Galileo experienced significant growth during the first half of 2020, including a 97 percent increase in revenue, bolstered by new Galileo clients, including BitPay, MoneyLion, Remitly and Mexico’s Klar, and a 135 percent increase in earnings before interest, taxes, depreciation and amortization.
During the first six months of 2020, total dollar value loaded to the Galileo platform increased 235 percent, and the number of active accounts grew by 148 percent. Galileo also turned in a 228 percent increase in events processed.
“These are strong results in any year, but they’re especially meaningful because of the chilling effect of COVID-19 on the overall economy,” said Galileo CEO Clay Wilkes. “We know many companies and individuals are struggling in the current environment, so we share this information with humility and the understanding that success is fragile in these precarious times.
“But we also share these results as a message of hope—that the fintech sector is robust, creating new jobs and putting money back into the economy. This is also confirmation that the consumer move to digital banking, driven by COVID-19, is significant and accelerating.” he continued.
In addition to the above 1H20 results, purchase transactions powered by Galileo grew 172 percent, while the number of financial transactions increased 186 percent.
“We credit our successful first half to our innovative and evolving technology, our world-class team that continually pushes boundaries to expand our capabilities and to our clients, which work every day to meet the payments needs of their customers,” Wilkes added. “Our business is strong, and we continue to get stronger.”
Is SoFi’s Galileo the Future of Embedded Finance?
The embedded finance sector is experiencing unprecedented growth, projected to continue growing at a compound annual growth rate (CAGR) of 16.8% through 2029. Leading the charge is Galileo, the B2B financial services arm of SoFi Technologies.
Debit Rewards Surge as Consumers Shift Spending Preferences
Debit rewards programs, which were significantly reduced by as much as 50% immediately after the Durbin Amendment capped fees on debit card payments, are now seeing new life. This comeback is fueled by the continued rise of debit as a preferred spending method.
Galileo Transforms SoFi Into the Backbone of Embedded Finance
Galileo, the B2B financial services arm of SoFi Technologies, Inc. SOFI, is emerging as a key engine of growth in the rapidly expanding embedded finance market. By offering seamless payment and lending integrations, Galileo enables financial and non-financial firms to embed banking capabilities directly into their platforms.
Virtual Cards Are Gaining Ground. Here’s What Banks Must Do Next
This shift highlights growing comfort with digital-first payments. But while usage is climbing, many banks and financial institutions still struggle to explain why virtual cards matter and how consumers can benefit from them.
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.