Over the last year, Galileo clients have made headlines for their innovative work in support of transforming the financial frontier for all individuals. These forward-thinking fintechs, neobanks and companies have released new products, formed new partnerships, received recognition for their work and raised significant funding.
Check out the latest news from Galileo clients over the last month.
• Several Galileo clients made Fintech Magazine’s list of the Top 10 Most Influential Fintech Companies, including Robinhood, Wise and more.
• Greenwood was recently profiled by Tearsheet for its much-anticipated launch, highlighting the 600,000 signups the company already has on a waitlist.
• Greenlight announced collaboration with Amazon to provide financial education to millions of families.
• Greenlight was also ranked along with Remitly by Deloitte as some of the 2021 Technology Fast 500 companies in North America.
• MoneyLion was included in an article from Banking Dive on the market’s interest in cryptocurrency.
• Monzo was featured by Finextra for the addition of a virtual card to its Flex buy now, pay later product.
• TomoCredit was mentioned in an article from The New York Times on how startups are leveraging technology and data in innovative ways to determine who should receive a loan or credit.
For more client news, see some of the most noteworthy stories from 2020 in our newsroom. For regular news and insights, follow us on LinkedIn and Twitter.
Is SoFi’s Galileo the Future of Embedded Finance?
The embedded finance sector is experiencing unprecedented growth, projected to continue growing at a compound annual growth rate (CAGR) of 16.8% through 2029. Leading the charge is Galileo, the B2B financial services arm of SoFi Technologies.
Debit Rewards Surge as Consumers Shift Spending Preferences
Debit rewards programs, which were significantly reduced by as much as 50% immediately after the Durbin Amendment capped fees on debit card payments, are now seeing new life. This comeback is fueled by the continued rise of debit as a preferred spending method.
Galileo Transforms SoFi Into the Backbone of Embedded Finance
Galileo, the B2B financial services arm of SoFi Technologies, Inc. SOFI, is emerging as a key engine of growth in the rapidly expanding embedded finance market. By offering seamless payment and lending integrations, Galileo enables financial and non-financial firms to embed banking capabilities directly into their platforms.
Virtual Cards Are Gaining Ground. Here’s What Banks Must Do Next
This shift highlights growing comfort with digital-first payments. But while usage is climbing, many banks and financial institutions still struggle to explain why virtual cards matter and how consumers can benefit from them.
One-Tap Payment Switch Gives Banks the Edge in Account Primacy
Prashant Shah, VP of product management at Galileo Financial Technologies, challenged the PYMNTS audience to remember a recent bill paying experience where updating a subscription meant having to chase down Netflix or Amazon — even the local power company — to log into each individual site to update payment details.
