2018 was the best year yet for Galileo Processing and 2019 may surpass it, CEO Clay Wilkes said.
The long-time payments platform has the goal of being the industry’s most sophisticated payments platform and they’re making good on that pledge, with features including customer service and IVR, payments network connectivity, AI, roundup funding and mobile technologies. Client sectors include big tech, retail and the complete range of financial services companies.
“We did have an incredible year,” Mr. Wilkes began.
As an enterprise solution provider in the payments space, Galileo has very little direct competition, Mr Wilkes said. Maybe that’s because they have such a wide range of service offerings in a still emerging fintech space where most companies focus on narrow niches.
Whatever the reason, Galileo isn’t taking anything for granted, Mr. Wilkes said. Their open API is cost effective and easy to manage and implement.
“It’s sophisticated technology but our goal is to make its capabilities easy and accessible,” Mr. Wilkes said. “After three years our open API and sandbox have produced tremendous results.”
The industry is taking notice, as many big players are signing on as Galileo clients. United Kingdom companies include TransferWise, Monzo, Revolut and Paysafe. In North America, RBC, Koho, Chime and Robinhood have adopted Galileo technology.
More are on the way, Mr. Wilkes said.
“In the first quarter of 2019 we signed more deals than in all of 2018.”
That means the numbers we see at this time next year could tower over 2018’s results which were impressive on their own. Galileo’s client base increased by 34 percent and an enhanced API suite saw a 173 percent usage increase. The total dollar value loaded rose 87 percent, while run rate was up 88 percent.
Galileo was founded with the goal of positively impacting people’s lives based on how they use their money, and as technology matures they are able to create solutions for a wider variety of financial needs, Mr. Wilkes said. Payments and banking are converging with investments and securities, with technology creating all sorts of new opportunities.
With banks not passing on recent rate increases to the customer in the form of higher interest payouts they are leaving themselves vulnerable to nimble startups unencumbered by legacy technology who can generate strong profits while sharing some of the recent rate hikes with their clientele.
“If we can democratize this it will be significant,” Mr. Wilkes said.
Galileo is off to a good start. Expect announcements throughout 2019 where clients are leveraging Galileo innovations to offer compelling new services, he added. Many of those will be in cash management, where it will be easier for people to invest money with wealth managers who have a higher responsibility to act in their clients best interests.
Take it all together and it’s easy to see why Mr. Wilkes is so excited by Galileo’s prospects for 2019 and beyond. The 4,500 fintechs are doing incredible things, and standards such as PSD2, open banking and GDPR are fostering more.
“The challenger bank model is exciting, and version two of many products have a massive application and scope,” Mr. Wilkes said. “Fintech in general is dominating business school discussions.”
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