U.S. fintech Galileo announced on Wednesday it has joined forces with Save, a fintech startup that enables higher yields on savings and checking accounts, to process transactions and funding of Save customers’ Debit Invest debit cards and Save Market Savings accounts.
Galileo reported that through the partnership it is expecting to process more than $7 billion of customer transactions in the first three years. Save joins other prominent fintech companies on Galileo’s roster of clients, including Chime, Greenlight, MoneyLion, Monzo, Revolut, SoFi, TransferWise, and others. Michael Nelskyla, CEO of Save, further explained the partnership by stating:
“Our relationship with Galileo builds a robust regulatory framework for safe processing of customer deposits and debit card transactions. Our customers can feel comfortable and confident that their money is secure while their Save accounts are being opened, during transfers between banks and with every transaction on their Debit Invest card.”
Galileo CEO, Clay Wilkes, also commented:
“Customers globally are shifting to digital banking as they look for innovative financial solutions that might not be offered by traditional banks, and we see Save as a significant addition to the Galileo roster of clients. Save has big, ambitious goals to help people earn higher yields on their savings while still getting the safety of FDIC-insured deposits. Every transaction that Galileo helps Save process furthers the mission of giving customers more value from their bank accounts.”
Galileo added its payment processing platform supports Save customers signing up for a new Save Market Savings Account or Save Debit Invest card and makes it fast and seamless for Save’s customer accounts to integrate with Save’s bank partners while fulfilling the banks’ FDIC regulatory requirements.