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Galileo Launches Secured Credit with Dynamic Funding Empowering Banks and Fintechs to Simplify Credit-Building for Consumers

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Galileo Financial Technologies, owned by SoFi Technologies, Inc. (NASDAQ: SOFI), has launched Secured Credit with Dynamic Funding. This innovative solution aims to simplify credit-building for underbanked and underserved consumers, addressing a market of over 45 million Americans. The new offering consolidates debit and secured credit balances, allowing users to manage their funds in a single account.

Key features include:

  • Simplified experience with combined DDA and collateral funds
  • Customer-centric approach to avoid debt cycles
  • Differentiated product offering for Galileo clients
This solution streamlines the secured credit process, reduces risk for lenders, and provides a user-friendly experience for consumers to manage their finances in real-time.

Galileo Financial Technologies, di proprietà di SoFi Technologies, Inc. (NASDAQ: SOFI), ha lanciato Credito Garantito con Finanziamento Dinamico. Questa soluzione innovativa mira a semplificare la costruzione del credito per i consumatori poco bancarizzati e sottoserviti, affrontando un mercato di oltre 45 milioni di americani. La nuova offerta consente di consolidare i saldi di debito e di credito garantito, permettendo agli utenti di gestire i propri fondi in un'unica account.

Le caratteristiche principali includono:

  • Esperienza semplificata con fondi DDA e collaterali combinati
  • Approccio incentrato sul cliente per evitare cicli di debito
  • Offerta di prodotto differenziata per i clienti di Galileo
Questa soluzione snellisce il processo di credito garantito, riduce i rischi per i prestatori e fornisce un'esperienza user-friendly per i consumatori per gestire le proprie finanze in tempo reale.

Galileo Financial Technologies, propiedad de SoFi Technologies, Inc. (NASDAQ: SOFI), ha lanzado Crédito Asegurado con Financiación Dinámica. Esta solución innovadora tiene como objetivo simplificar la construcción de crédito para consumidores con poco acceso a servicios bancarios, abordando un mercado de más de 45 millones de estadounidenses. La nueva oferta consolida saldos de débito y crédito asegurado, permitiendo a los usuarios gestionar sus fondos en una sola cuenta.

Las características clave incluyen:

  • Experiencia simplificada con fondos DDA y colaterales combinados
  • Enfoque centrado en el cliente para evitar ciclos de deuda
  • Oferta de productos diferenciada para clientes de Galileo
Esta solución agiliza el proceso de crédito asegurado, reduce el riesgo para los prestamistas y proporciona una experiencia fácil de usar para que los consumidores gestionen sus finanzas en tiempo real.

갈릴레오 금융 기술(SoFi Technologies, Inc. (NASDAQ: SOFI) 소속)이 동적 자금 지원이 있는 담보 신용 제품을 출시했습니다. 이 혁신적인 솔루션은 금융 서비스가 부족한 소비자들의 신용 구축을 간소화하는 것을 목표로 하며, 4천5백만 미국인이 포함된 시장을 겨냥합니다. 새로운 제공은 직불 및 담보 신용 잔액을 통합하여 사용자가 단일 계정에서 자금을 관리할 수 있도록 합니다.

주요 특징은 다음과 같습니다:

  • 직불 계좌 및 담보 자금이 결합된 간소화된 경험
  • 부채 주기를 피하기 위한 고객 중심 접근
  • 갈릴레오 고객을 위한 차별화된 제품 제공
이 솔루션은 담보 신용 프로세스를 간소화하고 대출자의 위험을 줄이며 소비자가 실시간으로 재정을 관리할 수 있는 사용자 친화적인 경험을 제공합니다.

Galileo Financial Technologies, détenue par SoFi Technologies, Inc. (NASDAQ: SOFI), a lancé Crédit Garanti avec Financement Dynamique. Cette solution innovante vise à simplifier la construction de crédit pour les consommateurs sous-bancarisés et mal desservis, répondant à un marché de plus de 45 millions d'Américains. La nouvelle offre consolide les soldes de débit et de crédit garanti, permettant aux utilisateurs de gérer leurs fonds dans un seul compte.

Les principales caractéristiques comprennent :

  • Expérience simplifiée avec des fonds DDA et collatéraux combinés
  • Approche centrée sur le client pour éviter les cycles d'endettement
  • Offre de produits différenciée pour les clients de Galileo
Cette solution rationalise le processus de crédit garanti, réduit les risques pour les prêteurs et offre une expérience conviviale pour les consommateurs afin de gérer leurs finances en temps réel.

Galileo Financial Technologies, das im Besitz von SoFi Technologies, Inc. (NASDAQ: SOFI) ist, hat Gesicherter Kredit mit Dynamischer Finanzierung eingeführt. Diese innovative Lösung zielt darauf ab, den Kreditaufbau für unterbankte und benachteiligte Verbraucher zu erleichtern und spricht einen Markt von über 45 Millionen Amerikanern an. Das neue Angebot konsolidiert Debit- und gesicherte Kredit Salden, sodass die Nutzer ihre Gelder in einem einzigen Konto verwalten können.

Wesentliche Merkmale umfassen:

  • Vereinfachte Erfahrung mit kombinierten DDA- und Sicherheitenfonds
  • Kundenorientierter Ansatz zur Vermeidung von Schuldenzyklen
  • Differenziertes Produktangebot für Galileo-Kunden
Diese Lösung optimiert den Prozess des gesicherten Kredits, reduziert das Risiko für Kreditgeber und bietet den Verbrauchern eine benutzerfreundliche Erfahrung, um ihre Finanzen in Echtzeit zu verwalten.

Positive
  • Launch of Secured Credit with Dynamic Funding, addressing a market of 45 million underserved Americans
  • Simplified credit-building process for consumers
  • Reduced risk for lenders through secured deposits
  • Potential for increased customer attraction and retention for Galileo clients
Negative
  • None.

Insights

Galileo's launch of Secured Credit with Dynamic Funding is a strategic move that could significantly impact SoFi's B2B fintech offerings. This solution addresses a important gap in the market for the 45 million underserved or unserved Americans in need of credit-building tools. By simplifying the secured credit process and automating fund movements, Galileo is positioning itself as an innovator in financial inclusion.

The key advantage lies in the consolidated balance view for debit and secured credit, which streamlines user experience and potentially increases engagement. This could lead to higher customer acquisition and retention rates for Galileo's clients, translating to increased revenue for SoFi's B2B segment.

However, the impact on SoFi's stock may be in the short term, as B2B solutions typically have longer sales cycles and gradual adoption rates. Long-term prospects are promising if the solution gains traction, potentially expanding SoFi's market share in the fintech infrastructure space and diversifying its revenue streams beyond consumer-facing products.

New solution offers a consolidated balance view for debit and secured credit.

SALT LAKE CITY--(BUSINESS WIRE)-- Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), announced the launch of Secured Credit with Dynamic Funding. Built to help fintechs, banks and other businesses address the needs of underbanked and underserved customers, Galileo Secured Credit with Dynamic Funding simplifies the secured credit process, making it easier for consumers to manage their debit and credit accounts. This streamlined solution also reduces the risk for lenders by backing credit with secured deposits.

With more than 45 million Americans either credit unserved or underserved, the need for secured credit is high. Traditional secured models have long been plagued with complexities around where consumers want to use their funds. Customers face the dilemma of keeping their cash in their demand deposit account (DDA) for use with their debit card or in their collateral account to use as secured credit. The behavior of dividing these funds puts consumers at a disadvantage throughout their credit-building journey.

The Galileo Secured Credit with Dynamic Funding solution resolves those complexities. By automating the movement of funds between accounts, customers are empowered to manage all their money in one single account that powers both debit and credit transactions. It eliminates the need for users to make manual transfers between collateral and DDA accounts when the need arises to make larger purchases. With this solution, cardholders can manage one "available to spend" balance, streamlining the process and ensuring real-time updates of transactions.

“Dynamic Funding gives our clients an edge in offering flexible, secured credit with debit to underserved consumers, helping them build credit and save without the typical friction,” said David Feuer, CPO at Galileo. “With this solution, financial institutions, fintechs and other businesses can provide a user-friendly experience that empowers consumers to manage their finances in real-time.”

Key Features of Galileo Secured Credit with Dynamic Funding:

  • Simplified Experience: DDA and collateral funds are kept together in a single pool, ready to be spent as debit or credit, enabling larger purchases when needed.
  • Customer-Centric Secured Credit: This credit product helps consumers avoid falling into a debt cycle by combining DDA and collateral balances. When approved for a secured credit card, there is no immediate impact on their spending account. Once their credit is built, retrieving their deposit doesn’t affect their credit score–it was always accessible to them.
  • Differentiated Product Offering: Galileo clients can now offer a unique secured credit solution. With seamless automation and ease of use, Galileo Secured Credit with Dynamic Funding provides a compelling value proposition that helps attract and retain customers–especially those new to credit or rebuilding their financial profiles.

Galileo Secure Credit with Dynamic Funding demonstrates the company’s commitment to providing innovative financial solutions that meet the evolving needs of fintechs, financial institutions and businesses, while driving financial inclusion for underserved markets.

For more information on Galileo’s secured credit programs and how the Secured Credit with Dynamic Funding option can provide a low-risk entry to your credit offerings and drive business growth, please visit https://docs.galileo-ft.com/pro/docs/secured-credit.

About Galileo Financial Technologies

Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.

©2024 Galileo Financial Technologies, LLC. All rights reserved.

Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in North and Latin America.

MEDIA CONTACT:

Solomon Joseph

The Fletcher Group

905.510.1400

solomon@fletchergroupllc.com

Source: Galileo Financial Technologies, LLC

FAQ

What is Galileo's new Secured Credit with Dynamic Funding solution?

Galileo's Secured Credit with Dynamic Funding is a new solution that simplifies the secured credit process by consolidating debit and credit balances, allowing users to manage their funds in a single account for both debit and credit transactions.

How does Galileo's Secured Credit with Dynamic Funding benefit consumers?

The solution benefits consumers by simplifying credit-building, allowing larger purchases when needed, and helping avoid debt cycles by combining DDA and collateral balances in a single pool for both debit and credit spending.

What market is Galileo targeting with its new Secured Credit solution?

Galileo is targeting the underbanked and underserved market, which includes over 45 million Americans who are either credit unserved or underserved.

How does Galileo's new solution impact SOFI stock?

While the direct impact on SOFI stock is not specified, the launch of this innovative solution could potentially drive business growth for Galileo, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), by attracting new clients and retaining existing ones.

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