Summary:
SoFi partners with Paychex to bring financial services to employees of small and mid-sized businesses directly through their payroll portal
Employees gain access to discounted loans, student debt refinancing, and free financial planning sessions via Paychex Flex Perks
The initiative targets 740,000 businesses, offering them enterprise-level financial tools without additional costs
SoFi emphasizes financial education and planning, complementing its loan products with digital tools and live consults
The partnership is timely, addressing employee retention challenges and the resumption of federal student-loan payments
SoFi is expanding its financial services into the workplace through a groundbreaking partnership with Paychex, announced on July 17. This collaboration enables employees at small and mid-sized businesses to access SoFi’s discounted loans and personalized financial advice directly from their payroll portal.
Seamless Integration for Financial Empowerment
Through Paychex Flex Perks, an online benefits marketplace, employees can now explore SoFi at Work offerings. This includes lower-rate personal loans, student debt refinancing options, and free 30-minute sessions with financial planners—all accessible with a single sign-on.
Kelli Keough, SoFi’s senior vice president, highlights the synergy: "Paychex serves a segment often beyond our reach—employees of smaller businesses lacking robust benefit plans."
A Win-Win for Employees and Employers
Paychex, serving 740,000 businesses, reports over 230,000 employees have already utilized Flex Perks for add-on benefits. The addition of SoFi introduces enterprise-level financial tools to smaller companies, enhancing their benefits package without additional employer costs.
Beyond Financial Products: Education and Planning
SoFi’s value proposition extends beyond loans. "We’re layering educational tools and live consults to help employees get their financial life in order," says Keough. The platform also features calculators for comparing payoff strategies, making financial planning more accessible.
Targeted Incentives and Broad Vision
Initial incentives focus on employee benefits, including discounts on loans and principal deductions for in-school loans. While student-loan relief is a key draw, SoFi aims to address holistic financial needs, from credit-card consolidation to long-term savings.
Measuring Success and Future Prospects
SoFi will monitor engagement levels, loan uptake, and educational content usage to refine its offerings. With the integration live, both companies anticipate heightened interest during the fall open-enrollment season.
This partnership arrives as employers seek innovative ways to retain talent and as federal student-loan payments resume, underscoring the timely relevance of SoFi and Paychex’s collaboration.
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