SALT LAKE CITY AND MEXICO CITY, October 10, 2023 - Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced it has received Mastercard certification to provide services simultaneously in five new Latin American countries.
Following its successful expansion into Colombia in March 2022, Galileo, a Mastercard Engage partner, is now providing services in Argentina, Brazil, Chile, Perú and Uruguay that enable issuers, financial institutions and fintechs to offer issuer processing services (including virtual and physical credit, debit and prepaid cards). Mastercard Engage makes it simple for partners to collaborate with Mastercard and accelerate time to market for product innovation through access to the company’s global network, expertise, technology and resources.
The rising demand for online banking in this region demonstrates a need for instant access to financial services, customized interactions and digital banking interfaces. Alongside Galileo’s strategic alliance with Mastercard, the company’s experience, knowledge and innovative technology will be key in the development and growth of financial and non-financial digital transactions in Latin America. Earning certification across more markets enables Galileo to further its commitment to accelerating the digitization of financial services for consumers and businesses.
"As the demand for digital payment solutions in Latin America continues to grow, Mastercard’s rigorous certification process promises to deliver short and long-term benefits to local customers,” said Kiki del Valle, Executive Vice President, Market Development, Latin America and the Caribbean at Mastercard."
Tory Jackson, Director of Strategy and Development for Galileo Latin America added, "Digitization of payments is a top priority for businesses driven not only by the demands of end users, but also by the growing pool of innovators in Latin America."
“Existing players and new entrants are looking for a single suite of APIs that enable a single integration to enable payments, so it’s crucial for them to have the best solution and support to remain competitive. With this certification, businesses across these five new markets will receive the support for modernizing payment services with flexible, faster and frictionless development times while building strong customer trust”, adds Jackson. Galileo operates in North America and Latin America, working with major fintech companies in these geographies to streamline B2B payments through industry-leading, flexible APIs.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Client Expansion, New Product Adoption Drives Q4 Growth
SoFi’s technology platform, which comprises Galileo Financial Technologies and the Technisys cloud-based core banking services platform, saw increases in net revenue and total enabled accounts during the fourth quarter of 2023.
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.