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STRONG Q4 FOR GALILEO: ACCOUNTS GROW TO APPROXIMATELY 100M

Strong Q4 for Galileo: Accounts Grow to Approximately 100M

March 9, 2022

Galileo hits 100 million accounts and grows B2B client base by 40%.

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.

November 8, 2023

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.

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October 19, 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.

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October 17, 2023

Introducing Corporate Credit for B2B Expense Management

Galileo Corporate Credit solution consolidates credit limits to deliver better spend visibility, and remove accounting complexities.

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October 10, 2023

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.

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October 5, 2023

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.

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