Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), now supports 89 million accounts on its best-in-class financial technology platform, an 80% year-over-year increase from 49 million accounts in Q3 2020.
Galileo continued to build on its momentum in 2021, according to the results, which SoFi announced on Nov. 10, 2021, as part of its Q3 financial report. SoFi’s Technology Platform segment, composed mainly of Galileo, contributed $50.2 million, or 18%, of total net revenue in the quarter, representing 29% year-over-year growth and 11% sequential growth compared with the previous quarter.
“Galileo not only allows us to innovate faster on our products, but it also positions us prominently among integrated tech platforms that service financial and non-financial institutions,” said SoFi CEO Anthony Noto. “Our significant investment to build a new cloud-based, modern card issuing and payment platform is resonating with both existing and prospective clients.”
Galileo’s flexible solutions, including its flagship platform and open API technology, continue to gain traction among emerging and established neobanks, traditional banks and non-financial companies. The Salt Lake City-based company, which helps clients create differentiated financial experiences for consumers that expand the financial frontier, signed 13 new clients during the third quarter, bringing the year-to-date total to 35.
See SoFi’s full third-quarter results for more details.
Product Uptake and Interest from FIs Powers Strong Q3
SoFi’s technology platform, which comprises Galileo Financial Technologies and the Technisys cloud-based core banking services platform, saw net revenue and total enabled accounts maintain growth during the third quarter of 2023.
Galileo Payment Risk Platform Now Available to the Entire Financial Services Ecosystem
Companies outside of Galileo’s ecosystem can now leverage the proactive risk-scoring fraud engine and reduce payment and payment-related fraud.
Introducing Corporate Credit for B2B Expense Management
Galileo Corporate Credit solution consolidates credit limits to deliver better spend visibility, and remove accounting complexities.
Galileo First to Attain Multi-market Mastercard Certification in Latin America
Galileo announces Mastercard certification in five new Latin American countries, further solidifying commitment to accelerate digital transformation across region.
Galileo Expands Buy Now, Pay Later Offering to Help Lenders Reach SMBs
Banks and fintechs working with Galileo can now provide responsible, intelligent installment financing options for SMBs seeking more flexibility for big purchases.
