Home » Business News • Spotlight » Utah FinTech Galileo accelerates expansion into South America

Utah FinTech Galileo accelerates expansion into South America

By Nagasunder in Business News, posted March 23, 2022

Galileo Financial Technologies, a Salt Lake City, Utah-based subsidiary of SoFi Technologies has confirmed it has expanded its services in Colombia, South America.

Tory Jackson, head of business development and strategy, Latin America said: “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.”

Galileo's services are available in Colombia, where it collaborates with banks, FinTechs, and eCommerce companies to enable its digital financial services offerings.

Galileo has grown to become one of the most important financial technology companies in Latin America, with more than 1 million accounts in the area, since its inception in Mexico in 2020.

Galileo serves FinTechs and other corporate clients in Mexico and Colombia who provide digital financial services such as debit, credit, and business-to-business (B2B) payments, as well as buy now, pay later (BNPL), cryptocurrency, and other payments.

SoFi will pay $1.1 billion for banking software company Technisys, as part of a string of banking-related acquisitions by the personal finance company.

SoFi will be able to run mobile banking apps, track deposits, and open accounts thanks to the all-stock acquisition, which represents 10 percent of the company's market value.

The acquisition is expected to generate $800 million in revenue and save up to $85 million in the same timeframe.

Together with Technisys, Galileo said it offers Latin American firms integrated banking technology.

The end-to-end service, it said, comprises user interface development and custom multi-product banking ledger with unified processing and card issuing. The combination of Technisys’ platform with Galileo pledges to support checking, savings, deposits, lending and credit cards and future products.

Source: PYMNTS,com

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