SAN FRANCISCO (Reuters) - Galileo Financial Technologies, a company whose technology handles back-office functions for payment industry startups, said on Thursday it raised $77 million in a series A funding round led by Silicon Valley venture capital firm Accel, one of the early investors in Facebook.
Accel confirmed the investment.
Galileo, started in 2000, has been profitable for over five years and will use the funds to hire, said CEO and founder Clay Wilkes. “We are growing our sales and marketing capabilities and really expanding globally and expanding our headcount globally.”
Galileo settles credit and debit card payments to merchants, manages card balances, disputes and charge-backs, monitors for fraud and information security, and handles any middle-office or back-office functions that fintech companies need, Wilkes said. It also provides the infrastructure to connect the fintech world.
Galileo’s processing platform is used by fintech startups like mobile banking platforms Chime and Monzo, mobile investment platform Robinhood, and global money transfer firms Revolut and Transferwise, Wilkes added.
All of those customers are so-called unicorns, startups valued at over $1 billion, according to data from PitchBook. Galileo declined to share its own valuation.
The company plans to expand in Latin America and Europe.
John Locke, a partner at Accel, is joining the Galileo board of directors, according to Galileo.
Reporting By Jane Lanhee Lee in San Francisco; Editing by Peter Henderson and Matthew Lewis