Capitalize and SoFi announced a major expansion of their long-standing collaboration to help members easily find and consolidate their 401(k) accounts. SoFi’s recent implementation of Capitalize’s Embedded Rollover API now allows its members to seamlessly find legacy 401(k) accounts and transfer them quickly into their SoFi Individual Retirement Account (IRA), all without leaving the SoFi app.
This new integration has significantly improved the rollover experience for SoFi members, resulting in a substantially faster and lower-friction process. Capitalize research has shown that the vast majority of savers are unable to successfully complete a rollover on their own.
Ryan Burke, VP, Head of SoFi Invest, stated that this deepened integration allows SoFi to offer a more seamless, transparent rollover experience that meets the expectations of today’s digital-first consumers. The opportunity for financial institutions to help users with 401(k) consolidation continues to grow, with an estimated $1.65 trillion in assets left behind in 401(k) accounts.
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