Anthony Noto: Yes. One of the things we want to point out is that, the technology platform is in a transition from a lot of small accounts and earlier stage start up to fewer larger durable customers. We made the decision throughout 2022 to stop chasing a lot of smaller deals. So what you see in the quarter is less new customers coming on and contributing to revenue that would have been signed in 2022, in the earlier part of the year and that transition is ongoing. We expect the revenue to continue to stay at about this level throughout the year and we’ll start to see more meaningful contribution from some of the larger more durable customers that we’ve signed up. A couple of which were actually on the platform now and contributing, but that will become more — that will become bigger and more significant by the end of the year.
We really like the strategy. It’s longer lead times. It’s longer sales cycles. But the economic opportunity from each one of these partners goes well, well beyond just using the processing platform or APIs at Galileo to a number of other products. One of the things that may not be obvious to everyone is that, we’re starting to see really strong traction in some of the products that are on top of the platform. So for example, (ph) is a natural language AI chatbot that helps with customer service. SoFi actually just integrated itself in our business, but it’s gotten great uptick from adoption from our partners. We also rolled out something called PRP, which is Pain Risk platform, we’re leveraging all the data on the Galileo platform. We process about 6 billion transactions a year.
That gives us great intelligence to be able to detect transactional fraud. We’re now offering that product and capability to our partners that have seen really strong uptake there. And then we also launched in our platform for the first time fully integrated SoFi, Galileo and Technisys, for product. The reality is, it’s an installment based product that’s like buy now pay later, but it’s delivered in your app, you apply in your app, you get a virtual card instantly, you get a card number, and you can execute that at any retail location or any online capability, it acts just like a debit card or credit card, but as different economics in the back end. The great thing about the product is that, it’s driven all by interchange. It’s not driven by a retailer’s discount.
It’s not driven by an interest rate or a fee. And so there’s a lot that’s in the pipeline for the technology platform. The demand is as strong as it’s ever been. We’re going to move through this transition of fewer smaller accounts to larger — sorry, fewer smaller accounts than what we used to do to get these larger more durable customers. And we should start to see the benefit in the back half of the year in terms of an acceleration of revenue and then into 2024.
Operator: Thank you. Our last question goes to the line of Matthew O’Neil with ST Partners. Your line is now open.
Matthew O’Neil: Yes. Hi, gentlemen. Thanks for squeezing me in at the end here. Just want to clarify and make sure that the prior question on technology segment and the commentary around fewer smaller accounts and more larger ones going forward. Is that directly connected to the small dip we saw this quarter in the Galileo accounts, just some smaller ones coming off before some bigger ones are being folded in. And then just as a separate follow-up, just curious on the macro front with what’s going on in the rate environment. Is there a unemployment rate that you guys think about where things would start to become more concerning or there’d be some nonlinear impact on the credit quality side and are we anywhere kind of close to that? The assumption is not, but just kind of curious what you guys are thinking about on the potential horizon.
