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.
As 10 principais empresas de embedded finance que impulsionam pagamentos, bancos e empréstimos
A Galileo Financial Technologies fornece a infraestrutura que permite a empresas de fintech e outras plataformas oferecer produtos bancários, programas de cartões e soluções de pagamentos integrados aos seus utilizadores.
Galileo afirma que o crédito garantido está pronto para voltar
Os cartões de crédito garantidos, em teoria, são um produto extremamente útil, especialmente para consumidores com acesso limitado aos serviços financeiros. Na prática, porém, eles têm sido prejudicados por obstáculos como processos de onboarding complicados, contas de garantia bloqueadas e um estigma que afastou muitos consumidores. "O produto em si nunca foi o problema", afirmou Shankar Pandravada, diretor sênior de Gestão de Produtos da Galileo Financial Technologies, ao PYMNTS. "A experiência era o problema."
Prashant Shah | Vice-presidente de Gestão de Produtos | Galileo – Cavalgando com os Cowboys do FinTech
Os cartões de débito podem ser a próxima grande oportunidade para reforçar a fidelização dos clientes. Prashant Shah explica como as finanças integradas e os programas de recompensas associados aos cartões de débito estão a transformar as estratégias de fidelização no setor bancário e porque os primeiros a adotar estas soluções, especialmente os bancos comunitários, têm potencial para conquistar uma vantagem competitiva.
Usuários de débito nos EUA aumentaram os gastos com viagens e restaurantes nesta primavera, apesar dos desafios econômicos
Os usuários de cartões de débito nos Estados Unidos aumentaram os gastos com restaurantes e viagens com a chegada do clima mais quente, impulsionados em parte pela temporada de restituição de impostos, de acordo com o Índice de Gastos com Débito do 1º trimestre de 2026 da SoFi Tech Solutions. As transações em restaurantes e fast-food cresceram 18% no trimestre.
SoFi Tech Solutions Financial Technologies permite que a SoFi envie e receba pagamentos via FedNow Service
SoFi habilita pagos instantáneos 24/7 con FedNow®, permitiendo enviar y recibir dinero en segundos mediante la plataforma de SoFi Tech Solutions.
