Galileo Unveils Corporate Credit Solution for Streamlined Expense Management

Published 7 months ago
  Galileo financial

Galileo Financial Technologies, an independent company under SoFi Technologies, Inc., has introduced the Galileo Corporate Credit solution. The new product aims to assist businesses in modernizing their expense management procedures.

Addressing the Challenges in Expense Management

Managing numerous employee charge cards and individual credit limits has traditionally been a complex and time-consuming task for companies. This often involves tracking multiple account balances, each with a separate credit limit, and tallying balances from dozens or even thousands of accounts. This process tends to produce only a static snapshot of credit utilization, which quickly becomes outdated and requires constant recalculations.

Modernizing the Process with Galileo Corporate Credit

The Galileo Corporate Credit solution seeks to simplify this process by providing a central account with a single credit limit. This allows fintechs and non-financial brands to facilitate a more streamlined billing cycle and enable corporate-level repayments.

The Galileo solution provides real-time visibility into available credit across all connected cards and allows for a single repayment at the funding account level at the end of the billing cycle. Enhanced security and control over expenses are also included in the solution.

David Feuer, Chief Product Officer at Galileo Financial Technologies, highlighted that the new solution aims to help corporate clients gain better control over their expenses and drive efficiencies through simplified spend management tools.

Consistent Experience for Cardholders

For cardholders, the experience remains similar to conventional charge cards. Transactions are approved and declined based on credit limit availability. Additional safeguards, such as velocity limits and merchant type restrictions, can be applied either to individual cards or the entire program.

The Galileo Corporate Credit solution is designed to simplify accounting by offering a central account with a single, easily managed credit limit. When a connected card is used for a purchase, Galileo instantly checks the credit limit of the central account. If sufficient credit is available, the purchase is approved. All connected cards draw from the same central credit limit. When the credit limit is reached, all purchases are temporarily denied until the balance is paid down.