SoFi Technologies is set to become the first US bank to integrate the Bitcoin Lightning Network and Universal Money Address (UMA), marking a major step for blockchain-powered money transfers. The digital bank announced it will partner with Bitcoin payments infrastructure provider Lightspark to launch a new international remittance service later this year, beginning in Mexico.

SoFi CEO Anthony Noto said the move addresses a real need for millions of members who send money to family overseas. Through the SoFi app, users will be able to convert dollars into Bitcoin in real time, transfer them via Lightning, and deliver funds directly into recipients’ bank accounts in local currencies. The service will be available 24/7 for SoFi’s 11.7 million members, with fees and exchange rates shown upfront to ensure transparency.

The launch positions SoFi within the massive global remittance market, valued at $740.5 billion in 2024. By leveraging Lightning’s speed and low cost, SoFi promises transaction fees below the national average, offering a cheaper and faster option compared to traditional money transfer services.

Lightspark’s UMA solution allows users to send funds with an email-style address while using the Bitcoin Lightning rails. Founded in 2022 by former PayPal president David Marcus, Lightspark has been steadily gaining traction in global payments. Coinbase integrated Lightspark’s Lightning infrastructure in 2024, with 15% of its Bitcoin transactions now running through the network. Brazilian fintech giant Nubank also announced a partnership with Lightspark but has yet to fully roll out the feature.

With this move, SoFi becomes the first US bank to embrace Bitcoin’s Lightning network for cross-border payments, signaling a broader shift toward blockchain-based financial services that could disrupt traditional remittance providers worldwide.