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.
The Spring Surge: New Galileo Debit Spend Index Charts Q1 Spend and the Year Ahead
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.
Brand Executives Fear They’re Losing Customers to Rivals With In-App Financial Tools, Galileo Research Finds
Half of consumers have chosen one brand over another because paying or getting a refund was easier
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.
