Galileo, a U.S.-based payments processors and program management firm, announced on Wednesday its significant growth and an expanded portfolio of payments and cash management solutions that increase business opportunities for its clients.
Galileo reported its client base grew 34 percent and the company’s number of employees increased 19 percent in 2018 compared to the previous year. The company added well-known fintech clients that offer digital banking and investing services, including Aspiration, TransferWise, Robinhood, IDT, and Skrill/Paysafe. The company also reported that in 2018, the total dollar value loaded to the nearly 100 million accounts on Galileo’s platform increased 87 percent over the prior year. Galileo also experienced an 88 percent increase in its annual run rate and a 41 percent increase in peak volume. Clay Wilkes, Galileo CEO, stated:
“We attribute our outstanding growth in 2018 to Galileo’s technology and expertise that make it easy for companies to build without limitations to disrupt and improve how people manage their money and their finances. As fintech’s tech, we empower the world’s financial transactions and improve how money moves, grows and enables access for people around the globe.”
Galileo also expanded many of its technology capabilities in 2018, including:
- Enhancing its robust suite of open APIs, giving developers the flexibility to create custom, innovative financial products, while delivering exceptional customer experiences that are wholly their own.
- Enriching its sandbox, where developers can test and iterate their payments solutions in a secure environment and without risk. During the past year, more than 180 developers used Galileo’s sandbox and Galileo’s API events increased 173 percent.
- Launching the Galileo Securities Solution, enabling bank-like financial products with high-yield, FDIC-insured returns that can become consumers’ primary vehicle for everyday purchasing and payment as well as saving.
- Expanding the power of artificial intelligence to minimize clients’ card-based fraud losses. In 2018, Galileo enriched its AI-enhanced fraud protection capabilities, using deep learning to generate even greater accuracy in fraud detection.
- Meeting clients’ needs for expanded payments solutions to generate additional revenue streams, including DDA with overdraft, virtual commercial and consumer cards, and commercial and consumer credit.
See the company’s complete 2018 progress in an infographic below.