After surpassing 150 million total enabled accounts in the first quarter of 2024, Galileo Financial Technologies continued growing its end-user base during Q2, Galileo parent company SoFi Technologies announced in its most recent earnings report, released on July 30, 2024.
As of the close of this year’s second quarter, there were 158.5 million total enabled client accounts across SoFi’s Technology Platform segment–which is made up of Galileo and the Technisys cloud-based core banking services platform–a 23 percent year-over-year increase from 129.4 million in Q2 2023. Meanwhile, second-quarter net revenue for the Technology Platform segment was $95.4 million, up 9 percent year-over-year, SoFi reported.
“Our tech platform is a center of innovation as we add capabilities to our already comprehensive offering,” SoFi CEO Anthony Noto said during the company’s earnings call. Noto went on to cite key recent Tech Platform product launches, including expanding Buy Now, Pay Later to include post purchase, expanded wire transfer capabilities for fintechs and the extension of AI-driven transactional fraud defenses to non-processing partners.
“We also advanced the quality of our managed service in the cloud and introduced 3DS, which adds another layer of security to digital card transactions,” Noto added. “These improvements ensure our modern cloud-based platform will continue to serve the needs of brands, fintechs and global financial institutions alike.”
The SoFi CEO noted continued progress in the company’s strategy to attract enterprise clients with large existing customer bases, citing a “robust’ pipeline of interest that includes “U.S. and international financial institutions, along with major consumer and commercial brands.”
See SoFi’s full second-quarter results for more information.
Banks Are Asking the Wrong Questions About Core Modernization
In the early 2000s, Netflix offered Blockbuster an opportunity to integrate its online DVD rental model for $50 million. Blockbuster, bullish on its retail dominance, dismissed the offer, scoffing at the idea that digital and mail-based rentals could compete with its physical footprint. Blockbuster became a relic, while Netflix grew into a $433 billion global company.
Galileo Brings Co-Brand Debit Rewards to Hospitality Sector
Galileo is bringing its debit card rewards programme - which allows brands to offer debit users access to rewards normally reserved for credit card customers - to the US hospitality sector.
Choosing the Best Banking Option Isn’t Always Easy
Choosing the right banking option can be complex, with consumers weighing features like fees, accessibility and digital tools across traditional banks, credit unions, online banks and fintech firms.
Relationship Fragmentation is Killing Loyalty: How Should Banks Respond?
Banks have long believed that delivering core banking services inevitably leads to ownership of their customers' full financial needs. That's becoming a dangerous myth, according to a new report on emerging consumer behaviors across multiple generations.
Galileo Rolls Out Wire Transfer API for Fintechs
Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced it is arming fintechs with wire transfer capabilities, enabling them to better serve consumers and businesses by offering another option for fast, secure money movement.
