Utah based software tech firm Galileo Financial Technologies which helps few of the largest fintech companies across the world has announced picking up $77 million as part of venture financing round. Accel Partners is leading the round. Ryan Smith the CEO and co-founder of Qualtrics also participated in the funding round. Till now, the firm had been working with the bootstrapped money but had been profitable. This is first time the firm had opted for investor’s money.
Clay Wilkes and Dave Wilkes had started the firm in 200 as a payment processing platform, assisting their customers in fraud detection through Artificial Intelligence. The firm counts big names like Chime Banking, Robinhood, Monzo and TransferWise among its clients.
Wilkes, the CEO and founder of the firm commenting on the funding and talking about the firm said, "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. 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."
Accel Partners' John Locke is set to join the board of Galileo as part of the financing. Commenting on the capital infusion in the firm Lockie noted that "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. 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."
Image Courtesy : siliconangle