Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc., and Mastercard unveiled a multiyear strategic alliance focused on accelerating digital transformation and improving access to financial opportunities for unbanked and underserved segments in Latin Americas and the Caribbean. Galileo is now a Preferred Technology Partner and fast issuer processor within the Mastercard Partner Network, Mastercard Engage, in Latin America and the Caribbean. Internet and smartphone penetration across Latin America has reached nearly 70% and continues to grow.
Financial inclusion, at its core, is based on digital inclusion. With high levels of digital adoption, Latin American consumers are largely poised to adopt solutions that reduce their reliance on cash. Our alliance with Mastercard reinforces our strategic commitment to provide innovative, world-class digital financial services and modernize payment solutions for consumers in Latin America. Galileo has about 100 million end user accounts. It serves customers who offer digital financial services, ranging from debit, credit, and business-to-business (B2B) payments to remittances, BNPL (buy now, pay later), cryptocurrencies and other emerging payment methods.