US-based fintech Galileo Financial Technologies has launched its Corporate Credit solution to help businesses’ expense management process. This new solution aims to simplify managing employee charge cards and individual credit limits by introducing a central account with a single credit limit for fintechs and non-financial brands.

Galileo wants to facilitate a streamlined billing cycle and enable corporate-level repayments. Corporate Credit’s objective and features Galileo’s solution aims to help businesses transform B2B expense management by simplifying the tracking and administration of multiple employee charge cards, offering real-time visibility into available credit across all connected cards, as well as providing one single repayment at the funding account level, due at the end of the billing period. Moreover, Corporate Credit offers enhanced security and control over expenses. By implementing this approach, companies only need to check the credit limit of the central account to determine available credit.

However, they still receive access to transaction records for each individual card. For cardholders, the experience remains consistent with conventional charge cards, with transactions being approved and declined based on credit limit availability. The Corporate Credit solution instantly checks the credit limit of the central account when a connected card is used for a purchase. The system approves the purchase if there is sufficient credit available and when the limit is reached, all acquisitions are temporarily denied until the balance is paid down.

Galileo’s recent developments As a subsidiary of SoFi Technologies, Galileo operates in NA and LATAM, working with fintechs, financial institutions, and emerging and established brands to develop financial offerings. Through its APIs, the company facilitates B2B payments and supports issuing physical and virtual payment cards, mobile push provisioning, and financial products. At the beginning of October 2023, Galileo obtained a multi-market Mastercard certification that allows it to provide services in five additional LATAM countries. The regions include Argentina, Brazil, Chile, Peru, and Uruguay, with the certification being set to create the conditions for issuers, financial institutions, and fintechs to provide processing services, such as virtual and physical credit and debit and prepaid cards. During the same period, the company augmented its BNPL services for SMEs by entering the Mastercard Instalments network.

Galileo’s loan management platform allows customers to oversee the repayment schedule, disbursement to the virtual cards running on the Mastercard Instalments programme, evaluation of interest and fees, payment processing, charge-offs, and optional credit reporting. Moreover, in August 2023, Galileo announced its conversational AI engine, Cyberbank Konecta, integrated into the existing tech stack of SoFi Technologies. Implementing Galileo’s APIs and AI-powered technology, Cyberbank Konecta led to a reduction in costs for SoFi, achieved through lowering agent time to solve other complex and high-touch issues faced by SoFi members. .