Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Galileo Financial raises $77 million for its fintech services that were 19 years in the making – TechCrunch

Galileo Financial raises $77 million for its fintech services that were 19 years in the making – TechCrunch

Clay Wilkes had already been retired for six years when he launched Galileo Financial Services in 2000.
The serial entrepreneur, who had been an early pioneer in telecommunications technologies (like voice over internet protocols), saw the need for better connectivity between secondary services and financial institutions 19 years ago, just as new digital services around payroll processing, transit vouchers, store cards and other services were launching.

Now the company runs the backend integrations with financial institutions for some of the biggest names in financial technology and has just raised $77 million in financing from Accel Partners.

Not that Galileo necessarily needed the money. The company has been profitable for years since its bootstrapped beginnings and counts fintech giants like Chime Banking, Robinhood, Monzo and TransferWise among its customers. In fact, the debit and credit card service provider will process nearly $26 billion in financing by the end of the year, according to the company.

For financial services companies that are launching these days there are a few ways to get to market quickly. One is to partner with a financial institution that will handle the money for them in accounts that are FDIC assured; the other is to become a financial provider that’s fully regulated themselves.

Most companies have opted for the second route, and when they do, they need to find a way to hook into a bank’s financial system and the payment technologies that form the backbone of transaction processing through the debit and credit cards that a huge portion of the world relies on to buy things.

Accel partner John Locke, who is joining the Galileo board of directors, calls the company almost the flip side of the Braintree and Stripe investments that power transactions for most online merchants.

Rather than focus on the companies that are taking online orders and processing payments, Galileo deals with the consumers who are spending the money and powers the ways in which companies are trying to offer new services to get those consumers to switch from traditional banks to their upstart challengers (ironically still mostly powered by traditional banks).

“Through the API what they’re doing is creating and managing accounts, authorizing merchant transactions, monitoring fraud, initiating disputes and chargebacks, being able to configure products and a wide variety of product,” said Wilkes. “We support [direct deposit accounts] and we do credit products… all of these capabilities are capabilities that fit on our platform.”

Wilkes wouldn’t talk about the company’s valuation except to say that it’s worth “a substantial amount.”

What he will talk about is how Galileo will use the money it has raised. The Salt Lake City-based startup is planning to greatly expand its geographical reach beyond North America. It’s “actively pursuing opportunities in Brazil and Colombia and Argentina,” according to Wilkes. In fact, the company plans to open an office in Mexico City in the coming months to service new Latin American business.

Meanwhile, it already has something of a stranglehold on the market in the United Kingdom. “The top five largest fintechs in the U.K. are all clients today,” Wilkes said.

Unlike other companies in the market that take a fixed percentage of transactions, Galileo charges a variable amount of a few cents for every transaction that it processes to connect a startup with its banking back end.

“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 Locke in a statement. “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.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×