FinTech News
SoFi Named Official Banking Partner of the NBA
The FinTech-turned-bank SoFi has announced a new partnership with the National Basketball Association.
About the partnership:
SoFi is now the official banking partner of the NBA as well as the G League, NBA 2K League, and USA Basketball. Moreover, the company will be the title sponsor for what will now be the SoFi NBA Play-In Tournament (taking place April 16th to 19th). This includes a co-branded tournament logo featuring SoFi.
In addition the naming rights, SoFi has announced that it’s partnering with NBA star Jayson Tatum (as an expansion of Tatum’s S.M.A.R.T. Project) to create the SoFi Generational Wealth Fund. To start the fund, the company is contributing $1 million. This program will include grants and direct aid to individuals while also promoting financial literacy, creating sustainable wealth, and expanding homeownership opportunities. According to Tatum during an interview with CBS Mornings, the first grants will go to single-parent families in his home city of St. Louis to help them put down payments on homes.
To celebrate the partnership, SoFi is also launching its SoFi Zero Giveaway. During this sweepstakes, those who open a new SoFi Checking and Savings account will have a chance to win $10,000. These giveaways will occur weekly through the NBA regular and postseason.
What they’re saying:
Announcing the partnership, SoFi CEO Anthony Noto said, “SoFi is proud to partner with the NBA to cement our brand as a trusted household name through the league’s vast reach. As the next generation of banking, we believe we can help millions of NBA fans nationwide achieve their financial goals and get their money right.”
As for the Generational Wealth fund, Noto added, “We’re excited to work with Jayson Tatum on the new SoFi Generational Wealth Fund, through which we’re donating $1 million, taking action together on the need for more widespread access to financial education resources and closing the generational wealth gap in America, where nearly 60% don’t feel like they can become financially secure.”
Meanwhile. Tatum said in a statement, “Ever since I got my first paycheck, I’ve been planning for my son’s future, my mom’s retirement, and my own long-term financial well-being. Now, I want to help others outside the league up their financial game.” He continued, “I’m excited to be working with an innovative partner like SoFi, who is ushering in a new generation of ways to get your money right, to help spread the word on financial literacy and planning for a bright future.”
My thoughts:
As someone who’s observed SoFi for a long time, it’s always interesting to me when the company hits the mainstream. That’s what happened with the naming of SoFi Stadium in Los Angeles — and now we have this sports-related news that in many ways feels even larger. For one, just the fact that SoFi can now be the “official bank” is significant since the company only gained that ability in 2022 (before that, it worked with licensed banks for its services but wasn’t a bank itself).
With that said, while this is surely good publicity for the company, the actual impacts remain to be seen. In particular, I’m interested to see how the Generational Wealth Fund grows and what impact it could have.
But, if nothing else, it’s cool to see SoFi continuing to grow.
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