English
GALILEO FINANCIAL TECHNOLOGIES RAISES $77 MILLION SERIES A LED BY ACCEL

Galileo Financial Technologies Raises $77 Million Series A Led by Accel

October 17, 2019

Already profitable Galileo crosses $26B of annual processing volume in September as global growth accelerates.

Salt Lake City, October 17, 2019 - Galileo, the company whose APIs power the next generation of banking products globally, announced its first institutional funding round today—a $77 million investment led by venture capital firm Accel with participation from Qualtrics Co-Founder & CEO Ryan Smith.

The company, which is already profitable and growing rapidly, plans to use the funds to accelerate growth, including expansion into Latin America, the UK and Europe, and for continued product expansion. Many of the most discerning tech companies globally—including Robinhood, Monzo, Revolut, Transferwise, Varo and many others—trust Galileo’s APIs to open and verify new financial accounts, issue and process payment cards, and launch new products.

Whether an account is accessed via debit, credit, prepaid or mobile, with Galileo all fintech products are integrated on one API platform. Galileo Founder & CEO Clay Wilkes said, “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 and providing the building blocks for the world’s most innovative payments programs. We’re thrilled to be working with Accel and Ryan Smith.”

As of September 2019, Galileo manages over $26B in annual payments volume, a 130 percent increase over September 2018. Galileo’s APIs are used widely throughout the neobank, payments, gig economy, investing and SaaS market segments.

Accel Partner John Locke, who is joining the Galileo Board of Directors as part of the investment, said, “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. We’re excited to help Clay and team take Galileo to the next level.”

With more services in the pipeline and an aggressive roadmap for adding new platform features, Galileo continues to enable its clients to challenge the status quo in payments.

June 3, 2025

One-Tap Payment Switch Gives Banks the Edge in Account Primacy

Prashant Shah, VP of product management at Galileo Financial Technologies, challenged the PYMNTS audience to remember a recent bill paying experience where updating a subscription meant having to chase down Netflix or Amazon — even the local power company — to log into each individual site to update payment details.

See More
May 30, 2025

‘Trust me, I’m an algorithm’: How fintech is rebuilding customer confidence in the age of AI

Trust in financial services now means showing customers how AI works, ensuring it treats them fairly, and being upfront about data use.

See More
May 29, 2025

What’s Happening With SOFI Stock?

The company’s strategic shift toward higher-margin revenue avenues through its Technology Platform (Galileo and Technisys) and Financial Services segments is attracting investor interest.

See More
May 20, 2025

Galileo Debuts ‘Payment Switch’ for Easier Bill Pay

Galileo integrates another new solution, powered by Atomic, to help clients become the first choice for everyday spend and grow recurring revenue.

See More
December 11, 2024

Behind SoFi's Technology Business

SoFi has built a booming business in banking, but how does the technology business work and scale?

See More