Galileo’s powerful payment processing platform is fueling the world’s most innovative fintechs, neobanks and companies worldwide. Check out a recent roundup of our clients in the news, highlighting new valuations, product and geographic expansions, award recognitions and more.
• Fintech LendUp debuts bank for those struggling financially (The Business Journals)
• Robinhood, Remitly and Dave take all three spots on Inc. Magazine’s “Best in Business 2020” list for financial services (Inc.)
• Revolut launches mid-tier subscription plan (TechCrunch)
• UK challenger bank Monzo picks up an additional £60M in funding (TechCrunch)
• TransferWise plans to make 750 hires (Finextra)
• Bitcoin payments startup BitPay applies for national U.S. banking license (Forbes)
• TomoCredit CEO Kristy Kim named to Inc. Magazine’s Top 100 Female Founders (Inc.)
• Greenlight’s Tim Sheehan talks about its unicorn status and mission of ‘helping parents raise financially smart kids’ by shining a light on the world of money (Fintech Finance)
• Oxygen Bank raises $17 million in Series A round (SiliconANGLE); and founder and CEO Hussein Ahmed shares a typical day (Tearsheet)
• Mobility Capital Finance, Inc.’s founder and CEO Wole Coaxum pens an opinion piece on economic equality (Business Insider)
As the API standard for card issuing and digital banking, Galileo’s powerful payment processing platform offers the easiest way to create sophisticated payment card programs and digital banking solutions. For more news and insights, follow us on LinkedIn and Twitter.
Is SoFi’s Galileo the Future of Embedded Finance?
The embedded finance sector is experiencing unprecedented growth, projected to continue growing at a compound annual growth rate (CAGR) of 16.8% through 2029. Leading the charge is Galileo, the B2B financial services arm of SoFi Technologies.
Debit Rewards Surge as Consumers Shift Spending Preferences
Debit rewards programs, which were significantly reduced by as much as 50% immediately after the Durbin Amendment capped fees on debit card payments, are now seeing new life. This comeback is fueled by the continued rise of debit as a preferred spending method.
Galileo Transforms SoFi Into the Backbone of Embedded Finance
Galileo, the B2B financial services arm of SoFi Technologies, Inc. SOFI, is emerging as a key engine of growth in the rapidly expanding embedded finance market. By offering seamless payment and lending integrations, Galileo enables financial and non-financial firms to embed banking capabilities directly into their platforms.
Virtual Cards Are Gaining Ground. Here’s What Banks Must Do Next
This shift highlights growing comfort with digital-first payments. But while usage is climbing, many banks and financial institutions still struggle to explain why virtual cards matter and how consumers can benefit from them.
One-Tap Payment Switch Gives Banks the Edge in Account Primacy
Prashant Shah, VP of product management at Galileo Financial Technologies, challenged the PYMNTS audience to remember a recent bill paying experience where updating a subscription meant having to chase down Netflix or Amazon — even the local power company — to log into each individual site to update payment details.
