Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), expanded accounts on its platform to 79 million in Q2, up from 36 million a year ago.
The results were announced as part of SoFi’s Q2 financial results on August 12, 2021. This was SoFi’s first earnings announcement as a public company, after going public on June 1, 2021.
It was a strong quarter for SoFi, with the company highlighting several significant milestones. One of the most notable was that SoFi reached its eighth straight quarter of accelerating member growth, including the client base for Galileo, which SoFi acquired last year. Total net revenue for Galileo was $45.3 million, up 138% year-over-year compared to a partial Q2 in 2020 post-acquisition.
As the key component of SoFi’s Technology Platform segment, Galileo’s modern APIs are the foundation for leading neobanks in North America, and the company increasingly is expanding into non-financial sectors as well. In June, Galileo announced it supported Verizon to deliver Family Money, a new service for parents to help their kids as they take charge of their financial future.
“As a part of SoFi, Galileo is able to continue its momentum as a pioneer in increasing access to financial services in the U.S and around the world. We’re excited about Galileo’s amazing growth and are pleased with the results SoFi has achieved,” said Anthony Noto, CEO of SoFi. “Today, there is an incredible demand by organizations to be able to connect individuals with their money wherever they are: utilizing various devices, applications and digital access points—which is exactly what Galileo’s technology enables. This global demand will continue to be a growth driver for SoFi.”
See SoFi’s full second-quarter results for more details.
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