Expansion into Mexico and Major Strategic Partnership with Klar
April 30, 2020
Rigorous certification enables Galileo to accelerate the launch of consumer payment services by innovative fintech Klar.
Galileo, the trusted technology partner that powers world-leading fintech businesses, announced its Mastercard certification in Mexico and new partnership with a major fintech company in the Mexican market. These two events further strengthen Galileo’s expansion into the region.
Galileo is the first API software innovator to secure Mastercard certification and to launch as part of Mastercard’s Fintech Accelerate program in Mexico, which makes it a pioneer in the market. Galileo is certified with the Mastercard Mexico Domestic Switch (MxDS) for Signature, PIN and ATM transactions, as well as settlement and chargeback processing.
By meeting the standards required for certification, Galileo’s API-centric platform enables fintechs launching in Mexico to quickly and easily build and launch payment services that meet the needs of consumers in the region.
Building on this partnership with Mastercard, Galileo announced its first strategic alliance in the Mexican market: Klar, a leading Mexican challenger bank, has selected Galileo to provide the technology backbone to deliver services in Mexico.
“Not only is Mexico one of the most influential and innovative fintech markets in Latin America, but it is also one of the Fintech hubs with the highest growth potential worldwide,” said Tory Jackson, Galileo’s in-country manager for Mexico.
”Our Mastercard certification and partnership with Klar reinforce our commitment and efforts to bring innovative payment solutions for consumers in Mexico.”
Klar is leading the democratization of financial services in Mexico by offering alternatives to traditional credit cards and debit services, without the traditional banking fees. Partnering with Galileo, Klar delivers secure services via a mobile app and a secure credit card. As a well-backed startup, Klar recently completed Mexico’s largest seed funding round, amounting to $57.5 million.
“Our partnership with Galileo is yet another big step towards building world-class financial products tailored to the Mexican market,” said Stefan Moller, CEO, Klar.
Last month, Galileo opened its Mexico City offices, located nearby Mastercard Mexico’s headquarters in the financial district.
“Mexico has solidified its position as Latin America’s fintech leader with the government’s recent enactment of pioneering legislation promoting technological innovation,” said Pablo Cuaron, Mastercard Mexico. “Mastercard’s partnership with Galileo, which offers powerful and customizable payments infrastructure, will allow fintechs in Mexico to go to market faster by leveraging Mastercard’s Fintech Express program while meeting the rising consumer demands for digital financial services. This is just another example of how Mastercard is leading the way in partnering with new players to transform the way Mexicans pay.”
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