SoFi and Payward partner to link banking network with Kraken

SoFi expands real-time settlement to Kraken

SoFi Technologies and Payward, the parent company of the Kraken exchange, have agreed to link their financial infrastructures. The partnership will allow SoFi’s real-time settlement network to reach Kraken’s institutional customers.

Under the deal, Payward will join SoFi Exchange Network, known as SEN. This is SoFi’s system for moving money instantly. Payward will also list SoFiUSD, a digital dollar tied to the U.S. currency, on the Kraken platform. In return, SoFi will use Kraken Prime, an institutional trading service, to get better access to digital assets for its users.

Key details of the deal

• Payward joins SoFi Exchange Network to enable faster money movement.
• SoFiUSD will be listed on Kraken.
• SoFi will use Kraken Prime for additional digital-asset liquidity.
• The deal allows institutional clients to settle U.S. dollar transactions 24 hours a day, seven days a week.

What the companies said

The partnership extends SoFi’s settlement network, which was previously only available to its enterprise banking clients, to Kraken’s institutional customers. This means users on both platforms can manage their money outside of traditional banking hours.

David Ripley, co-CEO of Payward, said the move reflects a shift in how money and markets are operating. He noted that many people will buy their first cryptocurrency through the apps they already use for their paychecks, and the underlying systems need to support that scale.

Context on SoFi and Payward

SoFi launched its Exchange Network in April as part of its Big Business Banking offering. This service combines traditional banking with digital-asset operations. In the second quarter of 2026, SoFi reported $134.3 million in crypto transaction revenue, a 10% increase from the first quarter. However, this remained a small portion of the company’s total adjusted net revenue of $1.2 billion.

Payward is also expanding beyond the Kraken exchange. The company is building out financial infrastructure, custody services, and regulated offerings. In May, Payward applied to the Office of the Comptroller of the Currency for a national trust company charter. Additionally, Payward’s Wyoming-chartered bank, Kraken Financial, received a Federal Reserve master account in March, giving it direct access to the central bank’s payment system.

Why this matters

The agreement highlights a growing trend of traditional finance and cryptocurrency companies working together. By connecting SoFi’s banking network with Kraken’s trading infrastructure, both companies aim to make it easier for institutional clients to move dollars and manage liquidity around the clock.

Sources

• The Block