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How SoFi and Galileo Work Together to Help People Get Their Money Right

17 de abril de 2024

SoFi Technologies Inc. was founded on the principle of being a different kind of finance company–one with the aim of helping people get their money right by giving them the tools they need to take control of their financial futures. Whether paying off student loans or other debt, buying a home, or simply getting a better handle on day-to-day saving and spending, SoFi’s suite of services is specifically designed to help members achieve their short- and long-term financial goals.  

Galileo Financial Technologies plays a key role in supporting that mission for SoFi, providing key payment processing and technology support for a variety of SoFi offerings, including buy now, pay later and conversational AI-based customer engagement. And with the companies operating under the same corporate umbrella since SoFi acquired Galileo in 2020, the opportunity for additional integrations has skyrocketed.

Galileo recently spoke with Kelli Keough, executive vice president and unit leader for SoFi’s Spend, Invest, Protect and Save (SIPS) unit, about how the partner companies are collaborating to help SoFi members get their money right and build brighter financial futures. 

Mission: “SoFi's mission and purpose are to help our members get their money right,” said Keough. “We're really focused on giving them a holistic experience so they can spend better, borrow better, and save better."

Founding: Launched in 2011 by alumni of the Stanford Graduate School of Business, SoFi’s original focus was funding student loans. The company has since expanded to offer a full range of financial products and services, including other types of loans, deposit accounts, payment tools, investing and financial planning services and more. In 2022, SoFi received a national bank charter, allowing it to operate as a fully licensed financial institution. 

What Galileo Does for Them: “Galileo and SoFi started collaborating in payment processing, providing a quicker and more innovative approach to bringing debit cards and banking capabilities,” noted Keough. “And now we collaborate on various services. For example, our Pay in 4 offering, or buy now, pay later, was introduced about a year ago and has been successful. We also use Cyberbank Konecta, a product that brings AI into our chat service model, improving our service as we scale.”

The Road Ahead: “The financial service opportunity is vast, and we aim to grow quickly, providing a range of services in lending, cards and payment processing,” Keough said.

“By focusing on members, having the right technology for innovation, and leveraging collaborations like with Galileo, SoFi can achieve its goal of becoming a Top 10 financial institution.”
Kelli Keough
Executive Vice President for SoFi’s Spend, Invest, Protect and Save (SIPS)

Working closely with Galileo helps supercharge growth for both entities, Keough added, with innovations from each side being applied within the other’s platform and ecosystem in what she described as “a flywheel, where innovations from both sides benefit each other, creating a powerful cycle.”

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