SoFi says it works with SMB finance companies

SoFi might not exactly be in the small business lending market per se, but a digital payments company it acquired in April 2020, Galileo, has been put to good use.

“Galileo continues to expand its customer base to include B2B and enterprise customers, as the adoption of digital payments and modern cloud-based banking services has opened up new verticals and customer types, use cases and opportunities. “, said Anthony Noto, CEO of SoFi, during the company’s first quarter results. call. “For example, we launched two new clients in the first quarter that offer innovative working capital models for B2B and small and medium-sized businesses.”

Noto said they are not naming specific names at this time. “We will announce those [names] in collaboration with our partners rather than on our earnings call, but this is increasingly an important channel for us, and we have a product pipeline to better serve the enterprise and SME space holistically by based on the demand we see.

SoFi reported a net loss of $110 million in the first quarter, which it said was an improvement from the net loss of $177.6 million in the same period last year.

Last modification : May 10, 2022

Category: Business loans, payments

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