Break Up With Bad Banking and Move On With SoFi

SoFi Says No More to Staying in an Unfulfilling Relationship

SAN FRANCISCO–(BUSINESS WIRE)–SoFi (NASDAQ: SOFI) announced today its new brand campaign, “Break Up With Bad Banking”, inspiring people to move out of unfulfilling relationships with their banking institutions and move on with SoFi, an all-in-one banking app disrupting the personal finance category that allows consumers to save, spend, borrow, earn, invest and protect their money all in one place just in time for the season of love.

Research shows that the average adult in the United States has used the same primary checking account for fourteen years.¹ This statistic coupled with the fact that financial institutions only have a 33% approval rating shows it’s time to stop settling for mediocre.² SoFi’s last brand campaign of 2021 explored the celebratory feeling that comes with members getting their money right with SoFi. This latest campaign drives a call to action to break up with bad banking ahead of Valentine’s Day by moving on with SoFi so consumers can relish in that same celebratory feeling.

“Sometimes we stay in relationships that don’t fulfill us even though we know it’s time to break up. Our new ‘Break Up with Bad Banking’ campaign is a call to action for consumers to wake up from financial complacency and join a bank that truly understands their wants and needs,” said Lauren Stafford Webb, Chief Marketing Officer of SoFi. “We are committed to creating meaningful and lasting relationships with our members. When you move on with SoFi, you’re entering a relationship that prioritizes you. Our robust product offering puts you and your financial needs first to help you get your money right—and ultimately help you achieve financial independence.”

The campaign is kicking off with a digital and influencer campaign and sweepstakes across TikTok, Instagram, and Twitter this week with accompanying television advertisements to air across all major national cable/streaming platforms beginning in early March.

As part of the campaign, SoFi is calling on members to Break Up With Their Bank with the opportunity to win several prizes. One opportunity is through a national three-day TikTok challenge where participants are encouraged to share their break up story using an original song made in partnership with Jax of @JaxWritesSongs and the hashtag #SoFiBreakUpChallenge. Throughout the campaign, SoFi will be rewarding people with $75,000 in SoFi Reward Points and the grand prize winner will be awarded $25,000 in rewards points at the end of the contest period. Another opportunity will be during Super Bowl LVI where SoFi will be hosting a conversation on Twitter, calling on members to #MoveOnWithSoFi. Throughout pivotal moments of the big game, SoFi will provide prompts via its Twitter account giving away up to $25,000 in prizes.

This announcement comes on the heels of SoFi announcing the completion of its acquisition of Golden Pacific Bancorp, Inc. (OTCPK: GPBI) and its wholly owned subsidiary Golden Pacific Bank, N.A. (together, “GPB”). SoFi will offer an industry-leading Annual Percentage Yield (APY) up to 1.00% for members with direct deposit*, providing 33 times the national average interest on balances. Research confirms that over half of consumers consider savings account interest rates the most important type of interest rate.

To learn more about the campaign visit www.sofi.com/breakup.

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our nearly three million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Disclosures

SOFI BREAKUP CHALLENGE

TERMS AND CONDITIONS

ELIGIBILITY: The SoFi Breakup Challenge (“Challenge”) is open solely to SoFi members who at the time of participation are: [1] legal residents of the 50 United States (including the District of Columbia) who are 19 years of age or older in Alabama and Nebraska; 21 years of age or older in Mississippi; or 18 years of age or older in all other states including the District of Columbia, and (collectively referred to hereafter as ‘you”, “Entrant” or “Entrants”). If you are not a SoFi member, download the free SoFi app. Employees of Social Finance, Inc. (the “Sponsor” or “SoFi”), Ventura Associates International LLC (the “Administrator”) and their respective parent companies, subsidiaries, affiliates, advertising, public relations and promotion agencies or any company or individual involved with the development or execution of the Challenge (collectively, the “Challenge Entities”), and their immediate family members and/or those living in the same household of each, whether related or not, are not eligible to enter or win. Challenge is governed by U.S. law and subject to all applicable federal, state, and local laws and regulations. Void where prohibited by law.

Challenge begins at 12:00:00 AM Eastern Time (“ET”) February 7, 2022 and ends at 11:59:59 PM ET on February 27, 2022 (the “Challenge Entry Period”). The Challenge Entry Period consists of three (3) Weekly Period competitions as outlined within the chart (below) and one (1) Grand Prize competition.

Weekly Period Details

Each entry into the Challenge will be considered for a weekly competition prize or the grand prize competition, depending on the date and time the Entry is received, evaluated, and scored by the judging panel. After the end of each Weekly Period, the Sponsor will announce up-to-five (5) top scoring entries (subject to verification) as weekly winners for that given Weekly Period. Any announced and verified weekly winners will not qualify for subsequent Weekly Periods competitions, but will be rejudged for the Grand Prize competition. Any nonwinning entry will qualify to compete in subsequent competitions (if any).

HOW TO SUBMIT ENTRY:

(a): Record sixty seconds (60) or less video sharing how you feel about breaking up with bad banking (“Challenge theme”) while incorporating the SoFi Break Up Song by Jax (“Music Asset”) into your video.

(b): Post your video on Instagram or TikTok during the Challenge Entry Period including all the following and required hashtags: #SofiBreakupChallenge and #Contest and tag @SoFi. Your entry must include all hashtags to enter the Challenge.

Your video posted according to steps a and b (above) are referred hereafter as an “Entry.” If it is found an Entrant has submitted more than one (1) Entry for a given Weekly competition, the Sponsor will consider the first submission pulled from Instagram or TikTok as the eligible Entry from that Entrant and all other submission(s) by such Entrant will be disqualified. Only the approved Music Asset can be included in the submitted video. If any video exceeds the sixty (60) seconds, only the first sixty (60) seconds will be reviewed and judged.

Entrants must have a smartphone or other wireless or electronic device that supports Instagram and TikTok and have Internet access. Normal Internet access and usage charges imposed by each entrant’s online and cell phone service provider will apply. Use of automated processes or repetitive submission of the same Entry is not permitted. Released Parties are not responsible for any changes or effects caused to Entrant’s smartphone or electronic system because of submitting an Entry. Entries are subject to all notices posted online including Sponsor’s privacy policy found at www.SoFi.com.

Only Entries submitted via Instagram or TikTok will be accepted. An entry can only be determined once as a weekly prize winner. Entries will not be returned or acknowledged, nor will the Entries be received or held “in confidence” and a submission does not create a confidential relationship or obligation of secrecy between you and the Sponsor or any of its affiliates.

By submitting an Entry, each Entrant acknowledges and agrees that Sponsor may receive many Entries in this Challenge and that such other Entries may be similar or identical in theme, idea, format or other respects to Entrant’s Entry and Entrant waives any and all claims Entrant may have had, may have, and/or may have in the future that any Entries accepted, reviewed and/or used by the Sponsor may be similar to or the same as his/her Entry. Furthermore, by submitting an Entry, you, the Entrant, agrees that Sponsor has no obligation to post or publish your Entry, that all such postings or publication, if any, will be in Sponsor’s sole discretion and that the posting or publication of an Entry does not have any bearing on whether the Entry will be determined as a winner. Without limiting the generality of the foregoing, Entrant agrees that the Entry may be posted and shared by others and that the Challenge Entities are not responsible for any unauthorized use of Entries by third parties.

Sponsor reserves the right to disqualify any Entry for any reason, in its sole and absolute discretion. Sponsor is under no obligation to disclose why an Entry has been disqualified other than the Entry was ineligible under these Terms and Conditions. Entries subject to all notices posted at SoFi.com, including these Terms and Conditions.

MUSIC ASSET DETAILS: Entrants may not use Music Asset to create any Entry that duplicates or is similar to any copyrighted material, or in any manner that could otherwise infringe the copyright or any other intellectual property of any third party. Music Asset is available to Entrants solely and strictly for the purpose of use in Entrant’s Entry submission in the Challenge in accordance with these Terms and Conditions. Music Asset can be downloaded from the designated website and must NOT be used for any purpose other than incorporation in Entrant’s Entry. All rights to Music Asset are reserved to Sponsor. Any individual who exploits or otherwise makes use of any of the Music Asset for any purpose other than in an Entry to be submitted in the Challenge is in violation of criminal and civil laws and the Sponsor reserves the right to prosecute, and to seek damages from such individual(s) to the fullest extent allowed by law. Each Entrant acknowledges and agrees the Music Asset made available as part of the Challenge is owned by Sponsor, and/or their respective affiliates and/or licensors, as applicable, and are protected by intellectual property laws. Sponsor hereby grants, and Entrant hereby accepts, a limited, non-exclusive, non-transferable, revocable right and license to use the Music Asset as part of the Challenge Entry. Entrant further acknowledges and agrees he or she may not reproduce, duplicate, modify, perform, transfer, post, distribute, sell, or create derivative works of or otherwise use or make available any portion of the Music Asset other than as specifically permitted herein.

ENTRY RESTRICTIONS: Each Entry must be original, in English and not copied from any other work and must not infringe upon the rights of any third party. Content that may NOT be contained in an Entry includes, but is not limited to, the following:

• except for when an email address is requested for purposes of contacting a potential winner, any content providing personally identifiable information about yourself or any third parties, such as address, phone number or any contact information.
• content in violation of third-party rights including, but not limited to copyrights, trademark, right of publicity or any other proprietary rights unless allowed by Sponsor such as the Music Asset noted herein;
• content that is libelous, defamatory, disparaging or tortious;
• content that is pornographic, adult-oriented, or sexually explicit;
• content portraying or referring to lotteries or gambling;
• content portraying or including explicit or offensive language;
• content portraying or advocating violence, illegal activities, tobacco, alcohol, or drugs, dangerous stunts;
• content portraying or referring to weapons of any kind including, but not limited to, guns or bombs;
• content that promotes bigotry, racism, hatred, or harm against any group or individual or promotes discrimination based on race, sex, religion, nationality, disability, sexual orientation, age or any basis protected by federal, state, or local law, ordinance, or regulation;
• content that denigrates, disparages, or reflects negatively on the Sponsor, its services and products or its employees, or on any other person, company, services or product, or that disparages Sponsor’s competitors;
• prior to entering Challenge, content must not have been published, submitted, or otherwise used for any commercial purpose;
• content that communicates messages or images inconsistent with the positive images and/or goodwill to which Sponsor wishes to associate;
• depict or otherwise identify a minor unless a parent or legal guardian is the Entrant;
• depict or otherwise identify a pet unless its legal owner is the Entrant;
• must not contain any computer viruses, Easter eggs, worms, Trojan Horses or other harmful component or programming routines intended to damage, detrimentally interfere with, surreptitiously intercept, or expropriate any system, data or personal information. Entries containing any such aspects and/or that are in violation of law or otherwise deemed by Sponsor, in its sole discretion, to be prejudicial to Sponsor or inappropriate in any way, will be disqualified. Entries determined, in Sponsor’s sole discretion, to infringe on any intellectual property rights or other rights will be disqualified.

If an Entry includes any of the prohibited elements listed above, the Entry will be disqualified. The above list is not intended to be exhaustive; the Sponsor may disqualify any Entry if it contains any content the Sponsor and/or the Administrator deems, in their sole discretion, to be offensive or obscene in any way or to comply with these Terms and Conditions. If the Entry contains any material or elements that are not owned by the Entrant and/or which are subject to the rights of third parties, the Entrant is responsible for obtaining, prior to submission of the Entry, any and all releases and consents necessary to permit the use and exhibition of the Entry by Sponsor in the manner set forth in these Terms and Conditions. Sponsor reserves the right to request proof of these permissions in a form acceptable to Sponsor from any Entrant at any time.

By entering, Entrants, including all winners, grant the Sponsor permission (except where prohibited by law) to use his or her name, Entry, any testimonial obtained by Sponsor, hometown, statement(s), likeness, image, voice, appearance, prize won (if Entrant is determined a winner), for promotional purposes, advertising, publicity in any and all media, including online posting, now or hereafter devised throughout the world in perpetuity without further compensation.

JUDGING: A panel of judges consisting of personnel from the Sponsor (“judging panel”) will determine the top scoring Weekly Period Entries and the overall top scoring Grand Prize entry based on the following weighted judging criteria:

a) Best technical composition of the video (25%)

b) Best artistic composition of the video (25%)

c) Creativity of Submission (15%)

d) Suitability for advertising and publicity purposes (10%) and

e) Adherence to the Challenge theme (25%)

TIES: In the event of a tie, the Entry from among the tied Entries with the highest score for technical and artistic composition of the video will be declared the winner. In the event of a further tie, the Entry from among the tied Entries with the highest score received for Adherence to the Challenge theme will be declared the winner. The decisions of the judging panel are final and binding on all matters relating to determination of any winning Entry.

Sponsor reserves the right to not award any prize if, in its sole and absolute discretion, it does not receive enough eligible Entries to be considered for a Weekly Period prize or the Grand Prize.

PRIZES: Up-to-five (5) prizes awarded per Weekly Period (up-to fifteen (15) in total): $5,000.00 each. One (1) Grand Prize: $25,000.00. Prize funds will be awarded approximately sixty (60) days of each winner announcement and will be deposited into the member’s SoFi Money account. If a winner does not have a SoFi Money account at time of winning, he or she will need to create a free SoFi Money account prior to the awarding of prize. All federal, state, local taxes or other expenses relating to the prize won, acceptance and possession of prize is the sole responsibility of each winner. An IRS form 1099 will be filed in the name of each winner for the value of prize won.

WINNER NOTIFICATIONS: Weekly Period winners will be notified within 3-4 days from date of winner determination and the Grand Prize winner will be determined on or about March 7, 2022. All winners will be notified via a comment or direct message on social media and will be required to email the Administrator within forty-eight (48) hours and provide the contact information which will be used to facilitate eligibility verification and prize claim. Administrator will email an Affidavit of Eligibility, Release of Liability, and a Publicity Release (“Affidavit/Release”) and IRS W9 Tax Form to each winner and he/she will be required to execute and return Affidavit/Release within three (3) days of date printed on notification or winner’s Entry may be disqualified. At the sole discretion of the Sponsor, disqualification, forfeiture, and the determination of an alternate winner may result from any of the following: [1] a winner’s failure to respond to the notification within forty-eight (48) hours after its transmission. [2] failure of undeliverable notification due to deactivation of winner’s Instagram or TikTok account. [3] winner’s Instagram or TikTok account is set to “private mode.” [4] winner’s failure to complete and return Affidavit/Release by the notification deadline. [5] if a winner cannot accept the prize for any reason and [6] any other non-compliance with the Terms and Conditions. If this is case, the Entry with the next highest score received during the judging round the disqualified Entry originated may be determined the alternate winner (subject to verification). The Sponsor reserves the right to modify the notification procedures in connection with the selection of an alternate winner, if any.

ASSIGNMENT OF RIGHTS: Each Entrant hereby acknowledges that his or her Entry in the Challenge and all other materials of every kind whatsoever created by Entrant relating to the Challenge (collectively, the “Work”) are a “work made for hire” (as that term is used in the United States Copyright Act) for Sponsor and the Sponsor is the sole and exclusive owner, in perpetuity and throughout the universe, of all right, title and interest in and to the Work, including without limitation all copyrights in and to the Work (and all renewals and extensions thereof now or hereafter provided by law) and all the rights therein and thereto, and may exploit the Work in any manner throughout the world without restriction on a gratis basis. Without limiting the binding effect of any of the foregoing provisions, in the event that any part of the Work is not deemed to be a “work made for hire” for the Sponsor, the Entrant hereby irrevocably and exclusively grants and assigns to Sponsor (or, if any applicable law prohibits or restricts such assignment, Entrant hereby grants to Sponsor an irrevocable, perpetual, royalty-free, transferable license of) on a gratis basis all right, title and interest in and to such Work, including, without limitation, all rights of every kind and nature (whether now known or hereafter devised, including all copyrights therein and thereto and all renewals and extensions thereof), throughout the universe, in perpetuity, for all purposes, in any and all media, whether now known or hereafter devised. Entrant hereby waives all so-called “moral rights of authors” and “droit moral” rights (and any similar or analogous rights under the applicable laws of any country of the world). Each Entrant agrees and acknowledges that no public performance, synchronization, mechanical, songwriting, publishing and/or master use royalties, monies or consideration of any kind will be payable in connection with Sponsor’s use of the Work, whether commercial use or otherwise, in all media, whether now known or hereafter devised.

CONSENT AND RELEASE: To the fullest extent possible in law, Entrants, and on behalf of themselves and on behalf of their respective heirs, executors, administrators, legal representatives, successors and assigns (“Releasing Parties”), release, defend and hold harmless the Challenge Entities, Instagram or TikTok (collectively, the “Released Parties”) from any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, lost profits, indirect or direct damages, consequential damages, incidental damages, punitive or exemplary damages, judgments, extent, executions, claims and demands whatsoever, in law, admiralty or equity, whether known or unknown, foreseen or unforeseen, against Released Parties which any one or more of the Releasing Parties ever had, now have or hereafter can, shall or may have which in any way arise out of or result from Entrant’s participation, acceptance and use or misuse of prize (if determined to be a winner). The Sponsor is not responsible for any typographical or other error in the printing of the offer, changes to any Instagram or TikTok function that may interfere with the Challenge or your ability to timely enter, any notification failure due to Instagram or TikTok function or personal account setting, administration of the Challenge or in the announcement of any prize. In the event Sponsor is prevented from continuing with the Challenge as contemplated herein by any event beyond its control, or otherwise, including but not limited to fire, flood, earthquake, explosion, labor dispute or strike, act of God or public enemy, satellite or equipment failure, riot or civil disturbance, terrorist threat or activity, war (declared or undeclared) or any federal, state, or local government law, order, or regulation, or order of any court, or other cause, Sponsor shall have the right to modify, suspend or terminate the Challenge. Furthermore, the Sponsor reserves the right to terminate the Challenge if it becomes technically corrupted (including if a computer virus or system malfunction inalterably impairs its ability to conduct the Challenge), and to determine winners from among all eligible Entries received prior to termination. Entrants assume all liability for any injury, including death or damage caused or claimed to be caused, by participation in this Challenge or use or redemption of the prize (if Entrant is determined to be a winner).

ARBITRATION: This Challenge shall be governed by and interpreted under the laws of the State of California, U.S.A. without regard to its conflicts of laws provisions. Entrants hereby agree that any and all disputes, claims, causes of action, or controversies (“Claims”) arising out of or in connection with this Challenge shall be resolved, upon the election by Entrant or Sponsor, by arbitration pursuant to this provision and the code of procedures of either the National Arbitration Forum (“NAF”) or the American Arbitration Association (“AAA”), as selected by the Entrant.

Contacts

Sophia Yannopoulos

pr@sofi.com

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