SoFi dumps Visa and makes Mastercard its exclusive partner as it gears up to add a credit card alongside its debit card

• 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.
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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.

With the switch to Mastercard, SoFi will also add new benefits to the debit card including cash-back rewards, free cell phone insurance, and discounted airport concierge services.

The lender will issue new cards to existing debit card holders, and SoFi members will receiver their new Money cards starting on February 24th.

SoFi also said it plans launch its first credit card, with Mastercard as the network.

"It is imperative that our partners are leaders in technological innovation, security, and enhanced benefits, and Mastercard is an industry leader across all of those areas," Anthony Noto, CEO of SoFi, said in a statement.

SoFi was founded as a student loan refinancing platform, and has since broadened its credit and refinancing products to include mortgages and personal loans. And early last year, SoFi launched a growing investment platform that offers no-fee active and passive investment strategies, ETFs, and cryptocurrency trading.

SoFi's Mastercard announcement comes soon after Visa's announcement that it plans to buy fintech Plaid for $5.3 billion. Plaid, which counts Mastercard as an investor, provides fintechs like SoFi, Betterment, and PayPal's Venmo the ability to link into their customers' bank accounts.

SoFi and Mastercard have been building a relationship for the past 24 months, a Mastercard spokesperson said.

Mastercard has been holding itself out as more than just a card network, and doing heavy marketing around tech for other kinds of applications. Last year, the company announced it was dropping the word "Mastercard" from its logo.