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.
See SoFi’s full third-quarter results for more information.
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
Introducing SoFi Tech Solutions: A Unified Brand Built to Power End-to-End Financial Innovation
We’re evolving from Galileo to SoFi Tech Solutions to reflect the full scope of our platform. We deliver end-to-end infrastructure for fintechs, brands, and financial institutions, now backed by SoFi’s scale and resources. Our mission stays the same: support our clients’ growth while maintaining platform neutrality and strong data protections.
