Galileo is already profitable and on-track for $100 million in net revenue this year. That success has made it ripe for a big $77 million Series A funding round. The firm is not commenting on its present valuation other than to say it’s worth “a substantial amount.”
The company’s success here is particularly notable as the landscape is getting leaner for fintechs. According to CB Insights, second quarter funding ($8.3 billion) was the lowest since fourth quarter 2016, with neobanks taking up the bulk of attention.
“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,” says Galileo founder and CEO Clay Wilkes. 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.”
Venture capital firm Accel led the funding, which also drew interest and support from Qualtrics co-founder and CEO Ryan Smith. The new infusion will drive growth and a planned expansion into Latin America, the UK, and Europe. Galileo is also in the process of developing new products that the Series A will support.
The company has made itself invaluable to some of high-profile tech companies, including Chime, Robinhood, Monzo, Revolut, Transferwise, and Varo. With $26 billion in payments processed each month (a 130% year-over-year jump), Galileo has earned its place with a unified API that handles a range of financial services, including opening and verifying new accounts, issuing and processing payment cards, and helping clients roll out their own new products.
Accel’s funding also means that partner John Lock is joining Galileo’s board.
“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.”