Soon, a consumer wealth management platform, announced 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.
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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 CEOÂ Chris Lovato.
This announcement coincides with internal testing on these new financial rails and other forthcoming progress on Soon’s investment features.
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