SALT LAKE CITY — Nearly 20 years in the past, Clay Wilkes was the proud father of 10 grown youngsters and comfortably retired.
He had patented some profitable expertise, taken his company public, then withdrawn to non-public life. But six years after retiring, he had an concept. And quickly after, Galileo was born.
The Salt Lake-based tech company was based in 2000 and gives monetary expertise firms utility program interfaces (or APIs) — primarily, instruments for constructing software program apps.
In English, which means a Galileo consumer can create an account, then create a platform that makes and receives funds — and do all of the difficult stuff that comes with that, like monitoring for fraud and managing card balances, chargebacks, disputes and data safety.
Now, after 19 years of bootstrapping its technique to profitability, Galileo has accomplished its first funding round — a $77 million funding led by enterprise capital agency Accel with participation from Qualtrics co-founder and CEO Ryan Smith.
Though the company is almost twenty years previous, that is solely Galileo’s first funding round. Wilkes mentioned it’s as a result of the company most well-liked to develop at a gradual and regular tempo and select its personal course.
“We are profitable. We lead the industry in innovation. Our ability … to be able to pick and choose our destination has been a nice blessing, if you will, all along,” he added. “While we’ve had opportunities to partner with many different financial partners or growth partners, we haven’t had a desire until now, and we think there’s really, really good alignment with Accel.”
Accel was an early investor in Venmo and Braintree, each divisions of PayPal.
Galileo additionally hopes to make use of the funding to go world in addition to broaden the company’s product, although Wilkes gained’t say simply how fairly but. Apparently, Galileo has an “aggressive roadmap” for including new platform options, and bulletins are on the horizon, he mentioned.
Galileo at present processes about $26 billion yearly with purchasers like investing app Robinhood, in addition to Monzo, Revolut, Transferwise, Varo and Chime. The $26 billion is a 130% enhance from final yr’s annual fee quantity and a “particularly good year” as a number of monetary expertise firms have begun to hit their stride, in keeping with Wilkes.
The company’s APIs permit their purchasers to open and confirm new monetary accounts, challenge and course of fee playing cards, and launch new merchandise.
“You could think of somebody like YouTube, that has 22 million influencers that they need to pay once a month. They could integrate to our API and begin making those payments, really within a matter of hours,” Wilkes defined.
“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,” mentioned Accel companion John Locke, who’s becoming a member of Galileo’s board of administrators as a part of the funding.
“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.”