Galileo Financial Technologies and core banking platform Technisys reached a combined 124.3 million total enabled client accounts in the third quarter of 2022, an increase of 40 percent year-over-year, from 88.8 million in Q3 2021.
The companies–which together comprise SoFi Technologies Inc.’s Technology Platform Segment–collectively earned $84.8 million in revenue for the most recent quarter, a 69 percent jump from a year earlier, SoFi announced in its quarterly earnings report on November 1, 2022. Galileo-only revenue was up 29 percent year-over-year and set a new quarterly record.
Strong Growth in Enabled Accounts
The strong growth in enabled accounts in Q3 was driven by both new client acquisition and growth in existing clients. Galileo signed 10 new clients during the quarter, including three in the B2B segment and four outside the U.S.--both areas in which the company has focused efforts to enhance its presence.
Notably, of the 10 new deals, seven include existing subscribers, portfolios or payment businesses, reflecting “continued demand for our services and new use cases for embedded fintechs from more mature organizations,” SoFi CEO Anthony Noto said during the company’s earnings call.
New Product Offerings
Noto went on to highlight two new B2B-focused core capabilities Galileo shipped during the quarter: account-level controls, which enable payment program managers to set account-specific parameters in real time governing how and where funds can be spent; and real-time funding, which automatically funds an account in real time during the transaction process, optimizing the working capital needs of SMB customers.
“In addition to building products for B2B that are more controllable for them and meet their needs better… we're also continuing to expand internationally with really strong trends throughout Latin America, both on the back of Galileo as well as Technisys, [where] it was strong to begin with,” Noto added.
See SoFi’s full third-quarter results for more information.
Troca de Pagamento com Um Toque Dá Vantagem aos Bancos na Primazia da Conta
Prashant Shah, vice-presidente de gerenciamento de produto na Galileo Financial Technologies, desafiou o público da PYMNTS a lembrar de uma experiência recente de pagamento de contas, em que atualizar uma assinatura significava ter que correr atrás da Netflix, da Amazon — até mesmo da companhia de energia local — para acessar cada site individualmente e atualizar os dados de pagamento.
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O que está acontecendo com as ações da SOFI?
A mudança estratégica da empresa em direção a fontes de receita de maior margem por meio de sua Plataforma de Tecnologia (Galileo e Technisys) e dos segmentos de Serviços Financeiros está atraindo o interesse dos investidores.
Galileo Lança ‘Payment Switch’ para Facilitar Pagamentos de Contas
A Galileo integra mais uma nova solução, impulsionada pela Atomic, para ajudar os clientes a se tornarem a primeira escolha para gastos do dia a dia e aumentarem a receita recorrente.
Por Trás do Negócio de Tecnologia da SoFi
A SoFi construiu um negócio bancário em plena expansão, mas como funciona e escala a área de tecnologia?