Galileo Financial Technologies, the company behind Carson Group’s white-labeled high-interest cash solution, called Galileo Money+, raised $77 million in a Series A funding round, according to a company announcement. It is the firm’s first institutional funding round and it was led by venture capital firm Accel. Galileo has been profitable for five years, reported Reuters.
Besides powering Carson Group’s Money+ offering, Galileo works with firms like Robinhood, Revolut, Transferwise and Chime, providing services such as financial account opening and verification services and issuance and processing of payment cards. Accel’s John Locke, a partner at the firm, will be joining the Galileo Board of Directors as part of the investment.
"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,” Locke said in a statement. “[Galileo founder and CEO] Clay [Wilkes] 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.”
Galileo will be using the funding to expand into Latin America, the United Kingdom and Europe, according to the firm. It will also be expanding its product line.