The backend service provider to several financial technology giants, the Galileo Financial has raised US$ 77 million through its services. The company is one of the fastest-growing companies in the world of financial solutions. The company is doing well by bagging clients like Robinhood, Monzo, TransferWise, and Chime Banking. However, an additional 77 million dollars are always a plus for the business.
The company believes that for the new fintech companies that are launching currently, there are 2 methods that can offer them a successful future. One of them is partnering with a prominent player that allows them to offer their services to some of their clients. Whereas, the second method is to become the sole financial provider for business. Galileo opted for the second method and offers technological solutions that can fulfill the requirement of its client.
How Galileo Financial Gained Success?
In order to gain the desired success, the company targets businesses willing to switch from traditional banking to electronic transfer. This allows the company to design and develop solutions that bring profit for both the customer and the business. Based on these solutions, Galileo Financial currently stands strong at US$ 26 billion per annum.
According to Clay Wilkes, the company is designing APIs which help customers to manage accounts, monitor any fraud, provides authorization to merchant’s transactions, and chargebacks. Also, these APIs provide a safe and secure monetizing business model to the customer which helps them to grow in the financial market.
What is the Plan of the Company with Raised Money?
Currently, the company is planning to expand its market beyond North America. As per Clay’s statement, Galileo Financial is exploring lucrative opportunities in Brazil and Mexico. As a result, these initiatives will allow the company to reach new customers enhancing its profit margin.