English
GALILEO, TECHNISYS NEAR 125 MILLION TOTAL ACCOUNTS IN Q3

Galileo, Technisys Near 125 Million Total Accounts in Q3

November 4, 2022

Galileo Financial Technologies and core banking platform Technisys reached a combined 124.3 million total enabled client accounts in the third quarter of 2022, an increase of 40 percent year-over-year, from 88.8 million in Q3 2021.

The companies–which together comprise SoFi Technologies Inc.’s Technology Platform Segment–collectively earned $84.8 million in revenue for the most recent quarter, a 69 percent jump from a year earlier, SoFi announced in its quarterly earnings report on November 1, 2022. Galileo-only revenue was up 29 percent year-over-year and set a new quarterly record.

Strong Growth in Enabled Accounts

The strong growth in enabled accounts in Q3 was driven by both new client acquisition and growth in existing clients. Galileo signed 10 new clients during the quarter, including three in the B2B segment and four outside the U.S.--both areas in which the company has focused efforts to enhance its presence.

Notably, of the 10 new deals, seven include existing subscribers, portfolios or payment businesses, reflecting “continued demand for our services and new use cases for embedded fintechs from more mature organizations,” SoFi CEO Anthony Noto said during the company’s earnings call.

New Product Offerings

Noto went on to highlight two new B2B-focused core capabilities Galileo shipped during the quarter: account-level controls, which enable payment program managers to set account-specific parameters in real time governing how and where funds can be spent; and real-time funding, which automatically funds an account in real time during the transaction process, optimizing the working capital needs of SMB customers.

“In addition to building products for B2B that are more controllable for them and meet their needs better… we're also continuing to expand internationally with really strong trends throughout Latin America, both on the back of Galileo as well as Technisys, [where] it was strong to begin with,” Noto added.

We're really pleased with the growth that we're driving, and even more so with the processes that have been undertaken to provide a stable, reliable and resilient platform for our partners and the pipeline of products
Anthony Noto
SoFi CEO

See SoFi’s full third-quarter results for more information.

May 20, 2025

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.

See More
March 3, 2025

Galileo Brings Co-Brand Debit Rewards to Hospitality Sector

Galileo is bringing its debit card rewards programme - which allows brands to offer debit users access to rewards normally reserved for credit card customers - to the US hospitality sector.

See More
December 16, 2024

Choosing the Best Banking Option Isn’t Always Easy

Choosing the right banking option can be complex, with consumers weighing features like fees, accessibility and digital tools across traditional banks, credit unions, online banks and fintech firms.

See More
December 11, 2024

Behind SoFi's Technology Business

SoFi has built a booming business in banking, but how does the technology business work and scale?

See More
September 12, 2024

C-Suite Perspectives On AI: Derek White Of Galileo Financial Technologies On Where to Use AI and Where to Rely Only on Humans

As artificial intelligence (AI) continues to advance and integrate into various aspects of business, decision-makers at the highest levels face the complex task of determining where AI can be most effectively utilized and where the human touch remains irreplaceable. This series seeks to explore the nuanced decisions made by C-Suite executives regarding the implementation of AI in their operations. As part of this series, we had the pleasure of interviewing Derek White.

See More