The global neobanking market is still growing at a staggering rate, valued at more than $50 billion and forecast to grow 50% annually for the foreseeable future. While companies like Revolut, Monzo, and Wise have been at the forefront of this digital revolution, Galileo has been a major background player.
In essence, the 2001-founded company provides some of the world’s leading fintechs (including the aforementioned Monzo and Wise), with the software and infrastructure they need to issue cards, process payments, and build innovative digital banking products.
The Fintech industry as a whole sat up and took notice when SoFi acquired Galileo for $1.2 billion in 2020, a year before going public. However, it's worth noting that since then, Galileo has continued operating as an independent subsidiary.
The hiring of financial industry veteran Derek White as CEO, and new partnerships with the likes of Fundbox and Global Rewards indicates that business is still booming for Galileo, while the company also looks to be exploring new, potentially very lucrative avenues in the crypto industry.
Freddie
Company Specialist at Welcome to the Jungle