Source: Business Insider
SoFi, the online lender and personal finance platform, on Thursday said it had reached an exclusive card network partnership with Mastercard. The SoftBank-backed startup currently has one debit card on the market, which is run on Visa rails, according to its website. Mastercard will now be the exclusive card issuer of the debit card and any future cards offered on the SoFi platform. SoFi also announced plans to launch its first credit card. Visa announced earlier this month it plans to buy Plaid , the fintech that enables other fintechs like SoFi, Betterment, and PayPal’s Venmo to link into customers’ bank accounts. Click here for more BI Prime stories . SoFi, the online lender and personal finance platform, just announced a partnership with Mastercard as its new exclusive card network. SoftBank-backed SoFi currently has one card product on the market, a debit card issued as part of its SoFi Money product. The debit card was running on Visa rails, according to SoFi’s website. That card will now run on Mastercard’s network, according to a statement.