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.
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.
Mercantil Banco Chooses Cyberbank Digital to Embrace Digital Transformation
Cyberbank, the next-gen digital platform from Galileo, will enable Mercantil Banco to transform its digital presence and customer experience for both consumer and corporate clients.
19 Best Practices For Monetizing Data (And Why They Matter)
Data represents value (and money) for a business by highlighting opportunities for increased efficiency, guiding smarter strategic decisions, revealing new revenue opportunities, and much more. A company can even monetize its unique data by marketing it to other organizations.
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.
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.
