U.S. fintech Galileo announced on Tuesday it has joined forces with TomoCredit to launch a new credit card specifically for consumers lacking a credit history. The company claims the new card is considered the only credit card that does not require a credit score or credit history.
“Using Galileo’s powerful API-based payments processing platform as its tech backbone, TomoCredit offers a credit card with no fees, interest, deposit or credit history required. Rather than relying on credit scores to assess applicants, TomoCredit looks at banking history and sources of income to determine eligibility.”
Speaking about the new card, Galileo CEO Clay Wilkes, stated:
“Increasing accessibility to financial services is at the heart of Galileo’s mission. We feel privileged to contribute to TomoCredit’s disruption of the credit system by offering access to credit to millions of financially responsible consumers without a credit score who are working to build a better financial future.”
TomoCredit Founder and CEO, Kristy Kim, added:
“I quickly realized that without good credit, everything is more difficult. I wanted to help people build their credit scores efficiently, so they can achieve the American dream without struggle.”
Galileo went on to note that TomoCredit has pre-approved more than 100,000 cards and is planning to issue one million cards in 2021. The collaboration comes just a little over a month after Galileo announced its collaboration with mobile banking app Dave, to power digital banking accounts. Dave notably selected Galileo’s API platform as the “technical backbone” to deliver its Dave Banking product, which offers customers a digital bank account and debit card with no overdraft fees, no minimum balance requirements, and fee-free access to 32,000 MoneyPass ATMs.