US mobile banking app Spruce launches powered by SoFi Technologies’ Galileo
A new mobile banking platform called Spruce, built by tax preparation company H&R Block and powered by SoFi-owned fintech Galileo, has launched in the US.
Spruce was built by US tax preparation firm H&R Block
The app, launched on 20 January 2022, includes a spending account with a debit card, a connected savings account that allows for specific budgeting goals, early paycheque availability and overdraft protection.
Galileo CEO Derek White says consumers are embracing digital financial services “at an unprecedented pace”.
Spruce meets “consumers where they are and increases financial inclusion and stability for all”, White adds.
Galileo says its cloud-based financial technology platform allows new and established brands to launch innovative financial services that can adapt quickly to evolving customer needs.
The fintech cites its own research that shows 44% of US consumers use digital-only banks as a primary or secondary account, while 61% say they are somewhat or highly likely to switch to a digital-only bank as their primary provider.
H&R Block’s chief financial services officer Les Whiting says the firm wants customers to be able to “easily, quickly and reliably access, deposit, transfer and grow their money through Spruce”.
