Online personal finance and lending startup SoFi has expanded into the insurtech space by teaming with Lemonade and Root.
The partnerships will give SoFi members access to insurance products across renters, auto, and life insurance, with the aim of seamless online experiences, easy-to-understand services and affordable rates.
SoFi CEO Anthony Noto said, “Protecting yourself and your assets is a critical and often overlooked piece of your overall financial well-being.
“People come to SoFi to get their money right, and we’re pleased to now provide them with more tools to be able to do so by partnering with companies that share our values in ease of use, transparency, and efficiency.”
Lemonade co-founder Shai Wininger added, “Joining forces with SoFi is a natural evolution of our product and distribution channels.
“Both companies are driven by customer centricity and transparency, building products that are simple, fast, and delightful.
“Offering Lemonade’s insurance product to SoFi members is just the first phase of this collaboration between like-minded technology companies challenging the financial industry status quo.”
Root co-founder and CEO Alex Timm said, “Our priority at Root is to put the power back into consumers’ hands by making auto insurance clear and understandable.
“We’re excited to partner with the SoFi team as a means for members to have access to more affordable, accurate and fair auto insurance.”
SoFi also revealed it was adding a new incentive to its partnership with Ladder following a successful initial integration last year.
The company will be offering $25 to invest in stocks, ETFs, or life insurance through the SoFi and Ladder partnership, to encourage wider understanding about the costs and benefits of life insurance.
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