Galileo Financial Technologies’ total enabled client accounts grew by 15 percent year-over-year in the first quarter of 2023, to 126.3 million, Galileo parent company SoFi Technologies announced in its most recent earnings report, released on May 1, 2023.
SoFi’s Technology Platform Segment–which includes Galileo and the Technisys cloud-based core banking services platform–earned $77.9 million in revenue during the first quarter of 2023, a 28 percent year-over-year increase. Galileo-specific revenues were up 3 percent compared to Q1 2022, SoFi reported.
During the most recent quarter, Galileo inked deals with five new clients, making what SoFi CEO Anthony Noto called “big strides” in its diversified growth strategy of expanding into new verticals, products and geographies, and focusing on clients with large established user bases. Four of the five new clients have existing customers or portfolios, and Noto touted the “growing pipeline of joint opportunities selling combined Galileo and Technisys offerings to an expanded customer base.”
Meanwhile, Technisys added one new client in Mexico in Q1, and has entered the proof of concept stage with a large legacy financial institution, Noto said.
The quarter also saw SoFi’s Technology Platform reach the milestone of completing the transition of every client to the cloud, with 100 percent of Galileo- and Technisys-supported transactions now cloud-based, the SoFi CEO added.
During SoFi’s earnings call, Noto reported particularly strong client interest in Cyberbank Konecta, the conversational AI-based customer service offering Galileo rolled out earlier this year, as well as its Payment Risk Platform, which leverages AI and transactional data to mitigate payments fraud.
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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