Galileo First to Attain Multi-market Mastercard Certification in Latin America

Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), has announced it has received Mastercard certification to provide services simultaneously in five new Latin American countries.

Following its successful expansion into Colombia in March 2022, Galileo, a Mastercard Engage partner, is now providing services in Argentina, Brazil, Chile, Perú and Uruguay that enable issuers, financial institutions and fintechs to offer issuer processing services (including virtual and physical credit, debit and prepaid cards). Mastercard Engage makes it simple for partners to collaborate with Mastercard and accelerate time to market for product innovation through access to the company’s global network, expertise, technology and resources.

The rising demand for online banking in this region demonstrates a need for instant access to financial services, customized interactions and digital banking interfaces. Alongside Galileo’s strategic alliance with Mastercard, the company’s experience, knowledge and innovative technology will be key in the development and growth of financial and non-financial digital transactions in Latin America. Earning certification across more markets enables Galileo to further its commitment to accelerating the digitization of financial services for consumers and businesses.

“As the demand for digital payment solutions in Latin America continues to grow, Mastercard’s rigorous certification process promises to deliver short and long-term benefits to local customers,” said Kiki del Valle, Executive Vice President, Market Development, Latin America and the Caribbean at Mastercard.”

“We are proud to engrain Galileo further into the LATAM ecosystem to make it easier and more convenient for financial institutions, fintechs and non-financial brands to build, launch and grow their innovations.”

Tory Jackson, Director of Strategy and Development for Galileo Latin America added, “Digitization of payments is a top priority for businesses driven not only by the demands of end users, but also by the growing pool of innovators in Latin America.”

“By breaking down barriers and removing friction in these new markets, Galileo looks forward to helping expand access to digital payment solutions.”

“Existing players and new entrants are looking for a single suite of APIs that enable a single integration to enable payments, so it’s crucial for them to have the best solution and support to remain competitive. With this certification, businesses across these five new markets will receive the support for modernizing payment services with flexible, faster and frictionless development times while building strong customer trust”, adds Jackson.

Galileo operates in North America and Latin America, working with major fintech companies in these geographies to streamline B2B payments through industry-leading, flexible APIs.