Galileo Instant Grows Rapidly in 6 Months Since Launch
Additionally, cardholder spend has increased nearly 14x in the six months since launch.
SALT LAKE CITY, Feb. 3, 2021 /PRNewswire/ -- Galileo, the API standard for card issuing and digital banking and a subsidiary of Social Finance, Inc. (SoFi), experienced significant growth and increased demand for its new product, Galileo Instant, in its first six months on the market. Since its full launch in June 2020, more than 1,500 businesses have signed up to access the lightning fast, frictionless solution that allows businesses to launch debit card programs with significantly lower barriers to entry compared to traditional payment methods, such as paper checks and ACH payments. Additionally, cardholder spend has increased nearly 14x in the six months since launch.
Developers at all sizes and types of organizations—including fintech, marketplace, e-commerce and gig-economy businesses—can use Galileo Instant, leveraging the powerful Galileo Instant API to quickly create bank accounts and debit cards for their employees or customers—or as a proof of concept to intrigue potential investors.
The fintechs using Galileo Instant include companies such as Purple Financial, a neobank aimed at ensuring financial inclusion and independence for people with disabilities; Ivella, a company creating banking products specifically for couples; Better, a neobank fighting medical debt through its Community Safety NetTM loyalty program, which provides $5,000 worth of no-fee emergency insurance, prescription discounts and free medical bill negotiation to its members; and The Music Fund, which provides revenue-based financing for up and coming artists.
"After being inspired by my brother Christian, who has Down Syndrome, to build Purple, I felt reassured by the opportunity to partner with an established fintech powerhouse like Galileo," said Purple Founder and CEO, John Ciocca. "The ease and efficiency of using Galileo Instant helped turn my vision into reality, creating a platform for people like my brother, who are often overlooked by financial institutions, but just as deserving of financial independence."
In addition to startups and fintechs that need a live card product, Galileo Instant is particularly useful for marketplace and ecommerce companies simplifying their purchasing experience; streaming and content-creation platforms paying creators; and gig economy and contractor businesses paying employees and independent contractors.
Shortly after launching, Galileo Instant won best new product at the Tearsheet Challenger Awards. Announced at the conclusion of the Tearsheet Challenger Conference in September 2020, the Challenger Awards are the financial industry's top recognition program focusing on digital banking, celebrating both incumbents and startups.
And at the 2020 CB Insights Future of Fintech Global Innovation Challenge, the inaugural Galileo-sponsored hackathon, participants competed for The Galileo Innovation Award, recognizing the project that demonstrated the best use of the Galileo Instant API to build digital banking functionality into their projects. That award was presented to EVVA Community Fund, a community donation platform aimed at supporting small businesses in Mexico impacted by COVID-19.
"When we envisioned Galileo Instant, we saw an easier and more affordable way for innovators to incorporate payments into their businesses, without needing to get into the payments business," said Galileo Instant Managing Director Cole Wilkes. "Especially now with the economic challenges many businesses and consumers recently faced, I'm proud to be able to offer Galileo Instant to these up and coming businesses, as consumers demand more flexible ways of being paid. And the ingenuity of our early adopters, offering solutions within and outside of fintech, proves the widespread applicability and potential of Galileo Instant as a game-changing business tool."
Banking and Debit Card services provided by The Bancorp Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. The Mastercard® Debit Card may be used everywhere Mastercard is accepted. Program Management services provided by Galileo Financial Technologies, LLC.
About Galileo
Galileo, the API standard for card issuing, virtual card solutions and digital banking, is a global payments platform that powers world-leading fintechs, challenger banks, neobanks, financial services and investment firms by removing the complexity from payments. Galileo makes it fast and easy for many types and sizes of businesses to innovate and deliver amazing financial services user experiences to their customers through our Galileo Pro and Galileo Instant Solutions. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City and San Francisco.
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SOURCE Galileo
