SoFi launches 24/7 Business Banking for fiat and crypto

SoFi Technologies on Thursday introduced Big Business Banking, an enterprise platform that operates through its nationally chartered bank. The system lets companies hold deposits and move money in fiat currencies, SoFiUSD and select cryptocurrencies at any time.

The product targets firms active in both traditional finance and digital assets that need continuous settlement and liquidity. It connects regulated banking services with blockchain-based rails to provide payments and liquidity management around the clock.

Core features include business deposit accounts held within SoFi’s bank, API-based payments in fiat, SoFiUSD and select tokens, and tools to convert between fiat money and digital assets, including minting and burning SoFiUSD. A single interface is designed to manage traditional banking activity alongside on-chain transactions.

The infrastructure is expected to use Solana along with other blockchains to support real-time operations. SoFi indicated that payments and liquidity tools will be available 24 hours a day, 365 days a year, beyond conventional banking hours.

Early participants include Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, Jupiter, Mesh Payments and Mastercard. These firms plan to use the platform for institutional workflows and to help scale services linked to SoFiUSD.

“To be competitive businesses today must operate in a global, always-on environment 24 hours a day, 7 days a week, while legacy banks typically still operate 9 to 5, Monday to Friday. SoFi Big Business Banking is changing that by combining the strength and regulatory foundation of a nationally chartered bank with the speed, scale, and flexibility companies need to move and manage money or digital assets in real time”, noted Anthony Noto, SoFi’s chief executive.

The launch follows a year of expansion in digital assets at SoFi, including retail crypto trading, the introduction of the SoFiUSD stablecoin, and settlement infrastructure for financial institutions. In March, SoFi and Mastercard outlined plans to extend stablecoin settlement across global payment networks.

The company recently reported its first $1 billion revenue quarter and $174 million in profit in the fourth quarter, noting growth tied to digital asset services.