Driven by continued diversification of its client base and adoption of new product offerings, Galileo Financial Technologies saw a 10 percent year-over-year increase in total enabled accounts in the third quarter of 2023, along with a 6 percent rise in revenue over the same period, Galileo parent company SoFi Technologies announced in its most recent earnings report, released Oct. 30, 2023.
SoFi’s Technology Platform segment–which includes Galileo and the Technisys cloud-based core banking services platform–tallied 136.7 million total enabled accounts in Q3, 7.4 million higher than Q2. Segment net revenue was $89.9 million for the third quarter, up from $87.6 million in the prior quarter.
SoFi CEO Anthony Noto attributed that year-over-year and attributed quarterly revenue and profit generation to “significant strides” in the company’s strategy of signing larger, more durable clients with bigger customer bases, including traditional financial institutions.
“The majority of new signed clients [are] bringing existing customer bases and portfolios, which drives much faster time to revenue generation… along with a growing pipeline of joint opportunities to sell combined Technisys and Galileo offerings into an expanded customer base,” Noto said during SoFi’s earnings call.
Demand from traditional financial institutions for the Technology Platform’s modern banking core technology and payment processing capabilities is “the most robust that we have seen,” Noto added.
The SoFi CEO also noted “great uptake” of Galileo product offerings, including the Cyberbank Konecta AI-powered natural language digital assistant, as well as the Payments Risk Platform, which leverages transactional data to reduce transaction fraud.
Building on the success of those products, Galileo has continued to roll out new capabilities in the current quarter, with Q4 launches thus far including an expanded Buy Now, Pay Later functionality tailored for small businesses and a corporate credit solution to help businesses modernize expense management.
The company recently also achieved certification by Mastecard to provide issuer processing services in five new Latin American countries.
Product Uptake and Interest from FIs Powers Strong Q3
SoFi’s technology platform, which comprises Galileo Financial Technologies and the Technisys cloud-based core banking services platform, saw net revenue and total enabled accounts maintain growth during the third quarter of 2023.
Galileo Payment Risk Platform Now Available to the Entire Financial Services Ecosystem
Companies outside of Galileo’s ecosystem can now leverage the proactive risk-scoring fraud engine and reduce payment and payment-related fraud.
Introducing Corporate Credit for B2B Expense Management
Galileo Corporate Credit solution consolidates credit limits to deliver better spend visibility, and remove accounting complexities.
Galileo First to Attain Multi-market Mastercard Certification in Latin America
Galileo announces Mastercard certification in five new Latin American countries, further solidifying commitment to accelerate digital transformation across region.
Galileo Expands Buy Now, Pay Later Offering to Help Lenders Reach SMBs
Banks and fintechs working with Galileo can now provide responsible, intelligent installment financing options for SMBs seeking more flexibility for big purchases.
