Mesh Payments Teams Up with SoFi Bank and Galileo to Drive Innovation In Travel and Expense Management

Rhea-AI Summary

Mesh Payments has announced a strategic partnership with SoFi Bank and Galileo Financial Technologies (NASDAQ: SOFI) to enhance its travel and expense management solutions. The collaboration integrates Mesh's expense and card infrastructure with SoFi Bank's financial framework and Galileo's API-based payments processing platform.

The partnership aims to streamline enterprise expense management and accelerate product development through an integrated ecosystem. Mesh Payments, which processes over $1 billion in annual payment volume, will leverage SoFi Bank's sponsor program built on Galileo's platform to eliminate traditional inefficiencies between separate providers.

Key benefits include faster product development, regulatory compliance through Galileo's federal banking regulations, and improved operational efficiency with real-time data and automation capabilities.

Positive

• Processing over $1 billion in annual payment volume
• Integration with SoFi Bank's financial framework expected to accelerate product development
• Partnership streamlines operations by combining banking and payment infrastructure under one ecosystem

Negative

• None.

Insights

Financial Analyst

This partnership represents a strategic expansion of SoFi's B2B banking services, leveraging its Galileo acquisition to create a comprehensive financial ecosystem. Processing over $1 billion in annual payment volume through Mesh Payments adds a significant revenue stream and demonstrates SoFi's ability to monetize its banking infrastructure. The integration of SoFi Bank's services with Galileo's processing capabilities creates a competitive advantage in the corporate expense management space. This vertical integration strategy could improve operational margins and create recurring revenue opportunities. The deal strengthens SoFi's position in the commercial banking sector, diversifying beyond its consumer-focused roots and potentially opening doors to more enterprise partnerships.

Tech Industry Analyst

The technical synergy between SoFi Bank, Galileo and Mesh Payments creates a powerful integrated solution for enterprise expense management. Galileo's API-based platform provides the technological foundation for rapid product development and scalability, while eliminating the traditional friction points between banking and payment processing systems. This consolidated approach should accelerate feature deployment and innovation cycles. The real-time data capabilities and automation features position the platform competitively in the corporate expense management market, where efficiency and visibility are important differentiators. This integration showcases SoFi's technical capabilities in serving enterprise clients through its Galileo subsidiary.

SoFi Bank’s relationship with Galileo strengthens Mesh Payments’ drive to reduce inefficiencies and accelerate the development of new products

NEW YORK & SAN FRANCISCO & SALT LAKE CITY--(BUSINESS WIRE)-- Mesh Payments, an innovator in global travel and expense management, has joined forces with SoFi Bank as its sponsor bank and with Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI) as its longtime payments processor.

This partnership integrates Mesh Payments’ next-generation expense and card infrastructure with SoFi Bank’s scalable financial framework and Galileo’s modern, customizable API-based payments processing platform. By uniting these capabilities within a single ecosystem, Mesh Payments is positioned to streamline enterprise expense management, reduce inefficiencies and deliver innovative solutions to its clients more quickly.

SoFi Bank’s selection as Mesh Payments’ sponsor bank underscores its emerging capabilities in commercial payments services. As one of the few sponsor banks to offer an integrated approach, SoFi Bank’s relationship with Galileo eliminates inefficiencies that typically arise when fintechs rely on separate providers for banking and payments infrastructure.

“We’re excited to partner with SoFi and Galileo, as both companies share our vision of delivering the most modern and innovative financial solutions for businesses,” said Oded Zehavi, CEO of Mesh Payments. “They are the ideal partners to support our mission to provide companies with an efficient, forward-thinking approach to corporate travel and expense management.”

Key Benefits of the Partnership:

• Accelerated Product Development – SoFi Bank’s sponsor program is built on Galileo’s powerful tech platform, eliminating traditional inefficiencies between separate providers, enabling faster delivery of enhanced features and services.
• Regulatory Expertise – Galileo, a subsidiary of SoFi operating under federal banking regulations, ensures enterprises benefit from solutions that align with strict compliance standards, providing confidence in secure and reliable financial operations.
• Operational Efficiency – With real-time data, automation, and centralized visibility into spending, enterprises benefit from improved compliance and reduced delays.

“SoFi is proud to provide the financial backbone for forward-thinking solutions like Mesh Payments,” said Paul Mayer, President, SoFi Bank. “With SoFi and Galileo under one roof, we empower partners like Mesh Payments to harness Galileo’s advanced cloud-based banking core, enabling them to launch new products faster, scale seamlessly, and stay ahead of their customers' ever-changing needs.”

Supporting leading midmarket businesses and enterprises, and processing more than $1 billion in annual payment volume, Mesh Payments empowers businesses with a comprehensive platform that integrates virtual and physical corporate cards, automated expense tracking, and travel management. By offering centralized visibility and automating processes, Mesh helps enterprises reduce delays, minimize errors and maintain compliance, ensuring seamless financial operations across teams.

About Mesh

Mesh is the leading all-in-one travel and expense management platform for global enterprises. Mesh integrates corporate cards, expense management, and travel bookings on a single platform, streamlining the entire T&E lifecycle from request to reconciliation. With AI-powered automation, customizable policies, and multi-currency support, Mesh simplifies global spending across multiple entities, reduces costs, and ensures compliance. Today leading private and public enterprise customers, including Fortune 100 household brands and leading multinational tech providers, leverage Mesh to optimize their financial operations. Recognized by CNBC and Statista as one of the world's top fintech companies of 2024, Mesh sets the standard for innovative T&E management solutions.

For more information, visit meshpayments.com or follow us on LinkedIn.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its nearly 8.8 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com or download our iOS and Android apps.

©2024 SoFi Technologies, Inc. All rights reserved.

About Galileo Financial Technologies

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.

©2024 Galileo Financial Technologies, LLC. All rights reserved.

Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in North and South America.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241212627250/en/

MEDIA CONTACT:

For Mesh Payments

Joe Gerace

Joe.gerace@archiegroup.com

For Galileo

Katie Boyless

404-791-8245

katie@fletchergroupllc.com

Source: Galileo Financial Technologies, LLC

FAQ

What is the annual payment volume processed by Mesh Payments with SOFI?

Mesh Payments processes more than $1 billion in annual payment volume through its platform.

How will the SOFI partnership benefit Mesh Payments' product development?

The partnership with SoFi Bank and Galileo will accelerate product development by eliminating inefficiencies between separate providers through an integrated platform approach.

What services will SOFI provide to Mesh Payments in this partnership?

SoFi Bank will serve as Mesh Payments' sponsor bank and provide financial infrastructure, while Galileo will serve as the payments processor.

How does the SOFI-Mesh partnership improve operational efficiency?

The partnership provides real-time data, automation, and centralized visibility into spending, improving compliance and reducing delays in financial operations.