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.
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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.
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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.
