Galileo, a subsidiary of SoFi (NASDAQ: SOFI), today announced its recent expansion into Colombia. The company currently provides services in Colombia where it can partner with issuers, banks, e-commerce, and Fintechs to enable its digital financial services offerings.
Since Galileo’s arrival in Mexico in 2020, it has onboarded more than one million end-user accounts in the region. They serve Fintechs like Ualá in Mexico and Colombia, as well as other clients that offer digital financial services, ranging from debit, credit, and business-to-business (B2B) payments to remittances, buy now, pay later (BNPL), cryptocurrency and other emerging payments.
“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, as well as robust consumer adoption rates and a business environment that genuinely fosters processes of innovation and financial growth,” explained Tory Jackson, head of business development and strategy, Latin America.
During its two-plus decades of experience in the international market, Galileo has surpassed 100 million end-user accounts. Its expansion into Colombia follows the initial opening of the company’s first office outside the U.S. in Mexico City in 2020, and the opening of the company’s Latin America headquarters in early 2021.
“The latest expansion reinforces Galileo’s strategic commitment and exponential growth in Latin America, as well as strong market reception for innovative payment solutions in the region,” the company said in a statement. “This expanded presence in Colombia enables Galileo to serve strategic markets across Latin America, and co-innovate with dynamic financial services providers to deliver differentiated, best-in-class digital experiences to their clients.”
Together with Technisys, a cloud-native, digital multi-product core banking platform recently acquired by SoFi, Galileo provides Latin American companies with an end-to-end vertically integrated banking technology stack, from user interface development capabilities to a customizable multi-product banking core and ledger with fully integrated processing and card issuing available. The combination of Technisys’ platform with Galileo can support multiple products – including checking, savings, deposits, lending and credit cards – as well as future products, all surfaced through APIs.
“Galileo empowers traditional banks, Fintechs and non-financial brands to create digital products that are easily integrated into the daily lives of Colombians,” said Jackson. “We’re proud to partner with innovators to increase financial inclusion and digital transformation in Latin America.”
Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco, and Seattle.