Galileo, a Salt Lake City, UT-based provider of APIs for banking products, raised $77m in its first funding round.
The round was led by Accel with participation from Qualtrics Co-Founder & CEO Ryan Smith. In conjunction with the funding, Accel Partner John Locke is joining the Galileo Board of Directors.
The company intends to use the funds to accelerate growth, including expansion into Latin America, the UK and Europe, and for continued operations and product expansion.
Led by Founder & CEO Clay Wilkes, Galileo provides APIs to such tech companies as Chime, Robinhood, Monzo, Revolut, Transferwise, Varo and others, to open and verify new financial accounts, issue and process payment cards, and launch new products. Whether an account is accessed via debit, credit, prepaid or mobile, with Galileo all fintech products are integrated on one API platform.
The APIs are used widely throughout the neobank, payments, gig economy, investing and SaaS market segments.
As of September 2019, the company manages over $26B in annual payments volume.