SoFi To Seed Trump Accounts: Bessent's '50 State Challenge' Gains Steam

SoFi Technologies, Inc. (NASDAQ:SOFI) is the latest employer to announce it will match the federal government’s $1,000 seed contribution for the newly established tax-advantaged children’s investment accounts, known as Trump Accounts. 

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SoFi CEO Anthony Noto touted the benefits of early investing and compound interest within the Trump accounts.

“Opening the door for more Americans to invest early will unlock decades of compound growth and transform financial outcomes over a lifetime. It is one of the most powerful steps we can take as a country, and SoFi was built to deliver secure, low-cost accounts at scale," Noto said. 

Treasury Secretary Scott Bessent has launched  “The 50 State Challenge” to encourage philanthropists to match or contribute to increase the starting capital for the next generation.

Bessent took to X to applaud SoFi for its support of the Trump Account program. 

"Thank you to @SoFi and @AnthonyNoto for their early leadership in support of @TrumpAccounts. Matching the federal $1,000 contribution is a strong commitment to helping families invest early and build long-term financial security for the next generation," Bessent said in the post. 

The $1000 Matching Tier

Several other major companies have joined the growing list of employers matching the federal government’s $1,000 seed for their U.S. employees’ newborns, including:

• Charles Schwab Corp. (NYSE:SCHW)
• BlackRock, Inc. (NYSE:BLK)
• Bank of New York Mellon Corp. (NYSE:BK)
• Charter Communications, Inc. (NASDAQ:CHTR)
• Russell Investments (Private)
• Investment Company Institute (Private/Non-profit)

The Support & Integration Tier

Other companies have been recognized by the Treasury Department for “generous support,” which includes integrating Trump Accounts into employee benefit portals or providing fee-free investment architecture:

• Visa, Inc. (NYSE:V), Mastercard, Inc. (NYSE:MA): Both payment giants are integrating these accounts into their standard U.S. benefits packages.
• Uber Technologies, Inc. (NYSE:UBER), Block, Inc. (NYSE:XYZ): Listed by Secretary Bessent as early partners providing “additional support” for the rollout.
• Fidelity & Vanguard: Acting as primary infrastructure partners to host the accounts with zero management fees (capped at 0.10% by law).

The Philanthropic Top-Up

Beyond employee matches, some billionaires are showing a willingness to contribute:

• Michael & Susan Dell: Pledged $6.25 billion to provide an additional $250 to 25 million children in lower-income ZIP codes.
• Ray Dalio: Committed to a $250 match for approximately 300,000 children in his home state of Connecticut.

Trump Accounts are scheduled to go fully live on July 5, 2026. Families can track their eligibility and potential matches through the official portal at TrumpAccounts.gov.

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