SoFi Says it is Working With SMB Finance Companies

SoFi may not exactly be in the small business lending market per se, but a digital payments company it acquired in April 2020, Galileo, has been put to good use.

“Galileo continues to expand its client base to include B2B and enterprise clients as adoption of modern cloud-based digital payments and banking has opened up new verticals and client types, use cases and opportunities,” said SoFi CEO Anthony Noto during the company’s Q1 earnings call. “For example, we launched two new clients in the first quarter that offer innovative working capital models for B2B and small- to medium-sized businesses.”

Noto said that they were not naming specific names at this time. “We will announce those [names] in conjunction with our partners as opposed to during our earnings call, but that’s increasingly a big channel for us, and we have a product pipeline to better serve the enterprise and SMB space holistically based on the demand we are seeing.”

SoFi reported a Q1 net loss of $110M, which it said was an improvement over the $177.6M net loss it recorded during the same period last year.