Highlights:

  • Galileo is operated independently by SoFi Technologies, Inc.
  • Spruce comprises a spending account linked to a savings account with a debit card.
  • Galileo’s cloud-based financial technology platform is designed with flexibility.

Galileo powers Spruce

Galileo Financial Technologies, a prominent financial technology company, publicized that its Application Programming Interface (API)-enabled financial technology powers Spruce, H&R Block’s mobile banking platform. Galileo is operated independently by SoFi Technologies, Inc.

Spruce comprises a spending account with a debit card, a linked savings account that enables specific budgeting goals, early paycheck availability, and overdraft protection. All of these are then delivered seamlessly via Galileo’s award-winning platform.

Spruce has stepped into the market at a time when customers across demographics are embracing digital marketing solutions. As per Galileo’s report, about 44% of the US consumers use digital-only banks as a primary or secondary account, while about 61% of consumers believe that they are somewhat or highly likely to move to a digital-only bank as their primary provider.

Galileo’s cloud-based financial technology platform has been designed with flexibility, speed, and scale in mind allowing newcomers and established brands to introduce innovative financial services that can adjust to evolving consumer requirements.

Experts’ view

Derek White, CEO at Galileo Financial Technologies, said, “Consumers are embracing digital financial services at an unprecedented pace.” He added, “As a trusted brand built on more than six decades of experience in money management, H and R Block recognizes this behavioral change in consumer interaction with money and created Spruce to meet consumers where they are and to increase financial inclusion and stability for all.”

Les Whiting, Chief Financial Services Officer at Wave and H&R Block, said, “Helping customers have financial confidence is our ultimate goal at H&R Block. We want them to be able to easily, quickly and reliably access, deposit, transfer and grow their money through Spruce.” He added, “When seeking a partner to help us launch and scale Spruce, Galileo was the right choice thanks to its decades-long history of supporting the world’s most innovative digital banks and financial services providers. We are excited to continue our collaboration with Galileo as we expand Spruce.”