Many of Galileo’s fintech and challenger bank clients are making headlines and taking action to show their support during this tough time. Below is a roundup highlighting how our clients—like Aspiration, BlueVine, Paysafe and SoFi—are doing their part to make an impact during the COVID-19 global pandemic.
• Americans Are Spending Their Coronavirus Stimulus Checks on Food, Gas and Paying Back Friends (CNBC)
• Aspiration Donates 3,000 Reusable Face Shield to LAC-USC Medical Center (LinkedIn)
• 34 Fintech Companies Aiding in Coronavirus Relief (Andreessen Horowitz)
• Combating COVID-19: Contactless Payments on the Doorstep (Paysafe)
Galileo is proud to be the API standard for card issuing programs and fintech innovation for these and other clients worldwide.
Is SoFi’s Galileo the Future of Embedded Finance?
The embedded finance sector is experiencing unprecedented growth, projected to continue growing at a compound annual growth rate (CAGR) of 16.8% through 2029. Leading the charge is Galileo, the B2B financial services arm of SoFi Technologies.
Debit Rewards Surge as Consumers Shift Spending Preferences
Debit rewards programs, which were significantly reduced by as much as 50% immediately after the Durbin Amendment capped fees on debit card payments, are now seeing new life. This comeback is fueled by the continued rise of debit as a preferred spending method.
Galileo Transforms SoFi Into the Backbone of Embedded Finance
Galileo, the B2B financial services arm of SoFi Technologies, Inc. SOFI, is emerging as a key engine of growth in the rapidly expanding embedded finance market. By offering seamless payment and lending integrations, Galileo enables financial and non-financial firms to embed banking capabilities directly into their platforms.
Virtual Cards Are Gaining Ground. Here’s What Banks Must Do Next
This shift highlights growing comfort with digital-first payments. But while usage is climbing, many banks and financial institutions still struggle to explain why virtual cards matter and how consumers can benefit from them.
One-Tap Payment Switch Gives Banks the Edge in Account Primacy
Prashant Shah, VP of product management at Galileo Financial Technologies, challenged the PYMNTS audience to remember a recent bill paying experience where updating a subscription meant having to chase down Netflix or Amazon — even the local power company — to log into each individual site to update payment details.
