SoFi Technologies Partners With Orbi and Mastercard for Crypto Card Launch in Mexico

SoFi Technologies (SOFI) has entered an agreement with Mexican financial technology firm Orbi and Mastercard to introduce a cryptocurrency-linked payment card in Mexico. SoFi's technology unit will handle payment processing, card issuance, compliance systems, and bank identification number sponsorship. The service allows Orbi clients to complete purchases using cash or digital currency across Mastercard's merchant network, with transactions converted into traditional currency at point of sale.

The agreement marks SoFi's first crypto-focused sponsorship client in Mexico and extends its efforts in blockchain payment solutions, which include dollar-backed SoFiUSD settlement. The deal provides a fresh growth avenue for SoFi's Technology Platform division. That segment recorded second-quarter revenue of $84.5 million, which was down 23% compared to the prior year but up 13% from the previous quarter, supporting about 135 million accounts.

Investors will watch whether international expansion can help reverse revenue declines in SoFi's technology division as competitors also broaden their digital asset offerings. Robinhood Markets (HOOD) acquired Canadian trading company WonderFi for roughly $178 million, while PayPal Holdings (PYPL) expanded its stablecoin platform. SoFi shares fell 3.16% to $15.30 today and have dropped 15.3% over the past three months.