SoFi Announces Blockchain-Enabled International Money Transfers, Shares Trade Higher

SoFi Technologies announced a partnership with Lightspark to offer blockchain-enabled international money transfers through its app. The service will allow users to send funds abroad with lower fees and faster delivery. The service is expected to launch later this year and will be available 24/7 directly on the SoFi app. SoFi shares were down 0.9% at $23 at the time of publication.

San Francisco-based fintech company SoFi Technologies (NASDAQ: SOFI) has announced a partnership with Lightspark to offer blockchain-enabled international money transfers through its app. The service, expected to launch later this year, will allow users to send funds abroad with lower fees and faster delivery compared to traditional remittance providers. The service will be available 24/7 directly on the SoFi app.

The new international money transfer service will utilize Lightspark's Universal Money Address (UMA) and the Bitcoin Lightning Network, enabling real-time conversion of U.S. dollars to Bitcoin and routing funds across borders. Upon reaching their destination, the funds will be instantly converted back into the recipient’s local currency and delivered directly to their bank account. At launch, the service will initially be available in Mexico, with additional countries to be added shortly after the initial rollout.

SoFi shares were down 0.9% at $23 at the time of publication, reflecting investor optimism about the company’s strategic move into international money transfers. The integration of Lightspark’s UMA and the Bitcoin Lightning Network aims to facilitate near-instant cross-border payments, addressing longstanding pain points in traditional remittance services by offering transparent pricing and faster delivery times.

The service will provide users with upfront disclosure of exchange rates and fees, ensuring costs are below the current national average. This move aligns with SoFi’s broader strategy to leverage blockchain technology for faster and more efficient cross-border payments, following its reentry into crypto after halting services in 2023.

References:
[1] https://www.businesswire.com/news/home/20250819638580/en/SoFi-Partners-with-Lightspark-to-Power-Blockchain-Enabled-International-Money-Transfers
[2] https://www.ainvest.com/news/sofi-introduces-global-money-transfer-service-fees-faster-delivery-2508-67/
[3] https://www.investing.com/news/company-news/sofi-to-launch-blockchainpowered-international-money-transfers-93CH-4200184