SALT LAKE CITY AND MEXICO CITY, October 10, 2023 - Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced it has received Mastercard certification to provide services simultaneously in five new Latin American countries.
Following its successful expansion into Colombia in March 2022, Galileo, a Mastercard Engage partner, is now providing services in Argentina, Brazil, Chile, Perú and Uruguay that enable issuers, financial institutions and fintechs to offer issuer processing services (including virtual and physical credit, debit and prepaid cards). Mastercard Engage makes it simple for partners to collaborate with Mastercard and accelerate time to market for product innovation through access to the company’s global network, expertise, technology and resources.
The rising demand for online banking in this region demonstrates a need for instant access to financial services, customized interactions and digital banking interfaces. Alongside Galileo’s strategic alliance with Mastercard, the company’s experience, knowledge and innovative technology will be key in the development and growth of financial and non-financial digital transactions in Latin America. Earning certification across more markets enables Galileo to further its commitment to accelerating the digitization of financial services for consumers and businesses.
"As the demand for digital payment solutions in Latin America continues to grow, Mastercard’s rigorous certification process promises to deliver short and long-term benefits to local customers,” said Kiki del Valle, Executive Vice President, Market Development, Latin America and the Caribbean at Mastercard."
Tory Jackson, Director of Strategy and Development for Galileo Latin America added, "Digitization of payments is a top priority for businesses driven not only by the demands of end users, but also by the growing pool of innovators in Latin America."
“Existing players and new entrants are looking for a single suite of APIs that enable a single integration to enable payments, so it’s crucial for them to have the best solution and support to remain competitive. With this certification, businesses across these five new markets will receive the support for modernizing payment services with flexible, faster and frictionless development times while building strong customer trust”, adds Jackson. Galileo operates in North America and Latin America, working with major fintech companies in these geographies to streamline B2B payments through industry-leading, flexible APIs.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Partner Banking at a Crossroads: Unlocking Growth with Embedded Finance
As financial innovation accelerates and regulatory oversight intensifies, the lines between fintech, banking, and infrastructure continue to blur. This timely American Banker Leaders episode will explore how this is impacting banks and their approach to navigating a new era of compliance, embracing diversified revenue models, and evolving with embedded finance.
Rewarding Debit Card Users: What Was Once Largely Forgotten May Be Back En Vogue
The path to earning rewards when paying with debit has long been overshadowed by co-branded credit card offerings instead. Recently Galileo Financial Technologies launched a new co-branded debit program, which they believe provides brands with a means of introducing rewards-based debit cards to their customers.
Galileo Is Tops Among Digital Debit Issuers, Javelin Says
Galileo Financial Technologies LLC’s Digital First product ranks first among digital debit card issuers in Javelin Strategy & Research’s inaugural Digital Issuance Provider Scorecard. Sandy, Utah-based Galileo earned top billing for its flexibility, security, and scalability. Javelin ranked eight digital-issuance vendors’ products, using 25 criteria across features and functionality, technology, and customer support.
3 Priorities for Financial Institutions to Reclaim the Role as Primary Bank
Convenience, data-driven personalization and automation can give customers more of what they want.
Can New ‘Credential’ Concepts from Mastercard and Visa Recapture Consumers’ Eroding Loyalty?
Mastercard One Credential joins Visa Flexible Credential (as well as PayPal and others) in the latest race to hit the payments space. But can the offerings overcome consumers’ love of mixing and matching financial products?
