Galileo Financial Technologies surpassed the 150 million-end-user milestone during the first quarter of this year, Galileo parent company SoFi Technologies announced in its most recent earnings report, released on April 29, 2024.
SoFi’s Technology Platform segment–which is composed of Galileo and the Technisys cloud-based core banking services platform–tallied 151.0 million total enabled accounts at the end of Q1, up from 145.4 million accounts the previous quarter and a 20 percent year-over-year increase.
Meanwhile, first quarter segment net revenue jumped by 21 percent year-over-year, to $94.4 million, a continued acceleration from the 13 percent and 6 percent year-over-year segment net revenue growth recorded in the final two quarters of 2023, respectively.
SoFi CEO Anthony Noto attributed the Technology Platform growth to strong performances from new clients added over the past three quarters, including deals with major financial institutions in Latin America and robust takeup of new products launched by existing clients on the Galileo and Technisys platforms.
“Demand from traditional financial institutions and clients in non-financial categories remains strong,” Noto said during SoFi’s earnings call. “We’re seeing the transition to modern processing and modern cores playing out as envisioned.”
During the call, Noto highlighted several “key strides in product development” for the Technology Platform in Q1, including an expanded partnership with The Bancorp Bank to offer Real Time Payments for B2C and B2B clients, the launch of post-purchase Buy Now, Pay Later for banks and fintechs and Galileo and SoFi Bank teaming up to launch a small business financing card program with Rapid Finance.
“The demand and interest in… using our technology platform, our modern Gen-3 core, as well as our API-based payment platform is as high as it's ever been,” Noto said.
The SoFi CEO added that that demand has come from a range of client types, including “partners that haven’t historically used an issuing platform or processing platform like Galileo,” as well as the major bank segment, which has shown “really robust demand” for the modern banking core and processing capabilities offered by SoFi’s Technology Platform segment.
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