Galileo Financial Technologies and core banking platform Technisys reached a combined 124.3 million total enabled client accounts in the third quarter of 2022, an increase of 40 percent year-over-year, from 88.8 million in Q3 2021.
The companies–which together comprise SoFi Technologies Inc.’s Technology Platform Segment–collectively earned $84.8 million in revenue for the most recent quarter, a 69 percent jump from a year earlier, SoFi announced in its quarterly earnings report on November 1, 2022. Galileo-only revenue was up 29 percent year-over-year and set a new quarterly record.
Strong Growth in Enabled Accounts
The strong growth in enabled accounts in Q3 was driven by both new client acquisition and growth in existing clients. Galileo signed 10 new clients during the quarter, including three in the B2B segment and four outside the U.S.--both areas in which the company has focused efforts to enhance its presence.
Notably, of the 10 new deals, seven include existing subscribers, portfolios or payment businesses, reflecting “continued demand for our services and new use cases for embedded fintechs from more mature organizations,” SoFi CEO Anthony Noto said during the company’s earnings call.
New Product Offerings
Noto went on to highlight two new B2B-focused core capabilities Galileo shipped during the quarter: account-level controls, which enable payment program managers to set account-specific parameters in real time governing how and where funds can be spent; and real-time funding, which automatically funds an account in real time during the transaction process, optimizing the working capital needs of SMB customers.
“In addition to building products for B2B that are more controllable for them and meet their needs better… we're also continuing to expand internationally with really strong trends throughout Latin America, both on the back of Galileo as well as Technisys, [where] it was strong to begin with,” Noto added.
See SoFi’s full third-quarter results for more information.
Galileo Enables Brands to Offer Co-Brand Debit Rewards Cards
New Galileo program makes it easier than ever to offer rewards to the overlooked $4.3 trillion debit market, a first-of-its-kind in the U.S. hospitality sector.
SoFi Closes Record Financial Year with Major Galileo Partnerships
SoFi’s technology platform showed strong growth in the final quarter of 2024, with total enabled accounts and segment revenue tallying solid year-over-year gains, the company announced in its most recent earnings report.
Mesh Teams Up with SoFi and Galileo for Expense Management Innovation
SoFi Bank’s relationship with Galileo strengthens Mesh Payments’ drive to reduce inefficiencies and accelerate the development of new products.
Another Strong Quarter for Galileo as Total Accounts Pass 160 Million
SoFi’s technology platform continued growing in the third quarter of 2024, with total enabled accounts and segment revenue both tallying double-digit-percent increases year-over-year.
SoFi to Adopt Galileo's Cyberbank Core for Sponsor Banking
SoFi Technologies partners with Galileo to adopt Cyberbank Core, enhancing its new commercial payment services and sponsor banking program.
