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March 23, 2022updated 02 May 2022 12:43pm

Galileo bolsters Latin American footprint with launch in Colombia

Galileo Financial Technologies, a Utah-based subsidiary of SoFi Technologies, has expanded its Latin American reach with entry into Colombia.

The firm will tie-up with Colombia-based issuers, banks, ecommerce and fintech firms to facilitate their digital financial services offerings.

Galileo, which expanded into Mexico in 2020, set up its Latin American headquarters in the country last year.

The firm has currently over one million end-user accounts across Latin America.

It caters to fintechs, such as Ualá in Mexico and Colombia, as well as other clients specialised in providing digital financial services.

These include firms offering credit, debit, and business-to-business (B2B) payments as well as remittances, buy now, pay later (BNPL), cryptocurrency and other emerging payments.

Galileo said its expanded presence in Colombia will enable it to serve strategic markets across Latin America, and collaborate with additional financial services providers.

Galileo Latin America head of Business Development and Strategy Tory Jackson said: “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.”

Galileo was acquired by SoFi in April 2020 in a $1.2bn deal.

The firm currently provides vertically integrated banking technology stack to Latin American companies in partnership with Technisys, which was recently acquired by SoFi.

The integration of Technisys’ platform with Galileo supports a range of offering, including checking, savings, deposits, lending and credit cards.

Jackson added: “Galileo empowers traditional banks, fintechs and non-financial brands to create digital products that are easily integrated into the daily lives of Colombians.

“We’re proud to partner with innovators to increase financial inclusion and digital transformation in Latin America.”

In 2020, Galileo struck a partnership with fintech startup TomoCredit to roll out an inclusive credit card for consumers lacking credit history.

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