More than 1,500 businesses sign up for Galileo Instant to quickly create digital payments solutions
Galileo, the API standard for card issuing and digital banking and a subsidiary of Social Finance, Inc. (SoFi), experienced significant growth and increased demand for its new product, Galileo Instant, in its first six months on the market. Since its full launch in June 2020, more than 1,500 businesses have signed up to access the lightning fast, frictionless solution that allows businesses to launch debit card programs with significantly lower barriers to entry compared to traditional payment methods, such as paper checks and ACH payments. Additionally, cardholder spend has increased nearly 14x in the six months since launch.
Developers at all sizes and types of organizations—including fintech, marketplace, e-commerce and gig-economy businesses—can use Galileo Instant, leveraging the powerful Galileo Instant API to quickly create bank accounts and debit cards for their employees or customers—or as a proof of concept to intrigue potential investors.
The fintechs using Galileo Instant include companies such as Purple Financial, a neobank aimed at ensuring financial inclusion and independence for people with disabilities; Ivella, a company creating banking products specifically for couples; Better, a neobank fighting medical debt through its Community Safety NetTM loyalty program, which provides $5,000 worth of no-fee emergency insurance, prescription discounts and free medical bill negotiation to its members; and The Music Fund, which provides revenue-based financing for up and coming artists.
“After being inspired by my brother Christian, who has Down Syndrome, to build Purple, I felt reassured by the opportunity to partner with an established fintech powerhouse like Galileo,” said Purple Founder and CEO, John Ciocca. “The ease and efficiency of using Galileo Instant helped turn my vision into reality, creating a platform for people like my brother, who are often overlooked by financial institutions, but just as deserving of financial independence.”
