Galileo to Power Fintech Pomelo’s ‘Remit Now, Pay Later’ Credit Card to Boost Financial Access
17 de novembro de 2022
Pomelo will tap Galileo’s flexible API-enabled platform for first of its kind combined credit and U.S.-based international money transfer service
SALT LAKE CITY--(BUSINESS WIRE)--Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), announced today that its API-enabled financial technology powers Pomelo, a new charge card that allows families in the U.S. to build and extend their credit access abroad without incurring expensive remittance fees.
According to the World Bank, remittances to low- and middle-income countries will reach $630 billion in 2022. Despite a 4.2% increase from 2021, international money transfers continue to impose expensive transfer fees and exchange rate markups on senders. Pomelo, launched to combat this challenge, is the first option that allows families to combine credit with money transfer to make it easier to offer credit to friends and family overseas. This added flexibility and accessibility not only broadens financial inclusion for members of underserved communities who need it most – it also helps new Americans establish and strengthen their credit profile as they start their financial journey in the US. Pomelo selected Galileo and its payment processing solution to deliver secure, fast, accurate, resilient and PCI-compliant authorization, reconciliation and settlement processing.
“We set out to re-envision traditional international money transfers so our customers and their loved ones in emerging economies can benefit from access to modern financial instruments,” said Eric Velasquez Frenkiel, Founder and CEO at Pomelo. “We’ve made this possible through Galileo’s API technology and deep industry knowledge in delivering inclusive digital financial services that create seamless customer payments experiences.”
Galileo’s speed, precision and reliability — from authorization through settlement — will support Pomelo’s ability to authorize requests quickly, ensure post accuracy, and allow customers to move money and settle funds seamlessly across all ecosystem partners. In addition to instant access to funds, the newly expanded Galileo Payment Risk Platform will deliver powerful end-to-end fraud and risk management and chargeback protection, supporting provisioning/onboarding to protect clients against a variety of payments fraud.
“We pride ourselves on partnering with forward-thinking companies like Pomelo that share in our mission to help people build a better financial future,” said Derek White, CEO at Galileo. “Through our partnership, Galileo will support Pomelo’s rapid growth by powering their financial solutions with differentiation, automation, readiness and extensibility to create better connected ecosystems as they innovate money transfer through inclusive credit solutions.”
Pomelo currently allows cardholders to send money from the US to the Philippines, with India and Mexico scheduled next, along with plans for further international expansion.
For more information about Galileo’s platform and powerful APIs, visit www.galileo-ft.com.
About Galileo Financial Technologies
Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.
About Pomelo
The Pomelo Mastercard is issued by Coastal Community Bank, pursuant to a license from Mastercard International, and features a mobile app available on both Android and iOS. U.S. citizens and permanent residents 18 years and older can apply for the Pomelo Mastercard and invite their loved ones abroad to join their family plan. Pomelo sends their loved ones a virtual card instantly and a physical card via courier delivery, enabling the convenience of shopping online and swiping at checkout instead of handling cash. To learn more, visit www.pomelo.com.
Contacts
Alissa Clayton The Fletcher Group 647.390.9085 Alissa@fletchergroupllc.com
O Impulso da Primavera: Novo Índice de Gastos com Débito da Galileo Mostra os Gastos do 1º Trimestre e as Perspectivas para o Ano
Os consumidores americanos gastaram com cautela no débito durante janeiro e início de fevereiro, antes que as restituições de impostos antecipadas e o clima de primavera desencadeassem um aumento de gastos em março, de acordo com o Índice de Gastos com Cartão de Débito da Galileo (Galileo Debit Spend Index) inaugural.
Por que o avanço dos cartões de débito da Geração Z está reduzindo os lucros dos cartões de crédito
Para pessoas preocupadas com a economia e enfrentando questões de acessibilidade financeira, uma opção pode ser deixar de lado o cartão de crédito com altas taxas de juros e optar por um cartão de débito confiável. Para descobrir as últimas tendências em cartões de débito, a CardRates conversou recentemente com Paul Dunning, Vice-Presidente de Desenvolvimento de Negócios da Galileo Financial Technologies, uma fintech pertencente à SoFi. Ele explicou por que os consumidores da Geração Z estão migrando para cartões de débito e esperando recompensas, o forte apelo das recompensas em débito e a atratividade dos cartões de débito para o consumidor que prioriza o débito.
Metade dos consumidores escolheu uma marca em vez de outra porque pagar ou receber reembolso era mais fácil
A demanda dos consumidores por serviços financeiros integrados em aplicativos de marcas está superando a capacidade das empresas de entregá-los, e a maioria dos executivos reconhece essa lacuna. Uma nova pesquisa da Galileo Financial Technologies, que em breve se tornará SoFi Technology Solutions, revelou que 80% dos executivos de marcas afirmam planejar lançar serviços financeiros integrados, mas apenas 20% já o fizeram até agora. O Relatório de Pesquisa Galileo Integrated Financial Services 2026, baseado em pesquisas com mais de 2.000 consumidores dos EUA e 150 executivos seniores, mostra que, embora os consumidores já utilizem funcionalidades como cartões salvos, recompensas e reembolsos instantâneos dentro de aplicativos de marcas, a maioria das empresas ainda não lançou essas capacidades.
Executivos de marcas temem perder clientes para concorrentes com ferramentas financeiras integradas em aplicativos, aponta pesquisa da Galileo
Metade dos consumidores escolheu uma marca em vez de outra porque pagar ou receber um reembolso era mais fácil
Apresentando a SoFi Tech Solutions: uma marca unificada criada para impulsionar a inovação financeira de ponta a ponta
Estamos evoluindo de Galileo para SoFi Tech Solutions para refletir todo o alcance da nossa plataforma. Oferecemos infraestrutura de ponta a ponta para fintechs, marcas e instituições financeiras, agora com o suporte da escala e dos recursos da SoFi. Nossa missão permanece a mesma: apoiar o crescimento dos nossos clientes, mantendo a neutralidade da plataforma e a proteção rigorosa dos dados.
