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SOFI

SoFi Tech Solutions lands its first crypto card client in Mexico, Orbi; Q3 results due 27 Oct

Sources (3)

The official announcement of 8 Oct says SoFi Tech Solutions (formerly Galileo), Mexican fintech Orbi and Mastercard are launching a crypto-linked card in Mexico. Orbi users can spend crypto balances or pesos, and each card payment is converted into fiat in real time for settlement.

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SoFi supplies BIN sponsorship and the full technology stack for issuing, authorisation, clearing and compliance. Third-party card-issuing contracts are one way for Tech Platform to rebuild revenue that had been falling because of the loss of Chime. The announcement also says plainly that the deal lays the groundwork for using SoFiUSD in cross-border remittances and payments in future. That makes it a first step in taking the SoFiUSD stablecoin, launched on 22 Sep as a closed loop inside the US, into Latin American remittances. This is real business progress, but it is still exploratory groundwork: SoFiUSD cross-border remittances are not yet live.

Key evidence

  • Official announcement on 8 Oct (Business Wire): SoFi Tech Solutions, Mexican fintech Orbi and Mastercard are partnering to launch a crypto-linked card in Mexico
  • Orbi users can spend crypto balances or pesos. At the point of sale the payment is converted into fiat in real time and settled with the merchant
  • SoFi provides BIN sponsorship and the full technology stack for issuing, authorisation, clearing and compliance. It is a business-to-business 'sell the shovels' model, with no direct play for consumers
  • Orbi is the first crypto-focused client in SoFi's Mastercard card-issuing sponsorship programme in Mexico
  • Tech Platform revenue had been falling because of the loss of Chime, and third-party card-issuing contracts are one way to rebuild it
  • The announcement says plainly that the deal lays the groundwork for using SoFiUSD in cross-border remittances and payments in future. It is a first step in extending the SoFiUSD stablecoin, launched on 22 Sep, into Latin American remittances
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  • Bitso data for 2025: among users in Mexico, Argentina, Brazil and Colombia, stablecoins made up 40% of crypto purchases, overtaking bitcoin (18%) for the first time
  • Q3 2026 results are due on 27 Oct, US Eastern time. The previous quarter was a record: net revenue of $1.2 billion and net profit of $157 million

Catalysts to watch

  • Q3 2026 results on 27 Oct. Watch member numbers, products per member, loan originations and credit quality, deposit growth, and whether new contracts can stop the fall in Tech Platform revenue
  • Pace of the Orbi crypto card rollout in Mexico
  • Launch of a SoFiUSD cross-border remittance and payments product (the announcement describes it as future groundwork; it is not yet live)

Risks

  • SoFiUSD cross-border remittances are not yet live. For now this is exploratory groundwork, not revenue already delivered
  • SoFi supplies only the underlying financial plumbing and does not issue cards directly to Mexican consumers, so how much the business-to-business contract contributes depends on how fast it ramps up
  • Whether Tech Platform revenue stops falling also depends on how quickly the Chime loss fully works through
  • Regulatory and compliance exposure on a crypto-linked card, at two levels: Mexico-US cross-border activity and cryptocurrency

Sources 3

  1. Business Wire, 8 Oct (official announcement of the SoFi Tech Solutions, Orbi and Mastercard crypto card in Mexico)
  2. Bitso 2025 data on stablecoins and crypto in Latin America
  3. SoFi Q3 2026 earnings calendar, 27 Oct

A brief is a lead for our research, not a verified conclusion or advice.