SoFi’s recent earnings report has provided a first ever peek into Galileo’s performance under SoFi since the acquisition last year. Galileo, SoFi’s banking as a service offering, clocked in a 119% year over year increase in accounts, up from 36 million to 79 million; and a 138% YoY increase in revenue, up from $19.0 million to $45.3 million.
SoFi’s Galileo platform reported net revenue of $45 million in Q2 2021 with $13 million of profit — a 29% margin. The platform has already established itself a leader in the neobanks space, holding a substantial market share — reported by Apptopia to be 95% among the largest challenger banks in the US — and is increasingly expanding into non-financial sectors. An example of this expansion is Galileo’s partnership with Verizon, which was announced in June, for a new service developed for parents to help foster their kids’ financial literacy skills.
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