Introducing Corporate Credit for B2B Expense Management

SALT LAKE CITY, Oct. 17, 2023 – Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today launched the Galileo Corporate Credit solution to help businesses modernize expense management. Traditionally, managing thousands of employee charge cards and their individual credit limits has been a complex and time-consuming task for companies. The Galileo Corporate Credit solution simplifies this process by introducing a central account with a single credit limit for fintechs and non-financial brands to facilitate a streamlined billing cycle and enable corporate-level repayments.

In the past, companies issuing charge cards to employees for business-related expenses faced the challenge of keeping track of multiple account balances, each with its own credit limit. The laborious process of totaling balances from dozens, hundreds, or even thousands of accounts often provided only a static snapshot of credit utilization, quickly becoming outdated and requiring repeated calculations.

The Galileo solution can help businesses transform B2B expense management through:

• Simplified tracking and management of multiple employee charge cards.

• Real-time visibility into available credit across all connected cards.

• One single repayment at the funding account level, due at the end of the billing cycle.

• Enhanced security and control over expenses.

This streamlined approach means that companies only need to check the credit limit of the central account to ascertain available credit but can still have access to transaction records for each individual card.

"Businesses have been held back by cumbersome and complicated expense management processes that lack spend visibility," said David Feuer, Chief Product Officer at Galileo Financial Technologies.

For cardholders, the experience remains consistent with conventional charge cards. Transactions are approved and declined based on credit limit availability. Additional safeguards, such as velocity limits and merchant type restrictions, can be applied either to individual cards or the whole program.

Galileo's Corporate Credit solution is designed to remove accounting complexity by offering a central account with a single, easily managed credit limit. Here's how it works:

• When a connected card is used for a purchase, Galileo instantly checks the credit limit of the central account.

• If sufficient credit is available, the purchase is approved.

• All connected cards draw from the same central credit limit.

• When the credit limit is reached, all purchases are temporarily denied until the balance is paid down.

For more information about the Galileo Corporate Credit Limit solution and its benefits, please visit https://docs.galileo-ft.com/pro/docs/corporate-credit-limit.