Strong Q4 for Galileo: Accounts Grow to Approximately 100M
March 9, 2022
Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), now supports approximately 100 million accounts on its best-in-class financial technology platform, a 67% year-over-year increase from approximately 60 million in Q4 of 2021.
Galileo’s Q4 growth―announced on March 1, 2022, as part of SoFi’s Q4 and full-year earnings report―rounded out an already-strong year. SoFi’s Technology Platform segment, composed primarily of Galileo solutions and services, contributed net revenue of $53.3 million for the fourth quarter and $194.9 million for the full year. These are increases of 42% and 102%, respectively, from the comparable prior year periods. Galileo also grew its total B2B client base by 40%.
"Galileo's impressive growth over the past year speaks to the innovative solutions it powers," said Anthony Noto, CEO of SoFi. "The value of Galileo's technology is only increasing as challenger and traditional banks alike begin to curate more streamlined consumer platforms.We acquired Galileo to leverage an owned-and-operated platform that could drive rapid innovation―and Galileo is more than delivering on that objective."
Galileo’s flexible, flagship platform and open API-powered solutions continue to gain traction among neobanks, traditional banks and non-financial companies. For example, Noto said, “We launched Toast last year, and signed T. Rowe Price in the fourth quarter, to service its future emergency savings program. And H&R Block just chose Galileo to power its new mobile banking app, Spruce.”
The Salt Lake City-based company, which helps create next-generation financial experiences for consumers, signed nine new clients during the fourth quarter, bringing the year-to-date total to 44.
Noto also said SoFi’s definitive agreement to acquire Technisys, a leading cloud-native, digital multiproduct core banking platform, represents a critical next step in the company's continued efforts to become the “AWS of fintech” and vertically integrate its businesses to accelerate innovation for its best-of-breed financial products and is expected to be a growth multiplier for both SoFi and Galileo. The acquisition closed on March 3.
See SoFi’s full fourth-quarter and year-end results for more information.
Enjoy our Insights?
Recent Posts
Galileo Integrates Platform with Microsoft Cloud for Financial Services to Redefine the Banking Experience
Through this integration financial institutions can personalize their banking experience, adopt digital innovations, and uncover new revenue streams by embracing the cloud.
Galileo Delivers Differentiated Customer Experiences to Support Financial Health and Wellness in Digital Banking
With the latest release of Cyberbank Digital, financial institutions can deliver exceptional digital-first customer journeys, across all devices and conversational apps – with speed and AI innovation.
Crediclub chooses Cyberbank to embrace digital transformation
Cyberbank, the next-gen digital and core banking platform from Technisys, will enable Crediclub to accelerate the delivery of tailored financial products and redefine the customer experience
Tearsheet Names Galileo Top Payment as a Service Platform
Many thanks to Tearsheet for naming Galileo “Best Payment as a Service Platform” during the Embedded Payments Awards Ceremony on November 19. We’re thrilled for the honor!
Technisys Tops IBS Intelligence Sales Table for the Americas 2020
Digital banking company joins the IBSI SLT Leadership Club that recognizes platform-suppliers who rank in the top two positions in each category