Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), now supports approximately 100 million accounts on its best-in-class financial technology platform, a 67% year-over-year increase from approximately 60 million in Q4 of 2021.
Galileo’s Q4 growth―announced on March 1, 2022, as part of SoFi’s Q4 and full-year earnings report―rounded out an already-strong year. SoFi’s Technology Platform segment, composed primarily of Galileo solutions and services, contributed net revenue of $53.3 million for the fourth quarter and $194.9 million for the full year. These are increases of 42% and 102%, respectively, from the comparable prior year periods. Galileo also grew its total B2B client base by 40%.
"Galileo's impressive growth over the past year speaks to the innovative solutions it powers," said Anthony Noto, CEO of SoFi. "The value of Galileo's technology is only increasing as challenger and traditional banks alike begin to curate more streamlined consumer platforms.We acquired Galileo to leverage an owned-and-operated platform that could drive rapid innovation―and Galileo is more than delivering on that objective."
Galileo’s flexible, flagship platform and open API-powered solutions continue to gain traction among neobanks, traditional banks and non-financial companies. For example, Noto said, “We launched Toast last year, and signed T. Rowe Price in the fourth quarter, to service its future emergency savings program. And H&R Block just chose Galileo to power its new mobile banking app, Spruce.”
The Salt Lake City-based company, which helps create next-generation financial experiences for consumers, signed nine new clients during the fourth quarter, bringing the year-to-date total to 44.
Noto also said SoFi’s definitive agreement to acquire Technisys, a leading cloud-native, digital multiproduct core banking platform, represents a critical next step in the company's continued efforts to become the “AWS of fintech” and vertically integrate its businesses to accelerate innovation for its best-of-breed financial products and is expected to be a growth multiplier for both SoFi and Galileo. The acquisition closed on March 3.
See SoFi’s full fourth-quarter and year-end results for more information.
Your Loyalty Program Might Be Ignoring Your Best Customers
For decades, most loyalty programs were built around credit cards. That alignment made sense at a time when revolving credit was the primary lens through which loyalty and rewards were structured. But consumer payment behavior has changed, and Gen Z is making that shift especially visible.
SoFi and Mastercard Partner to Enable SoFiUSD Settlement Across Mastercard’s Global Payments Network
SoFi’s fully reserved U.S. dollar stablecoin will support settlement across the Mastercard network, including for SoFi Bank, N.A. Galileo, SoFi’s technology platform, will be among the first to offer its clients and their issuing banks the choice to settle transactions using SoFiUSD The Mastercard Multi-Token Network will look to support SoFiUSD, help expand interoperability between digital assets and traditional forms of money
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.
United Airlines Launches MileagePlus Debit Rewards Card that Earns Miles for Spending and Saving
This new card allows MileagePlus members to earn miles through everyday purchases and qualifying account balances. Available now with no monthly fees with an average daily account balance of $2,000 or greater, MileagePlus members can open the debit rewards card at UnitedDebitRewards.com
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.
