Galileo Financial Technologies was a key contributor to making 2024 a banner financial year for parent company SoFi Technologies, with several major new Galileo partnership deals highlighting a robust financial fourth quarter, SoFi announced in its most recent earnings report, released on Jan. 27, 2025.
SoFi’s Technology Platform segment–which includes Galileo and the Technisys cloud-based core banking services platform–had 168.0 million total enabled accounts at the close of Q4 2024, up 15 percent compared to Q4 2023. Meanwhile, Q4 segment net revenue increased by 6 percent year-over-year, to $102.8 million, while full-year 2024 net revenue of $395.2 million was a 12 percent increase year-over-year, SoFi reported.
During SoFi’s earnings call, CEO Anthony Noto highlighted major recent Galileo partnerships that demonstrate the technology segment’s ability to serve a range of clients, including banks, fintechs, consumer brands and governmental agencies.
Galileo was recently selected by the U.S. Department of the Treasury as the processing partner for Direct Express, a prepaid debit card program that 3.4 million people use to access their federal benefits, Noto said. “This is a testament to our tech platform’s differentiated offering, as well as its strength and reliability,” he remarked. “We are excited about the integration that will take place in 2025 and the financial impact that we will see in 2026.”
The SoFi CEO went on to cite a recent partnership with a major U.S.-based financial services provider that has “a large, loyal, and highly active debit card portfolio,” according to Noto. The bank will “rely on Galileo’s technology to power existing and new capabilities, and will be a top 10 client on a revenue basis” for Galileo once they fully transition to the company’s platform in early 2026, he added.
Finally, Noto highlighted Galileo’s signing of a leading hotel rewards brand for a new co-branded card program launching in the first half of 2025, describing the program as “a new, differentiated offering that will expand our footprint among consumer brands.”
Those and other large Galileo partners added in recent years are expected to drive more predictable revenue from larger established brands, with notably higher average deal sizes, Noto added.
SoFi as a whole had a record-setting financial year in 2024, setting new high marks in revenue, profit, members and products, the company announced during its most recent earnings report.
See SoFi’s full fourth-quarter results for more information.
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