Galileo, the API standard for card issuing and digital banking, and a subsidiary of Social Finance, Inc. (SoFi) announced on Wednesday there has been significant growth and increased demand for its new product, Galileo Instant, in its first six months on the market.
Galileo reported that since its full launch in June 2020, more than 1,500 businesses have signed up to access the solution, which 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. The company further revealed those using Galileo Instant include companies include 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 Net 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. Speaking about Galileo Instant’s success so far, Galileo Instant Managing Director, Cole Wilkes, stated:
“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. 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.”
Galileo then added 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.