- Galileo Financial Technologies, a company whose APIs are used for powering the next generation of banking products, announced recently it raised $77 million
Galileo Financial Technologies — a company whose APIs are used for powering the next generation of banking products — announced it has raised $77 million in funding led by Accel with participation from Qualtrics co-founder and CEO Ryan Smith. Galileo is already profitable and it is growing at a rapid pace.
With this round of funding, Galileo is going to accelerate growth, including expansion into Latin America, the UK, and Europe along with continued product expansion.
“Over the years, we’ve built the API standard for card-issuing programs and fintech innovation, focusing on a feature-rich product set, profitability and delighting our clients. This funding will help us double-down on these themes, while also becoming more aggressive in expanding geographically and providing the building blocks for the world’s most innovative payments programs. We’re thrilled to be working with Accel and Ryan Smith,” said Galileo Processing founder and CEO Clay Wilkes.
Tech companies like Chime, Robinhood, Monzo, Revolut, Transferwise, and Varo utilize Galileo’s APIs to open and verify new financial accounts along with issuing and processing payment cards and launching new products. Regardless of whether an account is accessed through debit, credit, prepaid or mobile, Galileo integrates all fintech products on one API platform.
As of September 2019, Galileo has been managing more than $26 billion in annual payments volume — which is a 130% increase over September 2018. And Galileo’s APIs are used widely throughout the neobank, payments, gig economy, investing, and SaaS market segments.
“We’re in a golden era of fintech innovation and Galileo has quietly built the API infrastructure layer powering the industry’s most innovative products. Clay and his team have built a very impressive business with many parallels to companies like Qualtrics and Atlassian: bootstrapping first to build a quiet, profitable powerhouse and now, ready to go big globally. We’re excited to help Clay and team take Galileo to the next level,” added Accel partner John Locke — who is joining the Galileo Board of Directors.
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