Global Rewards Taps Galileo Financial Technologies to Scale B2B Payments

Rhea-AI Summary

Galileo Financial Technologies, owned by SoFi Technologies (NASDAQ: SOFI), partners with Global Rewards to enhance B2B payments. Global Rewards aims to simplify corporate disbursements with a cloud-based platform, potentially saving clients up to $90,000 annually. By leveraging Galileo's technology, Global Rewards offers solutions like single-use virtual cards, transforming traditional accounts payable into revenue streams. The global B2B payments market is projected to reach $1.9 trillion by 2028, driven by the necessity for digital solutions.

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• Global Rewards estimates potential savings of up to $90,000 in annual check processing costs for clients.
• The partnership is positioned to capitalize on a rapidly growing B2B payments market, expected to reach $1.9 trillion by 2028.

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• None.

SALT LAKE CITY--(BUSINESS WIRE)-- Galileo Financial Technologies, the leading global financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced that business-to-business payments innovator Global Rewards is using Galileo’s cloud-based technology platform and powerful APIs to usher in a new era of growth for the company.

Global Rewards, which is on a mission to simplify corporate disbursement and employee spend, helps businesses leverage automation, digital payments and holistic reporting for greater insight and control of their finances. The Lakewood, N.J.-based company’s B2B payment solutions, which include single-use virtual cards and reloadable virtual and physical cards, also help clients turn a traditional cost center (accounts payable) into a new revenue stream. Historically, Global Rewards’ business model has helped clients save upwards of $90,000 in annual check processing and labor costs while also earning as much as $600,000 in cashback.

Global Rewards selected Galileo’s processing platform, open APIs and experienced team to provide the flexibility, scalability and reliability for Global Rewards commercial Mastercard products, which are issued by The Bancorp Bank.¹

“We're all about ease of access, automation and really creating holistic solutions that cater to specific industries,” says Global Rewards Founder and CEO Isaac Itzkowitz. “Since we partnered with The Bancorp and Galileo in mid-October, we are experiencing significant growth.”

Just as the pandemic fueled an accelerated shift of consumers embracing more digital payments, COVID-19 has helped businesses see the necessity of reducing manual, paper-based processes in favor of digital solutions that save time and money. The global B2B payments market is expected to reach $1.9 trillion in market value by 2028.²

“With our partnership, Galileo has everything we need to be an all-encompassing payments platform for businesses of all sizes–from Main Street to enterprise,” added Global Rewards COO Stephen Schum.

“Digital B2B payments are rapidly transforming businesses in many ways,” said Galileo CEO Derek White. “What’s so exciting about working with Global Rewards is their focus on going beyond the payment itself to create exceptional digital experiences that solve unique pain points for clients across different industries.”

1 Banking services provided by The Bancorp Bank, Member FDIC. The Global Rewards Corporate Mastercard® is issued by The Bancorp Bank, pursuant to license by Mastercard International Incorporated. Card may be used everywhere Mastercard is accepted.

2 https://www.alliedmarketresearch.com/press-release/b2b-payments-market.html

About Global Rewards

Global Rewards LLC, headquartered in NJ provides payment and technology services to businesses of all sizes to meet their unique payment methods, and spend patterns. Our solution encompasses all levels of a corporate entities’ spending, from their Corporate and T&E cards, to their AP spend solutions, bundling them all into an efficient and automated platform. With businesses continuously vying for better spend controls, our platform offers our clients real time visibility into managing and controlling their spend, ultimately benefiting their bottom line. For more information about Global Rewards, please visit https://globalrewardsusa.com

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. Learn more at galileo-ft.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220208005382/en/

Media Contact

Sara Reister

Matter Communications for Galileo Financial Technologies

Galileo@matternow.com

Source: Galileo Financial Technologies