Galileo experienced significant growth during the first half of 2020, including a 97 percent increase in revenue, bolstered by new Galileo clients, including BitPay, MoneyLion, Remitly and Mexico’s Klar, and a 135 percent increase in earnings before interest, taxes, depreciation and amortization.
During the first six months of 2020, total dollar value loaded to the Galileo platform increased 235 percent, and the number of active accounts grew by 148 percent. Galileo also turned in a 228 percent increase in events processed.
“These are strong results in any year, but they’re especially meaningful because of the chilling effect of COVID-19 on the overall economy,” said Galileo CEO Clay Wilkes. “We know many companies and individuals are struggling in the current environment, so we share this information with humility and the understanding that success is fragile in these precarious times.
“But we also share these results as a message of hope—that the fintech sector is robust, creating new jobs and putting money back into the economy. This is also confirmation that the consumer move to digital banking, driven by COVID-19, is significant and accelerating.” he continued.
In addition to the above 1H20 results, purchase transactions powered by Galileo grew 172 percent, while the number of financial transactions increased 186 percent.
“We credit our successful first half to our innovative and evolving technology, our world-class team that continually pushes boundaries to expand our capabilities and to our clients, which work every day to meet the payments needs of their customers,” Wilkes added. “Our business is strong, and we continue to get stronger.”
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.
