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.
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
Introducing SoFi Tech Solutions: A Unified Brand Built to Power End-to-End Financial Innovation
We’re evolving from Galileo to SoFi Tech Solutions to reflect the full scope of our platform. We deliver end-to-end infrastructure for fintechs, brands, and financial institutions, now backed by SoFi’s scale and resources. Our mission stays the same: support our clients’ growth while maintaining platform neutrality and strong data protections.
