After surpassing 150 million total enabled accounts in the first quarter of 2024, Galileo Financial Technologies continued growing its end-user base during Q2, Galileo parent company SoFi Technologies announced in its most recent earnings report, released on July 30, 2024.
As of the close of this year’s second quarter, there were 158.5 million total enabled client accounts across SoFi’s Technology Platform segment–which is made up of Galileo and the Technisys cloud-based core banking services platform–a 23 percent year-over-year increase from 129.4 million in Q2 2023. Meanwhile, second-quarter net revenue for the Technology Platform segment was $95.4 million, up 9 percent year-over-year, SoFi reported.
“Our tech platform is a center of innovation as we add capabilities to our already comprehensive offering,” SoFi CEO Anthony Noto said during the company’s earnings call. Noto went on to cite key recent Tech Platform product launches, including expanding Buy Now, Pay Later to include post purchase, expanded wire transfer capabilities for fintechs and the extension of AI-driven transactional fraud defenses to non-processing partners.
“We also advanced the quality of our managed service in the cloud and introduced 3DS, which adds another layer of security to digital card transactions,” Noto added. “These improvements ensure our modern cloud-based platform will continue to serve the needs of brands, fintechs and global financial institutions alike.”
The SoFi CEO noted continued progress in the company’s strategy to attract enterprise clients with large existing customer bases, citing a “robust’ pipeline of interest that includes “U.S. and international financial institutions, along with major consumer and commercial brands.”
See SoFi’s full second-quarter results for more information.
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