Galileo Technologies

The story of Galileo Financial Technologies begins in 2000, when founders Clay and Dave Wilkes started the company. For nearly two decades, they bootstrapped the company, choosing to control their own destiny rather than chase rapid growth through venture capital. This approach allowed them to become profitable and build a robust platform focused on providing the essential technological plumbing for financial services. Galileo's core business is offering an API-driven platform that enables fintech companies and banks to create digital banking and payment services, from setting up accounts to processing payments. A significant turning point came in October 2019 when Galileo accepted its first major funding round of $77 million, led by venture capital firm Accel. This infusion of capital was primarily for market recognition, as the company was already profitable. The move paid off. Just a few months later, in April 2020, SoFi announced it was acquiring Galileo for $1.2 billion in a cash and stock deal. At the time, Galileo's platform was processing over $53 billion in annualized payment volume. Today, Galileo operates as an independent subsidiary of SoFi, powering major fintech players like Chime, Robinhood, and Varo.