Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), now supports 89 million accounts on its best-in-class financial technology platform, an 80% year-over-year increase from 49 million accounts in Q3 2020.
Galileo continued to build on its momentum in 2021, according to the results, which SoFi announced on Nov. 10, 2021, as part of its Q3 financial report. SoFi’s Technology Platform segment, composed mainly of Galileo, contributed $50.2 million, or 18%, of total net revenue in the quarter, representing 29% year-over-year growth and 11% sequential growth compared with the previous quarter.
“Galileo not only allows us to innovate faster on our products, but it also positions us prominently among integrated tech platforms that service financial and non-financial institutions,” said SoFi CEO Anthony Noto. “Our significant investment to build a new cloud-based, modern card issuing and payment platform is resonating with both existing and prospective clients.”
Galileo’s flexible solutions, including its flagship platform and open API technology, continue to gain traction among emerging and established neobanks, traditional banks and non-financial companies. The Salt Lake City-based company, which helps clients create differentiated financial experiences for consumers that expand the financial frontier, signed 13 new clients during the third quarter, bringing the year-to-date total to 35.
See SoFi’s full third-quarter results for more details.
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.
Half of Consumers Have Chosen One Brand Over Another Because Paying or Getting a Refund Was Easier
Consumer demand for financial services embedded within brand apps is outpacing brands’ ability to deliver, with most executives recognizing the gap. New research from Galileo Financial Technologies, soon to become SoFi Technology Solutions, found that 80% of brand executives say they plan to launch integrated financial services, but only 20% have done so thus far. The 2026 Galileo Integrated Financial Services Research Report, based on surveys of more than 2,000 U.S. consumers and 150 senior executives, shows that while consumers are already using features like saved cards, rewards, and instant refunds inside brand apps, most brands have yet to launch these capabilities.
Brand Executives Fear They’re Losing Customers to Rivals With In-App Financial Tools, Galileo Research Finds
Half of consumers have chosen one brand over another because paying or getting a refund was easier
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.
