 

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