WSFS Financial in Wilmington, Del., is working with the online lender Social Finance to offer a new cash management account.
The $6.8 billion-asset WSFS Financial said in a press release Thursday that its bank will process payments and provide debit card sponsorship services for SoFi Money, which is set to launch early next year.
“WSFS is at the forefront of working with fintech providers and bringing innovative solutions to market.” Mark Turner, WSFS Financial’s chairman and CEO, said in the release.
SoFi’s members have been asking for new brokerage accounts, Steven Freiberg, the company’s vice chairman, said. The new account will be offered by unit SoFi Securities.
WSFS Financial has prior experience working with fintech firms. It previously partnered with the mobile banking startup Zenbanx, which SoFi acquired and shut down.
SoFi also withdrew its application to become a bank earlier this fall after former CEO Mike Cagney left following sexual harassment allegations.