Galileo Financial Technologies Inc., a Salt Lake City-based firm that powers many of the world’s leading challenger banks, has expanded with new offices in New York City and San Francisco, part of a larger move by the company into the fintech and investment related businesses.
The bank, which raised $77 million in funding last month, has been working on a plan to expand its business further into wealth management with a product called Galileo Money+, which allows financial advisors to provide white labeled bank accounts to their customers.
“Adding offices in San Francisco and New York supports our initiatives in two areas where we’re growing quickly,” Clay Wilkes, CEO of Gailleo, said in a company release. “San Francisco and Silicon Valley are the U.S. hub for challenger fintechs that are taking advantage of our sophisticated platform using Galileo’s powerful APIs to create innovative financial solutions.”
Galileo said Aaron Dillon, managing director of Galileo Money+ and Galileo Investment Advisors, is in charge of the New York office, while Egan Anderson, head of the Galileo developer ecosystem, is leading the San Francisco office.
Galileo is recovering from a high profile service outage in mid-October that temporarily disrupted service at Chime Bank and Varo Money, leaving many customers unable to conduct purchases, withdraw from ATMs and check their balances’ complete direct deposits.
Chime is one of the largest and fastest growing digital banking operations in the world, with more than five million customers.
“The incident in mid-October related to a database issue on one of our client database clusters,” a spokesperson told Mobile Payments Today via email. “Fortunately only a few of our clients were affected and most of our clients experienced a relatively short outage. Throughout the incident we focused on restoring the most critical functions first.”
The spokesperson noted that while most large companies from airlines to large technology companies and fintechs rely on service providers, Galileo is “accustomed to being the best in terms of reliability” and considers any such outage “unacceptable to Galileo’s commitment to quality.”
The spokesperson said the incident reinforces Galileo’s “commitment to earn and keep our clients’ trust every day.”
Cover image: Galileo.