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Flyp selects Galileo for gamified mobile banking

Tuesday, June 28, 2022 — 14:15:34 (EDT)

SALT LAKE CITY--(BUSINESS WIRE) June 28, 2022--Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced that its API-enabled financial technology powers Flyp. Flyp is a banking app and digital wallet, with gamified rewards, challenges, and quests to attract, engage and retain customers. Through its direct integration, Galileo’s underlying solution — complete with fraud indicators, analytics dashboards, and more — will serve as the backbone of Flyp’s growing gamified banking-as-a-service (BaaS) platform. Flyp's approach is resonating with consumers because every penny counts right now, and many are looking to solutions that pair no- or low-fee options with the seamless user experience they have grown accustomed to in their digital-first lives.

According to recent Galileo research, 65 percent of consumers would choose embedded finance solutions to get rewards or discounts, highlighting an opportunity for innovative user experiences and embedded financial solutions. Flyp launched their mobile banking app in March 2022 to address these needs. To support modern banking customers, Flyp’s solution includes an engaging gamified rewards program, full Visa® debit card functionality, early direct deposit functionality and free overdraft protection that will be delivered friction-free through Galileo’s purpose-built platform.

“We recognized early that Flyp’s processor needed to be best-in-breed to ensure a seamless user experience and be able to scale as we grow,” said BJ McAndrews, Founder and CEO of Flyp. “Galileo’s extensive track record in fraud prevention and forward-looking technology was the perfect solution to help acquire and retain Flyp users who are looking for a digital banking product that meets their everyday needs.”

Galileo's cloud-based financial technology platform is built with flexibility, speed and scale in mind, enabling new and established brands to launch innovative financial services that can adapt to evolving customer needs. The integrations will work alongside Flyp’s design to combine easy-to-use services with financial literacy tools to offer a modern mobile banking app and resources for personal money management.

“Galileo’s expertise in driving innovation into the financial services sector, supporting fresh approaches to security, payments, and financial inclusion, will help Flyp to differentiate and scale fast,” said Derek White, CEO at Galileo. “Together, Galileo will enable Flyp to continue building its digital banking business with a customized, responsive and flexible program built for the modern customer.”

For more information about Galileo’s platform and powerful APIs, visit www.galileo-ft.com.

About Galileo Financial Technologies

Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.

About Flyp

Flyp is a FinTech headquartered in Charlotte, NC that offers a modern, mobile, social way to manage your finances. Flyp currently offers a digital wallet with debit card, gamified rewards, financial literacy education, sweepstakes, gamified challenges, quests, and plans to offer NFTs, crypto, and more.

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Source: Company press release. end of article

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