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19-year-old Galileo Financial raises $77M in its first venture capital round
Galileo Financial Technologies Inc., a payments processing solution platform for financial technology firms, said today it has raised $77 million in funding to expand its product and enter new markets.
The Series A round was led by Accel and included Qualtrics co-founder and Chief Executive Officer Ryan Smith. As part of the deal, Accel partner John Lock is joining the Galileo board.
Founded in 2000, Galileo offers a range of services, including an application programming interfaces that link transaction platforms provided by card issuers, banks and other financial service providers. The company’s Program Master API leverages Galileo’s platform to provide technology to open bank accounts, issue cards and support complex functionality while its Real-Time Events API provides real-time alerts of customer activity. A third Authorized Controller API allows customers to participate in advanced “decisioning” for customers’ transaction activity.
Galielo’s customer list includes Chime Banking, Robinhood Inc., Monzo Bank Ltd., Revolut Ltd., Transferwise Ltd. and Varo Money Inc. As of September, Galileo manages more than $26 billion in annual payments, up 130% year-on-year.
“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,” Galileo founder and CEO Clay Wilkes said in a statement. “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.”
Funding of fintech startups is hardly new, but a Series A round into 19-year-old “startup” is certainly notable. Speaking to TechCrunch, Wilkes said the company didn’t necessarily need the money and has been profitable for years. But the new funds will help it to expand into new markets such as South America and Europe, he said. The company is also working on new products including support for cash management and wealth management accounts.
The $77 million raised is the total Galileo has raised to date, the company having been bootstrapped at launch.
Image: Galileo
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