SoFi Bank’s relationship with Galileo strengthens Mesh Payments’ drive to reduce inefficiencies and accelerate the development of new products
NEW YORK & SAN FRANCISCO & SALT LAKE CITY, December 12, 2024--(BUSINESS WIRE)--Mesh Payments, an innovator in global travel and expense management, has joined forces with SoFi Bank as its sponsor bank and with Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI) as its longtime payments processor.
This partnership integrates Mesh Payments’ next-generation expense and card infrastructure with SoFi Bank’s scalable financial framework and Galileo’s modern, customizable API-based payments processing platform. By uniting these capabilities within a single ecosystem, Mesh Payments is positioned to streamline enterprise expense management, reduce inefficiencies and deliver innovative solutions to its clients more quickly.
SoFi Bank’s selection as Mesh Payments’ sponsor bank underscores its emerging capabilities in commercial payments services. As one of the few sponsor banks to offer an integrated approach, SoFi Bank’s relationship with Galileo eliminates inefficiencies that typically arise when fintechs rely on separate providers for banking and payments infrastructure.
"We’re excited to partner with SoFi and Galileo, as both companies share our vision of delivering the most modern and innovative financial solutions for businesses," said Oded Zehavi, CEO of Mesh Payments. "They are the ideal partners to support our mission to provide companies with an efficient, forward-thinking approach to corporate travel and expense management."
Key Benefits of the Partnership:
Accelerated Product Development – SoFi Bank’s sponsor program is built on Galileo’s powerful tech platform, eliminating traditional inefficiencies between separate providers, enabling faster delivery of enhanced features and services.
Regulatory Expertise – Galileo, a subsidiary of SoFi operating under federal banking regulations, ensures enterprises benefit from solutions that align with strict compliance standards, providing confidence in secure and reliable financial operations.
Operational Efficiency – With real-time data, automation, and centralized visibility into spending, enterprises benefit from improved compliance and reduced delays.
"SoFi is proud to provide the financial backbone for forward-thinking solutions like Mesh Payments," said Paul Mayer, President, SoFi Bank. "With SoFi and Galileo under one roof, we empower partners like Mesh Payments to harness Galileo’s advanced cloud-based banking core, enabling them to launch new products faster, scale seamlessly, and stay ahead of their customers' ever-changing needs."
Supporting leading midmarket businesses and enterprises, and processing more than $1 billion in annual payment volume, Mesh Payments empowers businesses with a comprehensive platform that integrates virtual and physical corporate cards, automated expense tracking, and travel management. By offering centralized visibility and automating processes, Mesh helps enterprises reduce delays, minimize errors and maintain compliance, ensuring seamless financial operations across teams.
About Mesh
Mesh is the leading all-in-one travel and expense management platform for global enterprises. Mesh integrates corporate cards, expense management, and travel bookings on a single platform, streamlining the entire T&E lifecycle from request to reconciliation. With AI-powered automation, customizable policies, and multi-currency support, Mesh simplifies global spending across multiple entities, reduces costs, and ensures compliance. Today leading private and public enterprise customers, including Fortune 100 household brands and leading multinational tech providers, leverage Mesh to optimize their financial operations. Recognized by CNBC and Statista as one of the world's top fintech companies of 2024, Mesh sets the standard for innovative T&E management solutions.
For more information, visit meshpayments.com or follow us on LinkedIn.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its nearly 8.8 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com or download our iOS and Android apps.
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.
Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in North and South America.
