Galileo Introduces Corporate Credit Solution that Streamlines B2B Expense Management for Fintechs and Non-Financial Brands

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Galileo Financial Technologies launches Galileo Corporate Credit solution to simplify expense management

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• The Galileo Corporate Credit solution introduced by Galileo Financial Technologies aims to simplify expense management for businesses by consolidating credit limits. It offers a central account with a single credit limit for fintechs and non-financial brands, streamlining the billing cycle and enabling corporate-level repayments. This solution provides real-time visibility into available credit across all connected cards and enhances security and control over expenses.

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Galileo Corporate Credit solution consolidates credit limits to deliver better spend visibility, and remove accounting complexities

SALT LAKE CITY--(BUSINESS WIRE)-- Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today launched the Galileo Corporate Credit solution to help businesses modernize expense management. Traditionally, managing thousands of employee charge cards and their individual credit limits has been a complex and time-consuming task for companies. The Galileo Corporate Credit solution simplifies this process by introducing a central account with a single credit limit for fintechs and non-financial brands to facilitate a streamlined billing cycle and enable corporate-level repayments.

In the past, companies issuing charge cards to employees for business-related expenses faced the challenge of keeping track of multiple account balances, each with its own credit limit. The laborious process of totaling balances from dozens, hundreds, or even thousands of accounts often provided only a static snapshot of credit utilization, quickly becoming outdated and requiring repeated calculations.

The Galileo solution can help businesses transform B2B expense management through:

• Simplified tracking and management of multiple employee charge cards.
• Real-time visibility into available credit across all connected cards.
• One single repayment at the funding account level, due at the end of the billing cycle.
• Enhanced security and control over expenses.

This streamlined approach means that companies only need to check the credit limit of the central account to ascertain available credit but can still have access to transaction records for each individual card.

"Businesses have been held back by cumbersome and complicated expense management processes that lack spend visibility," said David Feuer, Chief Product Officer at Galileo Financial Technologies. "As a trusted B2B payments technology partner, we're excited to help more corporate clients gain better control over their own expenses while driving efficiencies through simplified, streamlined spend management tools."

For cardholders, the experience remains consistent with conventional charge cards. Transactions are approved and declined based on credit limit availability. Additional safeguards, such as velocity limits and merchant type restrictions, can be applied either to individual cards or the whole program.

Galileo's Corporate Credit solution is designed to remove accounting complexity by offering a central account with a single, easily managed credit limit. Here's how it works:

• When a connected card is used for a purchase, Galileo instantly checks the credit limit of the central account.
• If sufficient credit is available, the purchase is approved.
• All connected cards draw from the same central credit limit.
• When the credit limit is reached, all purchases are temporarily denied until the balance is paid down.

For more information about the Galileo Corporate Credit Limit solution and its benefits, please visit https://docs.galileo-ft.com/pro/docs/corporate-credit-limit.

About Galileo

Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017603573/en/

Katie Boyless

The Fletcher Group

404.791.8245

katie@fletchergroupllc.com

Source: Galileo Financial Technologies, LLC

FAQ

What is the Galileo Corporate Credit solution?

The Galileo Corporate Credit solution is a tool introduced by Galileo Financial Technologies to help businesses modernize expense management. It consolidates credit limits into a central account with a single credit limit, simplifying the process of managing multiple employee charge cards.

What are the benefits of the Galileo Corporate Credit solution?

The solution offers simplified tracking and management of multiple employee charge cards, real-time visibility into available credit, streamlined billing cycles with one single repayment at the funding account level, and enhanced security and control over expenses.

How does the Galileo Corporate Credit solution work?

When a connected card is used for a purchase, Galileo checks the credit limit of the central account. If there is sufficient credit available, the purchase is approved. All connected cards draw from the same central credit limit. When the credit limit is reached, all purchases are temporarily denied until the balance is paid down.

Where can I find more information about the Galileo Corporate Credit solution?

For more information about the Galileo Corporate Credit solution and its benefits, please visit the following link: [https://docs.galileo-ft.com/pro/docs/corporate-credit-limit](https://docs.galileo-ft.com/pro/docs/corporate-credit-limit)