Galileo Financial Technologies, the leading global financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced that business-to-business payments innovator Global Rewards is using Galileo’s cloud-based technology platform and powerful APIs to usher in a new era of growth for the company.
Global Rewards, which is on a mission to simplify corporate disbursement and employee spend, helps businesses leverage automation, digital payments and holistic reporting for greater insight and control of their finances. The Lakewood, N.J.-based company’s B2B payment solutions, which include single-use virtual cards and reloadable virtual and physical cards, also help clients turn a traditional cost center (accounts payable) into a new revenue stream. Historically, Global Rewards’ business model has helped clients save upwards of $90,000 in annual check processing and labor costs while also earning as much as $600,000 in cashback.
Global Rewards selected Galileo’s processing platform, open APIs and experienced team to provide the flexibility, scalability and reliability for Global Rewards commercial Mastercard products, which are issued by The Bancorp Bank.1
“We're all about ease of access, automation and really creating holistic solutions that cater to specific industries,” says Global Rewards Founder and CEO Isaac Itzkowitz. “Since we partnered with The Bancorp and Galileo in mid-October, we are experiencing significant growth.”
Just as the pandemic fueled an accelerated shift of consumers embracing more digital payments, COVID-19 has helped businesses see the necessity of reducing manual, paper-based processes in favor of digital solutions that save time and money. The global B2B payments market is expected to reach $1.9 trillion in market value by 2028.2
“Digital B2B payments are rapidly transforming businesses in many ways,” said Galileo CEO Derek White. “What’s so exciting about working with Global Rewards is their focus on going beyond the payment itself to create exceptional digital experiences that solve unique pain points for clients across different industries.”
Click here for the full release.
1 Banking services provided by The Bancorp Bank, Member FDIC. The Global Rewards Corporate Mastercard® is issued by The Bancorp Bank, pursuant to license by Mastercard International Incorporated. Card may be used everywhere Mastercard is accepted.
2 https://www.alliedmarketresearch.com/press-release/b2b-payments-market.html
Your Loyalty Program Might Be Ignoring Your Best Customers
For decades, most loyalty programs were built around credit cards. That alignment made sense at a time when revolving credit was the primary lens through which loyalty and rewards were structured. But consumer payment behavior has changed, and Gen Z is making that shift especially visible.
SoFi and Mastercard Partner to Enable SoFiUSD Settlement Across Mastercard’s Global Payments Network
SoFi’s fully reserved U.S. dollar stablecoin will support settlement across the Mastercard network, including for SoFi Bank, N.A. Galileo, SoFi’s technology platform, will be among the first to offer its clients and their issuing banks the choice to settle transactions using SoFiUSD The Mastercard Multi-Token Network will look to support SoFiUSD, help expand interoperability between digital assets and traditional forms of money
Southwest and Galileo Bring Rewards to Debit’s Doorstep
Galileo’s platform integrates issuing, processing, and program management so non-financial brands like Southwest can launch co-branded cards faster. The economics of debit rewards differ from credit, but Galileo CFO Bill Kennedy said technology efficiencies and deeper loyalty make the model sustainable.
United Airlines Launches MileagePlus Debit Rewards Card that Earns Miles for Spending and Saving
This new card allows MileagePlus members to earn miles through everyday purchases and qualifying account balances. Available now with no monthly fees with an average daily account balance of $2,000 or greater, MileagePlus members can open the debit rewards card at UnitedDebitRewards.com
Southwest Airlines, powered by Galileo (SoFi’s tech platform), has launched the Rapid Rewards Debit Card
Southwest Airlines, powered by Galileo (SoFi’s tech platform), has launched the Rapid Rewards Debit Card, letting debit-first customers earn points on everyday purchases to redeem against flights.
