Banking Platform Galileo Cashes In on New Funding

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The API that powers numerous fintech startups has landed new funding.

Galileo has closed on $77 million in venture funding, its first funding round. The funds come from Accel, with participation from Ryan Smith, co-founder and CEO of Qualtrics. It will use the funds to expand to new markets like Latin America, US and Europe, and to further product growth.

Galileo is already a profitable enterprise, and its technology for opening and verifying new accounts, issue and process payment cards and launch new products, is behind such fintech successes as Robinhood, Chime, Monzo, Revolut, Varo, Transferwise and others. The company’s API is used by many challenger banks, payments, gig economy, investment ans SaaS market segments.

“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,” said Clay Wilkes, Galileo founder and CEO, in a blog post. “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.”

“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,” said John Locke, Accel Partner, who will be joining Galileo’s board of directors. “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.”

According to Galileo, as of September this year, it manages $26 billion in annual payments volume, a 130% increase over the same time last year.