Galileo Financial Technologies, the leading global financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced that business-to-business payments innovator Global Rewards is using Galileo’s cloud-based technology platform and powerful APIs to usher in a new era of growth for the company.
Global Rewards, which is on a mission to simplify corporate disbursement and employee spend, helps businesses leverage automation, digital payments and holistic reporting for greater insight and control of their finances. The Lakewood, N.J.-based company’s B2B payment solutions, which include single-use virtual cards and reloadable virtual and physical cards, also help clients turn a traditional cost center (accounts payable) into a new revenue stream. Historically, Global Rewards’ business model has helped clients save upwards of $90,000 in annual check processing and labor costs while also earning as much as $600,000 in cashback.
Global Rewards selected Galileo’s processing platform, open APIs and experienced team to provide the flexibility, scalability and reliability for Global Rewards commercial Mastercard products, which are issued by The Bancorp Bank.1
“We're all about ease of access, automation and really creating holistic solutions that cater to specific industries,” says Global Rewards Founder and CEO Isaac Itzkowitz. “Since we partnered with The Bancorp and Galileo in mid-October, we are experiencing significant growth.”
Just as the pandemic fueled an accelerated shift of consumers embracing more digital payments, COVID-19 has helped businesses see the necessity of reducing manual, paper-based processes in favor of digital solutions that save time and money. The global B2B payments market is expected to reach $1.9 trillion in market value by 2028.2
“Digital B2B payments are rapidly transforming businesses in many ways,” said Galileo CEO Derek White. “What’s so exciting about working with Global Rewards is their focus on going beyond the payment itself to create exceptional digital experiences that solve unique pain points for clients across different industries.”
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1 Banking services provided by The Bancorp Bank, Member FDIC. The Global Rewards Corporate Mastercard® is issued by The Bancorp Bank, pursuant to license by Mastercard International Incorporated. Card may be used everywhere Mastercard is accepted.
2 https://www.alliedmarketresearch.com/press-release/b2b-payments-market.html
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