SoFi Technologies stock rose more than 2% in early trading on September 3 after the fintech company announced a partnership with Payward, the parent company of cryptocurrency exchange Kraken, connecting SoFi’s banking infrastructure to Kraken’s trading platform and digital asset liquidity. The move comes just weeks after SoFi secured a historic $18-20 million annual jersey patch sponsorship with Notre Dame, marking a series of strategic deals aimed at expanding the company’s reach into new markets.
The Kraken partnership links SoFi’s Big Business Banking capabilities with Kraken’s institutional trading platform. Under the agreement, Kraken will list SoFiUSD, SoFi’s bank-issued stablecoin, on its multi-asset platform and join SoFi’s Exchange Network, a real-time settlement system that operates 24 hours a day, seven days a week. SoFi will route its retail crypto order flow to Kraken Prime, Kraken’s prime brokerage arm, giving SoFi members access to enhanced liquidity and pricing on digital asset transactions.
The partnership reflects SoFi’s broader push into business banking and digital assets. SoFi launched Big Business Banking in April 2026 to serve corporate customers alongside its consumer-focused operations. Kraken’s institutional clients will gain access to SoFi’s settlement network, enabling them to clear and settle U.S. dollar transactions across both platforms at any time of day.
Keefe Bruyette viewed the partnership as “another positive development” for SoFi’s digital asset business, noting that the company stands to benefit from Payward’s operations and Kraken’s platform reach. The analyst said SoFi’s customers should enjoy better pricing on crypto transactions, as orders will route through Kraken Prime. However, Keefe maintained an Underperform rating with a $16 price target, implying 13% downside from the announcement price.
The Kraken deal follows SoFi’s July 28 announcement of a six-year sponsorship agreement with Notre Dame Athletics worth an estimated $18-20 million annually. The partnership makes SoFi the official financial services partner and places its logo on all Notre Dame athletic team jerseys starting with the 2026 season. SoFi also established a $1.4 million annual fund supporting Notre Dame’s “4 for Forever” program, which helps student-athletes build financial confidence.
The Notre Dame deal represents the most valuable jersey patch sponsorship in college sports history, surpassing Ohio State’s previous record. It marks the first time a non-apparel company has secured a major college athletics patch sponsorship, signaling SoFi’s ambition to expand its brand presence beyond traditional fintech channels.
Despite these strategic wins, SoFi stock remains under pressure. The company’s shares are down 30% year-to-date as of early September 2026, despite strong Q2 earnings that showed 35% member growth to 15.8 million and 42% product growth. Analysts remain divided on the stock’s outlook, with Scotiabank analyst Lance Jessurun initiating coverage with a Buy rating and $25 price target, while Wells Fargo analyst Donald Fandetti maintained a Hold rating, citing valuation concerns and SoFi’s dependence on lending revenue amid macro uncertainty.
Sources
- TipRanks — SoFi stock rising 2% on September 3 Kraken partnership announcement, analyst commentary from Scotiabank and Piper Sandler
- TradingView / Stocktwits — Keefe Bruyette analyst view on Kraken partnership as positive development, 13% downside target
- ESPN — Notre Dame six-year jersey patch deal with SoFi worth $18-20 million annually, most valuable in college sports
- CoinDesk — Kraken partnership details: SoFiUSD listing, SoFi Exchange Network integration, 24/7 settlement capability
- Yahoo Finance / Multiple outlets — SoFi stock year-to-date performance down 30% as of September 2026
