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.”
US debit spenders increased travel, dining spending this spring despite headwinds
US debit cardholders spent more on dining and travel as the weather warmed, boosted in part by tax refund season, per Galileo’s Q1 2026 Debit Spend Index. Dining and fast food transactions grew 18% over the quarter. Debit travel spending value surged 37%, outstripping transaction volume growth by 15 percentage points. This indicates that consumers are spending more per booking through add-ons like experiences, longer trips, and the impact of rising jet fuel passed along to consumers. That could intensify after the elimination of super-low cost carrier Spirit keeping fares competitive. (Read the full article [here](https://docs.google.com/document/d/1j_3bROViUajR8-H4cX2yfZQwXzgmglzK33BtcM0yhjQ/edit?usp=sharing).)
The Spring Surge: New Galileo Debit Spend Index Charts Q1 Spend and the Year Ahead
American consumers spent cautiously on debit through January and early February before early tax refunds and spring weather sparked a March spending surge, according to the inaugural Galileo Debit Spend Index.
Why Gen Z’s Debit Card Push is Eating Into Credit Card Profits
For people worried about the economy and dealing with affordability issues, one option could be to tuck that high interest rate credit card aside and reach for a trusty debit card instead. To uncover the latest debit card trends, CardRates recently sat down with Paul Dunning, Vice President of Business Development at Galileo Financial Technologies, a fintech firm owned by SoFi. He explained why Gen Z consumers are turning to debit cards and expecting rewards, the compelling case for debit card rewards, and the appeal of debit cards for the debit-first consumer.
Half of Consumers Have Chosen One Brand Over Another Because Paying or Getting a Refund Was Easier
Consumer demand for financial services embedded within brand apps is outpacing brands’ ability to deliver, with most executives recognizing the gap. New research from Galileo Financial Technologies, soon to become SoFi Technology Solutions, found that 80% of brand executives say they plan to launch integrated financial services, but only 20% have done so thus far. The 2026 Galileo Integrated Financial Services Research Report, based on surveys of more than 2,000 U.S. consumers and 150 senior executives, shows that while consumers are already using features like saved cards, rewards, and instant refunds inside brand apps, most brands have yet to launch these capabilities.
Brand Executives Fear They’re Losing Customers to Rivals With In-App Financial Tools, Galileo Research Finds
Half of consumers have chosen one brand over another because paying or getting a refund was easier
