Galileo Financial Technologies, the Salt Lake City, Utah-based subsidiary of SoFi Technologies, has expanded its services in Colombia, South America, the company announced Tuesday (March 22).
“Numerous factors underpinned Galileo’s decision to expand into Colombia,” said Tory Jackson, head of business development and strategy, Latin America, in a statement. “Including the dynamism and growth of the fintech ecosystem which now has over 300 players, surpassing Argentina and Chile in investment levels.”
Galileo provides services in Colombia where it partners with banks, FinTechs and eCommerce firms to allow their digital financial services offerings.
Since Galileo launched in Mexico in 2020, the company said it has become one of the key financial technology company in Latin America with more than 1 million accounts in the region.
Galileo provides services to FinTechs in Mexico and Colombia, and other corporate clients that offer digital financial services, including debit, credit and business-to-business (B2B) payments, buy now, pay later (BNPL), cryptocurrency and other payments.
Last month, PYMNTS reported SoFi will pay $1.1 billion for banking-software company Technisys, part of a series of deals by the personal finance firm to bolster its banking offerings.
Read more: SoFi Pays $1.1B For Banking Software Firm
The all-stock deal, 10% of the company’s market value, gives SoFi the ability to power mobile banking apps, track deposit and open accounts. SoFi said the acquisition is expected to produce $800 million in revenue through 2025 and create up to $85 million in savings in the same timeframe.
Together with Technisys, Galileo said it provides Latin American companies with integrated banking technology. The end-to-end service, it said, includes user interface development and custom multi-product banking ledger with integrated processing and card issuing.
The combination of Technisys’ platform with Galileo promises to support checking, savings, deposits, lending and credit cards and future products, the company said.
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