- SoFi (SOFI, Financial) partners with Capitalize to simplify 401(k) transfers using a new Rollover API.
- This integration enables seamless, fast, and low-friction retirement account rollovers within the SoFi app.
- Savers benefit from a modernized process to consolidate and manage their retirement assets efficiently.
SoFi Technologies (SOFI), a leading digital financial services platform, has announced the expansion of its partnership with Capitalize, a recognized platform for retirement account transfers. This collaboration aims to simplify the process of consolidating 401(k) accounts using Capitalize’s Embedded Rollover API.
The new integration allows SoFi members to quickly locate legacy 401(k) accounts and transfer them into SoFi Individual Retirement Accounts (IRA) without leaving the SoFi application. This enhancement provides a significantly faster and seamless experience for users attempting to consolidate their retirement savings.
The traditional 401(k) rollover process has been challenging for many savers, with a considerable number unable to complete rollovers unassisted. By embedding Capitalize's technology, SoFi enhances its offering, providing a digital, modern solution that meets the needs of today's tech-savvy consumers.
Ryan Burke, VP and Head of SoFi Invest, emphasizes the commitment to aiding members in optimizing their retirement savings, stating that this integration aligns with SoFi's mission to facilitate long-term wealth building. Meanwhile, Gaurav Sharma, CEO and Co-Founder of Capitalize, expresses enthusiasm about the partnership’s potential to revolutionize how users manage retirement accounts.
With an estimated $1.65 trillion in assets left behind in 401(k) accounts and roughly $1 trillion rolled over annually, the partnership between SoFi and Capitalize represents a significant opportunity to streamline these processes for consumers. This service is currently accessible to all SoFi members, contributing to SoFi's ongoing effort to improve financial wellness and independence.
