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PayPal wins the battle of the fintech Super Bowl ads
New fintech player SoFi spent $5 million for a 30-second Super Bowl spot, and it fell flat.
The ad for the San Francisco-based lending startup cost 20% of its annual budget. But after watching the ad, the only thing we knew was that despite our moms thinking we’re “great,” we may not be. The ad ends with a quick “great loans for great people,” but otherwise does nothing to explain who SoFi is or what they do. That may work for a commercial that intrigues viewers enough to immediately Google the company, like the freaky puppy-baby-monkey on Sunday or Venmo’s now famous New York subway ads, but the SoFi commercial was pretty boring.
PayPal, on the other hand, managed to sex-up their money business with their “new money” Super Bowl ad. Catchy music, appealing pictures and video clips, and the great new tag of PayPal as “new money” killed it. Most people know what PayPal does, but the commercial still managed to define the business and add new appeal. PayPal, which has been around since 1998, is looking young and hip, and ready to keep up with the new fintech startups.
In PayPal’s ad, new money is for everyone, even puppy-monkey-baby, the company tweeted late Sunday. SoFi on the other hand sounds more like a legacy finance firm with its talks of exclusivity, only doling out loans to people who are “great.” It seems to go against the fintech concept of making finance more accessible.
Sorry SoFi, looks like you could learn a lesson or two from PayPal.