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.
Your Loyalty Program Might Be Ignoring Your Best Customers
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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.
