Galileo's Technology Powers H&R Block's New Mobile Banking App, Spruce
February 14, 2022
The full-suite app leverages Galileo’s powerful financial technology platform and flexible APIs to create seamless digital banking experiences for customers
Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced that its API-enabled financial technology powers Spruce℠, the mobile banking platform built by H&R Block (NYSE: HRB), which launched on January 20, 2022. Spruce includes a spending account with a debit card, a connected savings account that allows for specific budgeting goals, early paycheck availability and overdraft protection―all of which are delivered seamlessly through Galileo’s award-winning platform.
Spruce has entered the market at a time when consumers across demographics are adopting more digital banking solutions. In fact, 44% of U.S. consumers use digital-only banks as a primary or secondary account, while 61% of consumers say they are somewhat or highly likely to switch to a digital-only bank as their primary provider, Galileo research shows.
“Consumers are embracing digital financial services at an unprecedented pace,” said Derek White, CEO, Galileo Financial Technologies. “As a trusted brand built on more than six decades of experience in money management, H&R Block recognizes this behavioral change in consumer interaction with money and created Spruce to meet consumers where they are and to increase financial inclusion and stability for all.”
Galileo's cloud-based financial technology platform is built with flexibility, speed and scale in mind, enabling new and established brands to launch innovative financial services that can adapt to evolving customer needs.
“Helping customers have financial confidence is our ultimate goal at H&R Block. We want them to be able to easily, quickly and reliably access, deposit, transfer and grow their money through Spruce,” said Les Whiting, Chief Financial Services Officer at H&R Block. “When seeking a partner to help us launch and scale Spruce, Galileo was the right choice thanks to its decades-long history of supporting the world’s most innovative digital banks and financial services providers. We are excited to continue our collaboration with Galileo as we expand Spruce.”
Click here for the full release.
Spruce is a financial technology platform built by H&R Block, which is not a bank. SpruceSM Spending and Savings Accounts are established at, and the Spruce debit card is issued by, MetaBank®, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard® and the circles design are registered trademarks of Mastercard International Incorporated.
Enjoy our Insights?
Recent Posts
Galileo Financial Technologies Joins AWS Marketplace
Galileo furthers commitment in offering innovative, accessible financial technology solutions, now listed on AWS Marketplace.
Galileo Launches Direct Deposit Switch Powered by Atomic
Galileo Direct Deposit Switch integrates Atomic’s automated payroll connectivity to offer the ease and convenience that consumers expect from their financial services provider today.
Strong Galileo Growth for SoFi Tech Platform Earnings in Q1
Galileo Financial Technologies earned record-high quarterly revenue during the first three months of 2022, driving 32 percent year-over-year growth for SoFi Technologies Inc.’s Technology Platform segment.
Global Rewards Taps Galileo to Scale B2B Payments
Global Rewards selected Galileo’s processing platform, open APIs and experienced team to provide the flexibility, scalability and reliability for Global Rewards commercial Mastercard products, which are issued by The Bancorp Bank.
JIC Bank Chooses Cyberbank Core to Expand Presence in US
JIC Bank moves its core banking system to the cloud, offering freedom and personalized choice to customers.