The closing today of our transaction with SoFi is a milestone not just for our two companies but for what it says about the transition from physical to digital finance: The future of finance is digital. Together with SoFi, we’re fueling that digital future.
Via our APIs, Galileo already acts as the account of record, including creating and maintaining accounts, transactional ledger, connectivity to the payment networks, fraud, disputes, customer service and the back-office capabilities that enable our clients to launch world-class banking products. And everything we’ve created on the debit side, SoFi has accomplished in the credit arena—not just underwriting and assessing borrower risk, but in the digital application, funding and securitizing as well.
The day-to-day experience for Galileo clients won’t change, as Galileo continues to operate independently. But by bringing together our two complementary businesses, we’re realizing a vision for supporting clients with a comprehensive range of products that’s light years ahead of what others can provide. And, as always, Galileo is committed to confidentiality and protecting our clients’ data—including their customer data, product roadmaps, strategies and plans—from third parties. We will not share client data with SoFi, just as we don’t share a client’s data with any other client. We always have and always will respect the privacy of our clients’ data. It’s core to what we do.
We’re excited to be part of the SoFi family and together deliver the absolute best in financial services technology. We’re committed to help all our clients take advantage of a range of new products unequalled in the market.
Our shared commitment to reinventing and optimizing how digital finance is done today means the future starts now.