Galileo, which has already been on the profitable lane, exceeds $26B of annual processing volume in September as the company's global growth accelerates.
FREMONT, CA: The online payments-based company Galileo closed its initial institutional funding round of worth $77 million. The first round of funding was led by Accel, the venture capital firm along with the support of Qualtrics co-founder and CEO Ryan Smith. Galileo is a successfully running company that is counting profits. The next step of the plans is to enforce the funds collected to enhance its growth and expand offices into Latin America, the UK, and Europe for continued focus on product expansion.
Several astute tech companies from around the globe such as Chime, Robinhood, Monzo, Revolut, Transferwise, and Varo have entrusted Galileo's APIs to open and cross-verify new financial accounts, process, and issue payment cards, and conduct product launches. Galileo integrates all fintech products on a unified API platform when an account is accessed via credit, debit, prepaid or mobile.
Being the company whose APIs power the next generation of banking products globally, the founder believes that the company has produced the API standard for card-issuing programs and fintech innovation. It has focused continuously on feature-rich product set, profitability, and delighting its customers. The funding now collected will work in the same lines, but in a much aggressive manner to expand geographically. The fund is also providing the building blocks for the world's most innovative payments programs and expresses excitement on collaborating with Accel and Ryan Smith.
The valuation of the Galileo as of September 2019, accounts to over $26Billion in annual payments volume, displaying an increase of 130 percent when compared to September 2018. Galileo's APIs are extensively used throughout the neobank, payments, gig economy, investing and SaaS market segments.
Galileo is on the top tier in the golden age of fintech having several more services lined up for the development, and an excellent roadmap for the addition of the new platform features are in talks too. Galileo has continuously engaged its clients to challenge the process and status quo of the payments.