Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), expanded accounts on its platform to 79 million in Q2, up from 36 million a year ago.
The results were announced as part of SoFi’s Q2 financial results on August 12, 2021. This was SoFi’s first earnings announcement as a public company, after going public on June 1, 2021.
It was a strong quarter for SoFi, with the company highlighting several significant milestones. One of the most notable was that SoFi reached its eighth straight quarter of accelerating member growth, including the client base for Galileo, which SoFi acquired last year. Total net revenue for Galileo was $45.3 million, up 138% year-over-year compared to a partial Q2 in 2020 post-acquisition.
As the key component of SoFi’s Technology Platform segment, Galileo’s modern APIs are the foundation for leading neobanks in North America, and the company increasingly is expanding into non-financial sectors as well. In June, Galileo announced it supported Verizon to deliver Family Money, a new service for parents to help their kids as they take charge of their financial future.
“As a part of SoFi, Galileo is able to continue its momentum as a pioneer in increasing access to financial services in the U.S and around the world. We’re excited about Galileo’s amazing growth and are pleased with the results SoFi has achieved,” said Anthony Noto, CEO of SoFi. “Today, there is an incredible demand by organizations to be able to connect individuals with their money wherever they are: utilizing various devices, applications and digital access points—which is exactly what Galileo’s technology enables. This global demand will continue to be a growth driver for SoFi.”
See SoFi’s full second-quarter results for more details.
The Spring Surge: New Galileo Debit Spend Index Charts Q1 Spend and the Year Ahead
American consumers spent cautiously on debit through January and early February before early tax refunds and spring weather sparked a March spending surge, according to the inaugural Galileo Debit Spend Index.
Why Gen Z’s Debit Card Push is Eating Into Credit Card Profits
For people worried about the economy and dealing with affordability issues, one option could be to tuck that high interest rate credit card aside and reach for a trusty debit card instead. To uncover the latest debit card trends, CardRates recently sat down with Paul Dunning, Vice President of Business Development at Galileo Financial Technologies, a fintech firm owned by SoFi. He explained why Gen Z consumers are turning to debit cards and expecting rewards, the compelling case for debit card rewards, and the appeal of debit cards for the debit-first consumer.
Half of Consumers Have Chosen One Brand Over Another Because Paying or Getting a Refund Was Easier
Consumer demand for financial services embedded within brand apps is outpacing brands’ ability to deliver, with most executives recognizing the gap. New research from Galileo Financial Technologies, soon to become SoFi Technology Solutions, found that 80% of brand executives say they plan to launch integrated financial services, but only 20% have done so thus far. The 2026 Galileo Integrated Financial Services Research Report, based on surveys of more than 2,000 U.S. consumers and 150 senior executives, shows that while consumers are already using features like saved cards, rewards, and instant refunds inside brand apps, most brands have yet to launch these capabilities.
Brand Executives Fear They’re Losing Customers to Rivals With In-App Financial Tools, Galileo Research Finds
Half of consumers have chosen one brand over another because paying or getting a refund was easier
Introducing SoFi Tech Solutions: A Unified Brand Built to Power End-to-End Financial Innovation
We’re evolving from Galileo to SoFi Tech Solutions to reflect the full scope of our platform. We deliver end-to-end infrastructure for fintechs, brands, and financial institutions, now backed by SoFi’s scale and resources. Our mission stays the same: support our clients’ growth while maintaining platform neutrality and strong data protections.
