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CLIENT EXPANSION, NEW PRODUCT ADOPTION DRIVES Q4 GROWTH

Client Expansion, New Product Adoption Drives Q4 Growth

February 1, 2024

Galileo Financial Technologies continued steady user base and revenue growth during the fourth quarter of 2023, Galileo parent company SoFi Technologies announced in its most recent earnings report, released on Jan. 29, 2024. 

SoFi’s Technology Platform segment–which includes Galileo and the Technisys cloud-based core banking services platform–had 145.4 million total enabled accounts at the close of Q4 2023, up 11 percent from the final quarter of 2022. Meanwhile, Q4 segment net revenue increased by 13 percent year-over-year, to $96.9 million–a significant acceleration from the 6 percent year-over-year growth tallied in Q3 2023, SoFi reported. 

SoFi CEO Anthony Noto credited the segment’s performance during Q4 to several factors, including the strong organic growth of existing clients, as well as the “increasingly diversified” partners that launched with SoFi in the second half of the year.

“We continue to make significant strides in our strategy of leveraging our unique product suite to pursue diversified growth and larger, more durable revenue opportunities,” Noto said during SoFi’s earnings call–citing strong demand from traditional financial institutions and non-financial providers for Galileo’s modern payment processing and banking core offerings.

Along with client growth, Noto also highlighted robust adoption of new Technology Platform offerings, including the Galileo Corporate Credit expense management solution, rolled out in partnership with Mastercard in October, and the recently launched same-day ACH capability, which allows account holders faster access to funds and helps mitigate risks tied to transactional delays. The SoFi CEO also pointed to strong client takeup of Galileo’s Payments Risk Platform, which in October became available to the entire financial services ecosystem.

Looking ahead, Noto cited further growth opportunities stemming from a “robust pipeline of ongoing discussions with potential partners with large existing customer bases, across both the U.S. and Latin America, spanning both the financial services and non-financial services segments.”

See SoFi’s full fourth-quarter results for more information.

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