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.
Galileo Drives SoFi's Seamless Fintech Integration and Expansion
Since acquiring Galileo Financial Technologies in 2020, SoFi Technologies, Inc. SOFI has deepened its fintech infrastructure by integrating Galileo’s payment processing and tech capabilities across its growing suite of offerings.
Modern Banking Starts With Mindset Before Tech
Despite massive investments in digital transformation, a persistent gap between operational stability and forward-looking innovation continues to stall progress.
Subscription Economy Projected To Hit $1.2 Trillion by 2030
Many consumers may feel overwhelmed by their subscriptions, but that doesn’t seem to be stopping the practice from growing. According to a report released Monday by London-based Juniper Research, the subscription economy will nearly double in the next five years to US$1.2 trillion, from $722.5 billion in 2025.
Are You Rewarding The Right Customers? Here's How To Close The Loyalty Gap
Consumer needs have outpaced the financial solutions built to serve them. Most Americans use debit as a primary payment method—more than 90% of U.S. adults have a debit card—but they're not getting rewarded for their spend or brand loyalty.
Digital Wallets Unite Banks and FinTechs in Latin America’s Inclusion Push
Tory Jackson, head of business development and strategy for Latin America at Galileo, tells PYMNTS the region offers lessons for other nations for financial services innovation and financial inclusion.
