Galileo Financial Technologies, a U.S.-based fintech, announced on Thursday it secured $77 million through its Series A funding round, which was led by Accel with participation from Qualtrics Co-Founder and CEO Ryan Smith.
Founded in 2000, Galileo claims it has grown to become one of the latest payment processors and program managers in North America. It also says it is the only payments innovator that applies tech and engineering capabilities to empower fintechs and financial institutions to unleash their full creativity to achieve their financial goals.
“Galileo leads its industry with superior fraud detection, security, decision-making analytics and regulatory compliance functionality combined with customized, responsive and flexible programs to accelerate the success of all payments companies and solve tomorrow’s payments challenges today.”
Speaking about the investment round, Galileo Founder & CEO Clay Wilkes, stated:
“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.”
Accel Partner John Locke, who is joining the Galileo Board of Directors as part of the investment, added:
“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.”