Personal Finance News
Clever SoFi Stunt Rewards Investors with Free Coffee
When it comes to personal finance advice, you don’t need to go too far to find talk of coffee. The commonly-cited “Latte Factor” shows how much consumers could save if they cut out that daily latte and invested the funds instead. Meanwhile others have pushed back on this concept, leading to a coffee war of sorts. Well, in response, the FinTech firm SoFi has come up with a clever promotion that will allow customers to invest and enjoy a cup of joe.
Just in time for National Coffee Day on September 29th, SoFi has announced a partnership with Bluestone Lane. From the 29th of this month through October 29th, those who invest at least $5 on the company’s SoFi Invest platform will receive a QR code valid for $5 off at Bluestone Lane locations (via the chain’s app). Current SoFi Invest users will also be able to cash in on this offer, with QR codes being e-mailed later this month.
Of course $5 might not sound like much to invest, which is where SoFi’s Stock Bits come into play. Launched earlier this year, Stock Bits allow users to purchase fractional shares from select companies including Amazon, Apple, Telsa, The Walt Disney Company, and others with as little as $1. It’s worth noting that the company also recently began rolling out support for cryptocurrency trading, although it’s unclear if those purchases will qualify for this current coffee offer.
Commenting on this promotion and the inspiration behind it, SoFi CEO Anthony Noto said, “This age-old debate among financial experts may have the public believe that millennials are wasting their retirement funds on their daily coffee habits. They should try student loan debt on for size.” Noto went on to explain, “For National Coffee Day, we want to celebrate our members — those who are finding a way, in spite of their debt, to invest in their futures and enjoy their preferred coffee beverage.”
This promotion caps off what has proven to be a big month for SoFi — for reasons that don’t entirely have to do with personal finance. Just a couple of weeks ago it was announced that the FinTech had purchased the naming rights for the new Los Angeles venue that will be home to the NFL’s Rams. SoFi Stadium is set to open in 2020 and is already slated to host Super Bowl LVI in 2022 as well as the Olympic opening and closing ceremonies in 2028.
If there’s one connection between SoFi’s big naming rights deal and this partnership with Bluestone Lane it’s that the company knows how to make a splash. While that attention is undoubtedly great for the firm itself it’s also effective in highlighting personal finance issues for Millennials and others, ranging from the student debt to investing and more. So although this free coffee offer might not be life-changing, hopefully the message behind this novel stunt will resonate and get young investors to start taking a greater interest in their money.
