Banking News

Galileo’s Technology Powers H&R Block’s New Mobile Banking App, Spruce

Galileo's Technology Powers H&R Block's New Mobile Banking App, Spruce

Full-suite app leverages Galileo’s powerful financial technology platform and flexible APIs to create seamless digital banking experiences for customers

Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc., announced that its API-enabled financial technology powers Spruce, the mobile banking platform built by H&R Block, which launched on January 20, 2022. Spruce includes a spending account with a debit card, a connected savings account that allows for specific budgeting goals, early paycheck availability and overdraft protection―all of which are delivered seamlessly through Galileo’s award-winning platform.

Spruce has entered the market at a time when consumers across demographics are adopting more digital banking solutions. In fact, 44% of U.S. consumers use digital-only banks as a primary or secondary account, while 61% of consumers say they are somewhat or highly likely to switch to a digital-only bank as their primary provider, Galileo research shows.

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“Consumers are embracing digital financial services at an unprecedented pace,” said Derek White, CEO, Galileo Financial Technologies. “As a trusted brand built on more than six decades of experience in money management, H&R Block recognizes this behavioral change in consumer interaction with money and created Spruce to meet consumers where they are and to increase financial inclusion and stability for all.”

Galileo’s cloud-based financial technology platform is built with flexibility, speed and scale in mind, enabling new and established brands to launch innovative financial services that can adapt to evolving customer needs.

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“Helping customers have financial confidence is our ultimate goal at H&R Block. We want them to be able to easily, quickly and reliably access, deposit, transfer and grow their money through Spruce,” said Les Whiting, Chief Financial Services Officer at H&R Block. “When seeking a partner to help us launch and scale Spruce, Galileo was the right choice thanks to its decades-long history of supporting the world’s most innovative digital banks and financial services providers. We are excited to continue our collaboration with Galileo as we expand Spruce.”

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