consumers with its services, who are less likely to default on loans for now, and it has a diversified product suite beyond extending new loans.
SoFi previously only operated as a direct-to-consumer platform, but with this move it's expanding into white-label products for other businesses. Galileo will operate as an independent subsidiary to SoFi and keep its current CEO Clay Wilkes. Other fintechs and companies can continue to use Galileo's services to power their own products by paying a fee to the combined entity.
Additionally, by working closely with Galileo, SoFi can further broaden its banking services suite. Earlier this year, SoFi teamed up with Mastercard for its card network and added features including cash-back rewards and free cell phone insurance to its existing debit card product.
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