SALT LAKE CITY–(BUSINESS WIRE)–February 15, 2022–
Galileo Financial Technologies, a leading financial technology company independently owned and operated by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced that its API-enabled financial technology powers Spruce ℠, the mobile banking platform 1 built by H&R Block (NYSE: HRB), which launched on January 20, 2022. Spruce includes a spending account with a debit card, a connected savings account that helps meet specific budget goals, early availability paychecks and overdraft protection, all of which are seamlessly delivered through Galileo’s award-winning solution. Platform.
Spruce entered the market at a time when consumers across all demographics are embracing more digital banking solutions. In fact, 44% of U.S. consumers use digital-only banks as their primary or secondary account, while 61% of consumers say they are somewhat or very likely to switch to a digital-only bank as their primary provider, according to research from Galileo.
“Consumers are embracing digital financial services at an unprecedented rate,” said Derek White, CEO of Galileo Financial Technologies. “As a trusted brand built on more than six decades of money management experience, H&R Block recognizes this behavioral shift in consumers’ interaction with money and created Spruce to meet consumers there. where they are and to increase financial inclusion and stability for all.”
Galileo’s cloud-based financial technology platform is designed with flexibility, speed and scale in mind, enabling new and established brands to launch innovative financial services that can adapt to changing customer needs.
“Helping customers have financial confidence is our ultimate goal at H&R Block. We want them to be able to easily, quickly and reliably access, deposit, transfer and grow their money through Spruce,” said Les Whiting, Director of Financial Services at H&R Block. “When we were looking for a partner to help us launch and scale Spruce, Galileo was the right choice thanks to its decades of supporting the world’s most innovative digital banks and financial service providers. We are excited to continue our collaboration with Galileo as we develop Spruce. »
For more information on the Galileo platform and its powerful APIs, visit galileo-ft.com.
About H&R Block
H&R Block, Inc. (NYSE: HRB) helps and inspires confidence in its customers and communities around the world through global tax preparation services, financial products and solutions for small businesses. companies. The company combines digital innovation with human expertise and care as it helps people get the best results at tax time and better manage their money through its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small business owners thrive with innovative products like Wave Money, a banking and accounting solution for small businesses, and the only business bank account to automatically manage accounting. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.
About Galileo Financial Technologies
Galileo is a leading financial technology company and its platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that push financial boundaries. Galileo takes the complexity out of payments and financial services innovation by providing flexible and open API building blocks and a secure, scalable and scalable platform. Trusted by digital banking heavyweights, start-up innovators and enterprise customers, Galileo supports physical and virtual payment card issuance, push mobile provisioning and more, across all industries and geographies . Based in Salt Lake City, Galileo has offices in Mexico City, New York, San Francisco and Seattle.
1Spuce is a financial technology platform built by H&R Block, which is not a bank. Spruce SM Spending and Savings Accounts are established and Spruce Debit Card is issued by MetaBank ®, NA, Member FDIC, pursuant to license from Mastercard International Incorporated. Mastercard ® and the circle design are registered trademarks of Mastercard International Incorporated.
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Matter Communications for Galileo Financial Technologies
KEYWORD: UTAH UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: MOBILE/WIRELESS TECHNOLOGY FINANCE CONSULTANCY BANKING ACCOUNTING PROFESSIONAL SERVICES SMALL BUSINESS CONSUMER ELECTRONICS
SOURCE: Galileo Financial Technologies
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PUBLISHED: 02/15/2022 09:00/DISC: 02/15/2022 09:02