Galileo partners with fintech startup Save to process $7b in transactions and funds

Galileo partners with fintech startup Save to process $7b in transactions and funds

Published: 15-10-2020 15:24:00 | By: Pie Kamau | hits: 77 | Tags:

Save and Galileo announced a partnership agreement to use Galileo's powerful and customizable API-based payments processing platform to process transactions and funding of Save customers' Debit Invest debit cards and Save Market Savings accounts.

Save, a fintech startup that enables higher yields on savings and checking accounts, and Galileo, the API standard for card issuing and digital banking, expect to process more than $7 billion of customer transactions in the first three years. Save joins other prominent fintech companies on Galileo's roster of clients, including Chime, Greenlight, MoneyLion, Monzo, Revolut, SoFi, TransferWise and others.

Michael Nelskyla, CEO, Save: "Galileo has won a well-deserved reputation as a leading force for innovation, seamless execution and tech-driven efficiency in financial services, making it easier for fintech companies to work with banks and add value for customers. Our relationship with Galileo builds a robust regulatory framework for safe processing of customer deposits and debit card transactions. Our customers can feel comfortable and confident that their money is secure while their Save accounts are being opened, during transfers between banks and with every transaction on their Debit Invest card." 

Clay Wilkes, Galileo CEO: "Customers globally are shifting to digital banking as they look for innovative financial solutions that might not be offered by traditional banks, and we see Save as a significant addition to the Galileo roster of clients. Save has big, ambitious goals to help people earn higher yields on their savings while still getting the safety of FDIC-insured deposits. Every transaction that Galileo helps Save process furthers the mission of giving customers more value from their bank accounts." 

Galileo's robust payment processing platform supports Save customers signing up for a new Save Market Savings Account or Save Debit Invest card and makes it fast and seamless for Save's customer accounts to integrate with Save's bank partners while fulfilling the banks' FDIC regulatory requirements.  

Adam Watts, President and COO, Save: "Galileo will make it easier for Save to help our customers open accounts, fund their accounts and integrate those accounts with our bank partners' back-end systems. When you're building something new in financial services and set big growth targets like Save has, it's important to partner with the most innovative leaders in the industry. Galileo is one of those leaders, and we look forward to working with them to keep making amazing things happen for digital banking and fintech customers."  

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