Galileo Accelerates Latin American Growth with Expansion into Colombia

Rhea-AI Summary

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced that its subsidiary, Galileo Financial Technologies, is expanding its operations into Colombia. This move follows Galileo's successful entry into Mexico in 2020, where it onboarded over one million user accounts. The expansion targets a rapidly growing fintech ecosystem in Colombia, which now boasts over 300 players. With the Technisys acquisition, Galileo aims to offer an end-to-end banking technology stack, enhancing financial inclusion and digital transformation across the region.

Positive

• Expansion into Colombia taps into a rapidly growing fintech market with over 300 active players.
• Galileo has established itself in Mexico, demonstrating capability to onboard over one million user accounts since 2020.
• Partnership with Technisys allows for a comprehensive banking technology stack, enhancing service offerings.

Negative

• None.

SoFi’s recent Technisys acquisition cements strategic commitment to Latin America as the definitive standard for vertically integrated financial technology platforms

BOGOTA, Colombia--(BUSINESS WIRE)-- Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), today announced its recent expansion into Colombia. Galileo is currently providing services in Colombia where it can partner with issuers, banks, ecommerce and fintechs to enable their digital financial services offerings.

Since Galileo’s arrival in Mexico in 2020, it has established itself as a leading financial technology company in Latin America having onboarded more than one million end-user accounts in the region. Galileo serves leading fintechs, like Ualá in Mexico and Colombia, as well as other clients that offer digital financial services, ranging from debit, credit and business-to-business (B2B) payments to remittances, buy now, pay later (BNPL), cryptocurrency and other emerging payments.

“Numerous factors underpinned Galileo’s decision to expand into Colombia, including the dynamism and growth of the fintech ecosystem which now has over 300 players, surpassing Argentina and Chile in investment levels, as well as robust consumer adoption rates and a business environment that genuinely fosters processes of innovation and financial growth,” explained Tory Jackson, Head of Business Development and Strategy, Latin America for Galileo.

With more than 20 years of experience in the international market, Galileo has reinvented the fintech ecosystem, recently surpassing 100 million end user accounts. Galileo’s expansion into Colombia follows the initial opening of the company’s first office outside the U.S. in Mexico City in 2020, and the opening of the company’s Latin America headquarters in early 2021. The latest expansion reinforces Galileo's strategic commitment and exponential growth in Latin America, as well as strong market reception for innovative payment solutions in the region. This expanded presence in Colombia enables Galileo to serve strategic markets across Latin America, and co-innovate with dynamic financial services providers to deliver differentiated, best-in-class digital experiences to their clients.

Together with Technisys, a leading cloud-native, digital multi-product core banking platform recently acquired by SoFi, Galileo provides Latin American companies with the only end-to-end vertically integrated banking technology stack, from user interface development capabilities to a customizable multi-product banking core and ledger with fully integrated processing and card issuing available. The combination of Technisys’ platform with Galileo will uniquely support multiple products – including checking, savings, deposits, lending and credit cards – as well as future products, all surfaced through industry-leading APIs.

“Galileo empowers traditional banks, fintechs and non-financial brands to create digital products that are easily integrated into the daily lives of Colombians,” said Jackson. “We’re proud to partner with innovators to increase financial inclusion and digital transformation in Latin America.”

The experience, knowledge and technological innovation of the global company have been key in the development and growth of financial and non-financial digital transactions in the region. Galileo operates in North America and Latin America and works with major fintech companies in these geographies.

About Galileo Financial Technologies

Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early-stage innovators, and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco, and Seattle.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220322005378/en/

Erin Knapp

Matter Communications for Galileo Financial Technologies

galileo@matternow.com

Source: Galileo Financial Technologies

FAQ

What is SoFi's recent expansion in Colombia?

SoFi's subsidiary, Galileo Financial Technologies, has announced its expansion into Colombia to provide digital financial services.

How many user accounts has Galileo onboarded in Latin America?

Galileo has onboarded more than one million user accounts in Latin America since entering Mexico in 2020.

What is the significance of Technisys in SoFi's operations?

Technisys provides end-to-end banking technology, allowing Galileo to enhance its financial services offerings in Latin America.

How many fintech companies are operating in Colombia?

Colombia's fintech ecosystem has over 300 companies, making it a dynamic market for financial technology services.