Amidst troubling financial times, with uncertainty over extended stimulus packages from Congress creating financial anxiety, leading Fintech company SoFi offers relief by announcing that it will launch a program to contribute $200 towards emergency savings to anyone who opens an account with SoFi Money.
According to SoFi’s press release: “This program is just the latest initiative SoFi has undertaken during this national crisis to help meet the full breadth of its members financial needs. From facilitating the distribution of Paycheck Protection Program funds to providing complimentary college-planning and estate-planning tools, SoFi has been committed to being responsive to members’ needs all throughout the pandemic, to supplement an already extensive array of financial-wellness tools and live advice. Through it all, SoFi is and has been actively involved with policy leaders to find additional ways to help society at large during these challenging times.”
The relief package will include enhanced cash-back benefits on “quarantine-essential” purchases and services. This includes 10% back on groceries, food delivery, streaming video, and live sports channels, as well as unlimited complimentary access to career coaching and financial planning sessions. SoFi members also benefit from their products for borrowing, saving, spending, investing, and protecting that give users fast access to tools that facilitate financial control.
In a statement about the program, Anthony Noto, CEO of SoFi, states “this pandemic marks the first time many of our members have seen their income halved or disappear entirely overnight through no fault of their own. We have a responsibility to work tirelessly to find new ways to alleviate these financial pressures at an unprecedented time, at an urgent pace, for those who do not have the luxury of waiting for the government to extend and disburse benefits. We are here to remind our members: It is never too late to start getting your money right, and we will help you every step of the way”.
In a focused effort to deliver their mission of helping “people achieve financial independence to realize their ambitions” SoFi has jumped from strength to strength since Noto joined as CEO in 2018 after his four years as Twitter’s CFO. At the beginning of 2020 alone, SoFi’s daily trading volumes surged when its user base significantly increased, with Noto reporting in a televised July interview that “our users have nearly tripled since January. Our daily trading volumes up over 300%.”
The $200 Emergency Savings vault is available to all who open an account now through August 14th, 2020.