Mesh Payments, an innovator in global travel and expense management, has joined forces with SoFi Bank as its sponsor bank and with Galileo Financial Technologies, a financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI) as its longtime payments processor.
This partnership integrates Mesh Payments’ expense and card infrastructure with SoFi Bank’s financial framework and Galileo’s modern, “customizable API-based payments processing platform.”
By uniting these capabilities within a single ecosystem, Mesh Payments is positioned to streamline enterprise expense management, “reduce inefficiencies and deliver innovative solutions to its clients more quickly.”
SoFi Bank’s selection as Mesh Payments’ sponsor bank “underscores its emerging capabilities in commercial payments services.”
As one of the few sponsor banks to offer an integrated approach, SoFi Bank’s relationship with Galileo eliminates “inefficiencies that typically arise when fintechs rely on separate providers for banking and payments infrastructure.”
Oded Zehavi, CEO of Mesh Payments said:
“They are the ideal partners to support our mission to provide companies with an efficient, forward-thinking approach to corporate travel and expense management.”
Key Benefits:
- Accelerated Product Development – SoFi Bank’s sponsor program is built on Galileo’s powerful tech platform, eliminating traditional inefficiencies between separate providers, enabling faster delivery of enhanced features and services.
- Regulatory Expertise – Galileo, a subsidiary of SoFi operating under federal banking regulations, ensures enterprises benefit from solutions that align with strict compliance standards, providing confidence in secure and reliable financial operations.
- Operational Efficiency – With real-time data, automation, and centralized visibility into spending, enterprises benefit from improved compliance and reduced delays.
Paul Mayer, President, SoFi Bank said:
“SoFi is proud to provide the financial backbone for forward-thinking solutions like Mesh Payments. With SoFi and Galileo under one roof, we empower partners like Mesh Payments to harness Galileo’s advanced cloud-based banking core, enabling them to launch new products faster, scale seamlessly, and stay ahead of their customers’ ever-changing needs.”
Supporting midmarket businesses, and processing over $1 billion in annual payment volume, Mesh Payments empowers businesses with a “platform that integrates virtual and physical corporate cards, automated expense tracking, and travel management.”
By offering centralized visibility and automating processes, Mesh helps enterprises “reduce delays, minimize errors and maintain compliance, ensuring seamless financial operations across teams.”
As noted in the update, Mesh is the all-in-one travel and expense management platform for global enterprises.
Mesh integrates corporate cards, expense management, and travel bookings on a single platform, streamlining the “entire T&E lifecycle from request to reconciliation.”
With AI-powered automation, customizable policies, and multi-currency support, Mesh simplifies spending “across multiple entities, reduces costs, and ensures compliance.”
Today private and public enterprise customers, including Fortune 100 household brands and multinational tech providers, “leverage Mesh to optimize their financial operations.”
As covered, SoFi is a member-centric, one-stop shop for digital financial services on a mission to help people “achieve financial independence to realize their ambitions.”
The company’s financial products helps its nearly 8.8 million SoFi members borrow, save, spend, invest, and “protect their money better by giving them fast access to the tools they need to get their money right, all in one app.”
SoFi also equips members with the resources they “need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.”
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform.