header icon
header icon
header icon
header icon
header icon

Galileo and Juniper Research Reveals Surge in B2B Embedded Finance Demand

September 27, 2022

New Data Shows B2B Businesses Choose Fintechs as their Preferred Embedded Finance Provider as Use Cases Expand

Hampshire, UK & Salt Lake City, U.S. – New research conducted by Juniper Research in collaboration with Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), reveals most U.S. B2B businesses are not only familiar with embedded finance, but they are already offering an embedded finance solution. The top three critical business pain points being solved by embedded finance today are: customer retention, cash flow management and revenue growth.

The research, published as the Galileo Embedded Finance Report, highlights the inherent need for U.S. businesses to offer embedded finance solutions to better enable payments, payroll, credit and lending, insurance, banking and other financial services across the B2B industry. Among the 63% of businesses who use embedded finance today, the majority (78%) work with two or more providers to enable their solution, with fintechs being the top preferred provider.

“The dramatic rise in the adoption of digital payments among both consumers and businesses, has enabled people and businesses to do more with technology than ever before—paving the way for enormous growth for embedded financial services,” said Seth McGuire, CRO of Galileo Financial Technologies. “The market has evolved at lighting speed and this new research confirms that forward-thinking B2B executives are embracing embedded finance solutions as a key part of their growth strategies.”

The survey of 450 C-level executives in B2B businesses across the U.S. asked business leaders about their attitudes towards embedded finance, what types of financial services they currently or want to offer, how many providers they use, who they prefer as their embedded finance partner and what value embedded finance solutions provide to their clients. Key findings include:

  • 85% of B2B businesses are familiar with the concept of embedded finance

  • 65% of those not currently offering an embedded finance solution are now considering offering one

  • 68% would prefer to offer embedded finance services from a non-bank provider Payments, employee/employer services and credit and lending solutions are the top three use cases in market today

“Customer retention, a major pain point for businesses, can be significantly enhanced through embedded finance tools. This is a critical differentiator that businesses must leverage, or they will be left behind,” said Nick Maynard, study author and Head of Research at Juniper Research. “As the demand for digital services continues to grow rapidly, there is significant market opportunity for businesses who go to market in an efficient, scalable manner.”

The Galileo Embedded Finance Report also explores why businesses are gravitating toward embedded finance, the newest use cases for U.S. B2B embedded finance and how the B2B embedded finance market is catching up with B2C offerings. Use cases include offering third-party payment options such as fixed-rate instalment loans or Buy Now, Pay Later (BNPL) options.

To learn more, Juniper Payments Research Head Nick Maynard will be hosting a webinar around the survey findings on Tuesday, October 4, 2022 at 11:00 MT / 1:00 PM ET. Register here to learn more.

## About Galileo Financial Technologies

Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.

About Juniper Research

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary.

Contact Sam Smith, Press Relations (Juniper Research) +44(0)1256 830002 sam.smith@juniperresearch.com

Contact Alissa Clayton, Account Director (The Fletcher Group, on behalf of Galileo Financial Technologies) 647-390-9085 alissa@fletchergroupllc.com

June 11, 2024

Consumers Are Crowdsourcing Their Financial Services, While Banks Risk Losing Primary Status

Galileo Consumer Banking Report by Datos Insights uncovers the latest consumer banking behaviors and preferences

See More
May 14, 2024

Galileo Highlights its Comprehensive Financial Technology Platform at the Chile Fintech Forum 2024

This is Galileo's first event in Chile following the acquisition of the Argentine unicorn Technisys. As a pioneer in financial technology with 23 years in the industry, the firm offers unparalleled experience and scalability.

See More
April 29, 2024

Galileo Tops 150 Million Accounts in Another Strong Quarter

SoFi’s technology platform, which comprises Galileo Financial Technologies and the Technisys cloud-based core banking services platform, surpassed 150 million total enabled accounts saw continued year-over-year net revenue growth in the first quarter of 2024.

See More
April 16, 2024

Rapid Finance Taps SoFi and Galileo to Enable Small Business Financing

Learn about the new Rapid Access Mastercard by Rapid Finance, in collaboration with Galileo and SoFi Bank. Tailored for small businesses, this card offers flexible, instant access to funds, empowering SMBs with the financial solutions they need to thrive.

See More
March 19, 2024

Galileo Launches BNPL Post-Purchase for Credit & Debit

The new BNPL post purchase offering helps banks and fintechs give consumers greater financial flexibility

See More