Galileo Financial Technologies, the API standard for card issuing and digital banking and a subsidiary of Social Finance, Inc. (SoFi), announced today it signed a record number of new deals during 2020, strengthened existing partner and client relationships, and is working with numerous new partners as they prepare to launch their programs over the coming months of 2021.
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Galileo signed a total of 41 new enterprise partners in 2020, up from a record-setting 31 new partners in 2019. Galileo continues to be the first choice for industry-leading players, including Dave.com, a neobank on a mission to create financial opportunity that advances America’s collective potential, by helping its customers budget, avoid overdraft fees, find work and build credit; MoneyLion’s RoarMoney, a demand deposit account that meets consumers’ financial needs as they evolve, from faster access to their funds to safe and secure contactless payment options; Robinhood’s cash management feature; Albert, with a $100 million Series C raise this week, which is building a new financial service to democratize how people manage, save and invest their money using automated features, while providing personalized advice from a team of human financial experts; and TomoCredit, the inclusive credit card for the next generation of consumers lacking credit history.
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A testament to the continued premium service Galileo provides, the company also renewed 99% of revenue for agreements rolled over during 2020.
In 2020, Galileo expanded into Latin America, opening an office in Mexico City and certifying Mastercard’s local Mexican domestic switch. Galileo has agreements with seven LatAm-based companies, including many of Mexico’s leading neobanks, and is currently powering two groundbreaking fintechs as they advance financial inclusion across Latin America, including fintech innovator Klar, a 100% digital, transparent, free and secure alternative to traditional debit and credit services in Mexico, and Ualá whose successful entry into Mexico was powered by Galileo. In Mexico, the Argentina-based fintech juggernaut offers a mobile app, linked to a digital account, and an international debit card with no issue, renewal or maintenance costs.
2020 also marked the launch of Galileo Instant, a fast, low-cost way for early-stage companies, such as fintech startups, gig-economy, e-commerce and marketplace companies, to enable digital payments. Galileo Instant also provides a solution for businesses that want to expand opportunities by embedding payments into their business model. More than 1,500 businesses have registered through the Instant Dashboard, including Purple, a mobile banking app for people with disabilities, and Neggster, a youth-focused banking app. Both have recently moved into full production.
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