SoFi and Capitalize Expand Long-Standing Partnership To Simplify 401(k) Transfers

SoFi Now Using Capitalize’s Rollover API to Provide A Modern 401(k) Consolidation Experience to Its Members

NEW YORK--(BUSINESS WIRE)--Capitalize, the industry’s award-winning platform for retirement account transfers, and SoFi, a member-centric one stop shop for digital financial services, today announced a major expansion of their long-standing collaboration to help members easily find and consolidate their 401(k) accounts. SoFi’s recent implementation of Capitalize’s Embedded Rollover API now allows its members to seamlessly find legacy 401(k) accounts and transfer them quickly into their SoFi Individual Retirement Account (IRA) – all without leaving the SoFi app.

This new integration has significantly improved the rollover experience for SoFi members, resulting in a substantially faster and lower-friction process to consolidate retirement assets at SoFi. Capitalize research has previously shown that the vast majority of savers are unable to successfully complete a rollover on their own. By embedding the Capitalize Rollover API, SoFi now offers its members a digital, modern rollover experience so that they can complete this important financial step.

“At SoFi, we’re committed to helping our members make the most of their retirement savings – and that includes making it easier to transfer, consolidate and manage those savings,” said Ryan Burke, VP, Head of SoFi Invest. “Our deepened integration with Capitalize allows us to offer a more seamless, transparent rollover experience that meets the expectations of today’s digital-first consumers while supporting our broader mission to help members build long-term wealth.”

“Savers today deserve better than the legacy 401(k) rollover process,” said Gaurav Sharma, CEO and Co-Founder of Capitalize. “We’re thrilled to deepen our integration with SoFi through our modern Rollover API, and together help SoFi members better save for retirement by finding and consolidating their 401(k) savings seamlessly.”

With an estimated $1.65 trillion in assets left behind in 401(k) accounts and almost $1 trillion rolled over annually, the opportunity for leading financial institutions to help users with 401(k) consolidation continues to grow. SoFi joins a growing list of financial institutions leveraging the Capitalize Embedded Rollover API to better serve their users and grow retirement assets. Capitalize’s rollover technology has powered billions of dollars in retirement account transfers, and its platform is growing rapidly as additional retirement account providers adopt its industry-leading APIs.

This offering is currently available to all SoFi members.

About Capitalize

Capitalize is an award-winning platform to help consumers and financial institutions digitally locate and transfer retirement assets, such as 401(k)s. Capitalize’s APIs are used by leading financial institutions to power rollovers natively for their users and our platform is also available to consumers directly. Capitalize helps Americans better save for retirement by ensuring they can easily find, transfer, and keep track of their retirement assets. Capitalize has been recognized as one of TIME’s 100 Best Inventions, one of the World’s Most Innovative Companies by Fast Company, and a Top 50 Fintech by Forbes. For more information about Capitalize, visit www.hicapitalize.com.

About SoFi

SoFi Technologies (NASDAQ: SOFI) is a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. Over 10.9 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi’s technology platform Galileo to build and manage innovative financial solutions across 158.4 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.

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