Galileo expands into Colombia

Tuesday 22 March 2022 14:29 CET | News

Galileo Financial Technologies, a subsidiary of SoFi Technologies, has recently expanded into Colombia. 

Galileo is currently providing services in Colombia where it can partner with issuers, banks, ecommerce, and fintechs to enable their digital financial services offerings. Since Galileo’s arrival in Mexico in 2020, it has established itself as a financial technology company in Latin America having onboarded more than one million end-user accounts in the region. Galileo serves 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.  

Galileo’s expansion into Colombia follows the initial opening of the company’s first office outside the US 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 growth in Latin America, as well as strong market reception for innovative payment solutions in the region. 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 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 customisable multi-product banking core and ledger with fully integrated processing and card issuing available. The combination of Technisys’ platform with Galileo will support multiple products – including checking, savings, deposits, lending, and credit cards – as well as future products, all surfaced through APIs. 

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Keywords: expansion, remittances, cross-border payments
Categories: Banking & Fintech
Countries: Colombia
This article is part of category

Banking & Fintech