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.
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.
