NIL Marketing for Fintech: SoFi, Coinbase, and Beyond

Financial services brands face unique challenges reaching Gen Z:

Trust Barriers

• Skepticism of institutions: Gen Z grew up during financial crises and distrusts banks
• Ad fatigue: Constant fintech advertising has created immunity
• Complexity aversion: Financial products feel complicated and intimidating

Channel Challenges

• Paid social declining: Rising costs, falling conversions, ad blockers
• High CAC: Financial services typically have among the highest acquisition costs
• Low retention: Customers acquired through ads often churn quickly

What Works Instead

• Peer recommendations: Gen Z trusts friends and peers for financial advice
• Authentic use cases: Seeing real people use products builds trust
• Community validation: When their network uses a product, they follow

SoFi partnered with NIL Club to acquire checking and savings customers among college athletes:

The Strategy

• Model: Direct-to-Athlete (athletes as customers)
• Product: SoFi checking and savings accounts
• Approach: Athletes sign up, fund accounts, and naturally refer peers
• Compensation: Performance-based (commission on verified funded accounts)

The Results

• 55% funding rate: 55% of signups actually funded their accounts
• 4.4x industry average: Industry benchmark is ~12.4% funding rate
• 13,041 funded accounts: Verified, funded customers
• 23,789 total signups: High-quality lead generation

Why It Worked

Athletes who signed up for SoFi genuinely used the product. When teammates and friends asked about their banking, athletes naturally recommended SoFi. This peer trust drove the exceptional funding rate, people who signed up through athlete referrals actually intended to use the product.

Coinbase used NIL Club to acquire new crypto investors among college athletes:

The Strategy

• Model: Direct-to-Athlete (athletes as customers)
• Product: Coinbase crypto trading platform
• Approach: Athletes sign up, make first deposit, and refer peers
• Compensation: Performance-based (commission on verified depositors)

The Results

• 46% conversion rate: From signup to depositor
• 4,100+ depositors: Verified, active crypto users
• High-quality users: Customers with genuine interest in crypto

Why It Worked

Athletes interested in crypto naturally discussed it with teammates and friends. When peers asked about getting started, athletes shared their Coinbase experience. The result: high-intent signups from people who actually wanted to invest, not just claim a promotion.

The Direct-to-Athlete model is particularly effective for financial products:

Athletes as Real Customers

• Athletes actually use the financial product in their daily lives
• They experience the onboarding, features, and benefits firsthand
• Their recommendations are genuine, not scripted

Peer Trust for Financial Decisions

• Gen Z especially relies on peer advice for financial products
• An athlete saying "I use SoFi for my banking" carries more weight than any ad
• Financial decisions feel safer when validated by trusted peers

Performance-Based Economics

• Pay only for verified funded accounts or depositors
• No wasted spend on impressions that don't convert
• CAC is predictable and typically 74% lower than paid social

Network Effects

• Each athlete customer can influence their entire network
• Teams, roommates, and friend groups often follow each other's financial choices
• Creates viral loops within Gen Z communities

Maximize fintech campaign performance with these strategies:

1. Leverage Both Direct-to-Athlete and Peer-to-Peer

For fintech, both models drive results. Direct-to-Athlete turns athletes into genuine customers who create campus credibility. Peer-to-Peer expands reach as athletes share with friends and earn on conversions. Using both maximizes impact.

2. Focus on Funding, Not Just Signups

Track funded accounts or deposits, not just email signups. This is where SoFi's 55% funding rate becomes meaningful. Most fintech campaigns see 10-15% funding rates.

3. Make Onboarding Frictionless

Ensure the athlete onboarding experience is seamless. Any friction reduces both athlete adoption and subsequent referrals.

4. Provide Ongoing Value

Athletes who continue to use and love your product become long-term advocates. Consider athlete-specific perks or features.

5. Track Long-Term Value

Athlete-acquired customers typically have higher LTV. Track retention and lifetime value, not just initial conversion.

Ready to acquire Gen Z customers through athlete referrals? Here's how to start:

1. Contact NIL Club: Our team will design a fintech-specific acquisition strategy
2. Define your conversion event: Funded account? First deposit? First trade?
3. Set up tracking: Integrate with your systems for verified conversion tracking
4. Launch Direct-to-Athlete: Athletes discover and sign up through the NIL Club app
5. Monitor performance: Track signups, funding rates, and referral chains
6. Scale: Expand with proven acquisition costs and retention data

See the full results in our SoFi case study and Coinbase case study.