Galileo Financial Technologies has raked in $77m in a series A funding round led by Silicon Valley venture capital firm Accel.
Accel was joined by Qualtrics co-founder and CEO Ryan Smith.
Galileo intends to invest the proceeds to expand the product line-up and enter new markets such as the UK, Europe and Latin America.
Galileo founder and CEO Clay Wilkes 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.”
Galileo, which already processes more than $26bn of payments per year, has Monzo, Revolut, Chime, Robinhood, Varo, Transferwise as clients.
These companies use Galileo’s APIs to open and validate new financial accounts, besides issuing and processing payment cards, and introducing new financial products.
As part of the deal, Accel partner John Locke gained a seat on the Galileo board.
Locke stated: “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.”