Galileo’s $77 million Series A round, led by Accel, was recognized as the second largest payments deal in North America during Q4 2019, according to Electronic Payments International. Only HMS’s $155 million acquisition of Accent ranked higher.
Thirty-one deals, valued at $550.31 million were announced for the region during Q4 2019, against the last four-quarter average of 39 deals. Seventy-four percent of the overall value of industry deals occurred during Q4.
Click here for more on Q4 19 investment in the North American payment sector.
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.
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.
Southwest and Galileo Bring Rewards to Debit’s Doorstep
Galileo’s platform integrates issuing, processing, and program management so non-financial brands like Southwest can launch co-branded cards faster. The economics of debit rewards differ from credit, but Galileo CFO Bill Kennedy said technology efficiencies and deeper loyalty make the model sustainable.
Southwest Airlines, powered by Galileo (SoFi’s tech platform), has launched the Rapid Rewards Debit Card
Southwest Airlines, powered by Galileo (SoFi’s tech platform), has launched the Rapid Rewards Debit Card, letting debit-first customers earn points on everyday purchases to redeem against flights.
