Galileo Financial Technologies tallied 160.2 million total enabled accounts in the third quarter of 2024, up 17 percent year-over-year from 136.7 in Q3 of 2023, Galileo parent company SoFi Technologies announced in its most recent earnings report, released on October 29, 2024.
SoFi’s Technology Platform segment–which is made up of Galileo and the Technisys cloud-based core banking services platform–also took in net revenue of $102.5 million during the most recent quarter, a 14 percent annual increase from $89.9 million a year earlier, SoFi reported.
SoFi attributed the segment’s growth to strong contribution from new clients, as well as growth in Latin America, consumer brands in the US, and clients with innovative use cases, including earned wage access and money movement.
During SoFi’s earnings call, CEO Anthony Noto cited specific new partnerships the company inked in the third quarter, including processing deals with two charter banks in Mexico, as well as the recently announced deployment of Galileo's Cyberbank Core to power SoFi's new commercial payment services sponsor bank program.
“We [also] launched additional fraud prevention solutions: the Galileo Instant Verification Engine [and] Transaction Risk GScore, both of which help clients enhance their security and operational efficiency,” Noto said during the call.
Looking ahead, Noto expressed confidence in the Technology Platform’s prospects for continued growth via new and existing partnerships and high-potential market opportunities.
“Our pipeline spans banks, brands and fintechs across consumer and B2B, which offer larger and more durable revenue,” observed Noto. “The pipeline is in a stronger spot than it has ever been, and the investments made in this segment have greatly expanded the market opportunity.”
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.
‘Trust me, I’m an algorithm’: How fintech is rebuilding customer confidence in the age of AI
Trust in financial services now means showing customers how AI works, ensuring it treats them fairly, and being upfront about data use.
What’s Happening With SOFI Stock?
The company’s strategic shift toward higher-margin revenue avenues through its Technology Platform (Galileo and Technisys) and Financial Services segments is attracting investor interest.
Galileo Debuts ‘Payment Switch’ for Easier Bill Pay
Galileo integrates another new solution, powered by Atomic, to help clients become the first choice for everyday spend and grow recurring revenue.
Behind SoFi's Technology Business
SoFi has built a booming business in banking, but how does the technology business work and scale?
