Galileo Financial raises $77 million for its fintech services that were 19 years in the making
Clay Wilkes had already been retired for six years when he launched Galileo Financial Services in 2000.
The serial entrepreneur, who had been an early pioneer in telecommunications technologies (like voice over internet protocols), saw the need for better connectivity between secondary services and financial institutions 19 years ago, just as new digital services around payroll processing, transit vouchers, store cards and other services were launching.
Now the company runs the backend integrations with financial institutions for some of the biggest names in financial technology and has just raised $77 million in financing from Accel Partners.
Not that Galileo necessarily needed the money. The company has been profitable for years since its bootstrapped beginnings and counts fintech giants like Chime Banking, Robinhood, Monzo and TransferWise among its customers. In fact, the debit and credit card service provider will process nearly $26 billion in financing by the end of the year, according to the company.
For financial services companies that are launching these days there are a few ways to get to market quickly. One is to partner with a financial institution that will handle the money for them in accounts that are FDIC assured; the other is to become a