Galileo, which provides the API infrastructure layer for some of the world's top fintech startups, is plotting a global expansion programme after snagging $77 million in its first institutional funding round.
Hot fintech startups such as Chime, Robinhood, Monzo, Revolut, Transferwise, and Varo use Galileo APIs to to open and verify new financial accounts, issue and process payment cards, and launch new products.
Galileo founder & CEO Clay Wilkes says:, “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.”
As of September 2019, the Salt Lake City-based firm manages over $26B in annual payments volume, a 130 percent increase over September 2018.
The $77 million capital injection was led by venture capital firm Accel with participation from Qualtrics co-founder & CEO Ryan Smith.
Accel partner John Locke, who is joining the Galileo board of directors as part of the investment, says: “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."