NEWS PROVIDED BY
Oct 26, 2021, 12:57 ET
SALT LAKE CITY, Oct. 26, 2021 /PRNewswire/ -- Soon, a consumer wealth management platform, announced today major partnerships to accelerate the release of its automated wealth engine via the Soon Visa Debit Card. Banking and debit card partnerships are essential to Soon's product, and they are also the most complex and crucial components of a debit card program. This is another major milestone for Soon, bringing the company closer to its mission of helping people from all financial backgrounds to grow their wealth and accomplish life goals faster.
This announcement is enabled by Soon's partnership with Central Payments, the payments subsidiary of Central Bank of Kansas City (CBKC), and their Open*CP Fintech API Marketplace, one of the only true bank-as-a-service payments platforms powered by a full-scale digital payments bank. Open*CP provides access to the entire payments ecosystem through its embedded suite of services. Soon will have access to card issuing & banking services from CBKC, industry-best payment processing via Galileo and connection to Visa's payment network.
As a participant in the first cohort of the Falls Fintech accelerator, a Central Payments accelerator program, Soon found an elite, long term partner with Central Payments. Central Payments & Falls Fintech provided a large network of industry leaders, progressive curriculum, a bank partner and access to Open*CP's entire payments ecosystem, in order to expedite Soon's market readiness.
"The leadership and hard work that Falls Fintech participants, like Soon, have shown has been a phenomenal asset to Central Payments. Working alongside the Soon team to integrate our technology and establish Soon's automated wealth engine reinforces our mission to make financial experiences better for all," said Nikkee Rhody, EVP of Strategy at Central Payments and Cofounder and Managing Director at Falls Fintech.
By partnering with Visa, Soon is joining the most established and trusted payment network. With a Soon Visa Debit Card users will be able to spend and utilize available investment gains anywhere in the world that Visa is accepted.
Galileo, a fintech leader also based in Utah, will fill a pivotal role in the launch of the Soon Visa Debit Card with their industry-best payment processing platform. "We believe in Soon's mission to help all consumers grow their wealth to accomplish their life goals faster, and we're excited that Galileo's flexible, modern API technology is helping to make Soon's vision a reality," said Galileo CEO Derek White.
These partnerships position Soon to launch its wealth management platform and the foundation needed to provide a myriad of investments through the Soon Visa Debit Card in the coming months. "We are excited for the opportunity we now have to build a solid foundation for our automated wealth engine by partnering with the industry's best banking and card issuing service providers," said Soon CEO Chris Lovato.
This announcement coincides with internal testing on these new financial rails and other forthcoming progress on Soon's investment features.
As always this means Soon is coming...soon! Sign up for early access now by visiting Soon.app.
About Soon Soon is an automated wealth management platform that helps people from all financial backgrounds and investing experience to grow their wealth, as they spend with a Soon Visa Debit Card. Soon puts cash flow to work by transitioning it into Investment assets that remain liquid and instantly accessible, utilizing available gains at the moment of spend to dramatically increase growth potential. Soon is headquartered in Silicon Slopes, Utah, and will be launching into private beta Q4 2021. For more information contact firstname.lastname@example.org or visit https://Soon.app.
About Central Payments Central Payments is the payments subsidiary of Central Bank of Kansas City (CBKC) and is headquartered in Dell Rapids, South Dakota. Central Payments administers payment solutions for partners through its own Open*CP Fintech API Marketplace, one of the only true bank-as-a-service payments platforms and the technology responsible for Central Payments' rise to the fastest growing prepaid card issuer since 2015.* Along with its fintech accelerator program, Falls Fintech, Central Payments produces a podcast called Fintech Brews & News where you can find unique perspectives on how to bridge the gap between banking, startups, and the entire fintech industry. Member FDIC. * Source: The Nilson Report, 2015 to 2019.
About Falls Fintech Falls Fintech is a custom, 12-week program designed to accelerate market readiness for early-stage financial technology startups. The high-intensity curriculum is delivered by a distinguished group of payments, technology, and banking professionals. At the conclusion of Falls Fintech, successful companies will have completed all the necessary steps to come to market with a bank partnership and access to the payments ecosystem through Central Payments and its Open*CP platform.
About Galileo Galileo, the API standard for card issuing, virtual card solutions and digital banking, is a global payments processing platform that powers world-leading fintechs, challenger banks, neobanks, financial services and investment firms by removing the complexity from payments. Galileo makes it fast and easy for many types and sizes of businesses to innovate and deliver amazing financial services user experiences to their customers. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.