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.”
Banks can’t duct tape their way out of legacy system failures. Core modernization is a business imperative
Legacy banking systems create mounting operational risks and innovation constraints, with "duct tape" fixes leading to frequent outages and inability to compete with agile fintechs. Ritesh Rihani from Galileo and John Kraper from PwC discuss incremental transformation strategies, talent challenges, and unlocking data-driven banking through modern API-based architecture and event-driven systems.
How to serve customers better at the point-of-decision ft. Galileo’s CEO Derek White
30% of customers are pulling out debit cards when making purchases at major travel and entertainment brands. The co-branded debit card presents a new opportunity or brands to deepen customer relationships while addressing the preferences of a generation that increasingly chooses debit over credit.
SoFi Tech Platform Drives Revenue Growth, Expands Beyond Financial Services in Q2
SoFi's Technology Platform segment achieved strong 15 percent revenue growth, expanded into new sectors, and powered innovation across the company in Q2.
Galileo Drives SoFi's Seamless Fintech Integration and Expansion
Since acquiring Galileo Financial Technologies in 2020, SoFi Technologies, Inc. SOFI has deepened its fintech infrastructure by integrating Galileo’s payment processing and tech capabilities across its growing suite of offerings.
Modern Banking Starts With Mindset Before Tech
Despite massive investments in digital transformation, a persistent gap between operational stability and forward-looking innovation continues to stall progress.
