header icon
Solutions
header icon
Products
header icon
Platform
header icon
Developers
header icon
Company
English
English
GALILEO ACCOUNTS JUMP 80%, REVENUE INCREASES 29% IN Q3

Galileo Accounts Jump 80%, Revenue Increases 29% in Q3

November 11, 2021

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.

October 16, 2024

SoFi to Adopt Galileo's Cyberbank Core for Sponsor Banking

SoFi Technologies partners with Galileo to adopt Cyberbank Core, enhancing its new commercial payment services and sponsor banking program.

See More
September 25, 2024

Galileo Launches Secured Credit with Dynamic Funding

Discover how secured credit with dynamic funding helps banks and fintechs offer flexible credit-building solutions for consumers.

See More
September 10, 2024

Galileo Launches Instant Account Verification and ML Risk Score

New tools deliver real-time fraud detection for fintechs, banks and businesses and maintain frictionless account experiences for customers

See More
August 27, 2024

Galileo Enhances B2B Expense Management Offering with Mastercard Smart Data

How Galileo Financial Technologies empowers fintech clients like Rho with Mastercard Smart Data, enhancing spend visibility and streamlining expense management for businesses. Reduce errors, fraud, and manual work with enriched transactional data seamlessly integrated into ERP systems.

See More
July 31, 2024

Galileo Tech Platform Drives Account Growth and Revenue in Q2

Discover how the Galileo Tech Platform boosted account growth and revenue in Q2 with innovative solutions.

See More