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.
US debit spenders increased travel, dining spending this spring despite headwinds
US debit cardholders spent more on dining and travel as the weather warmed, boosted in part by tax refund season, per Galileo’s Q1 2026 Debit Spend Index. Dining and fast food transactions grew 18% over the quarter. Debit travel spending value surged 37%, outstripping transaction volume growth by 15 percentage points. This indicates that consumers are spending more per booking through add-ons like experiences, longer trips, and the impact of rising jet fuel passed along to consumers. That could intensify after the elimination of super-low cost carrier Spirit keeping fares competitive. (Read the full article [here](https://docs.google.com/document/d/1j_3bROViUajR8-H4cX2yfZQwXzgmglzK33BtcM0yhjQ/edit?usp=sharing).)
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
