Galileo Financial Technologies Inc. announced the launch of Galileo Instant Issuing, a collaboration with Mastercard to allow the company to provide fintechs and other businesses to quickly open bank accounts and issue white-labeled debit cards without long-term contracts and startup fees.
Galileo CEO Clay Wilkes said the program is designed to let gig economy companies, fintechs and other firms quickly scale card programs that they can use to rapidly pay and manage funds for vendors, workers and others who need to have transactions completed in a fast and seamless manner.
It’s intended to change the dynamics in allowing companies to issue payment cards and open bank accounts in an environment that can be rolled out quickly.
“It takes a long time and costs a lot of money to let’s say be an issuer of one of these products today,” he told Mobile Payments Today in an interview. “But there are a lot people, of companies that don’t want to do any of that, they are not payment companies, they just want to make a payment.”
The Galileo dashboard provides the ability for companies to immediately gain access to a sandbox environment where companies can quickly set up a payment card environment out of the box. The portal provides access to Galileo’s suite of APIs and production environment for approved card accounts.
The collaboration with Mastercard is connected to the card company’s Mastercard Accelerate program that it announced in October, which is designed to help fintechs get started and scale their businesses through a single point of entry.
Galileo is the processor behind some of the world’s largest fintech companies, including Varo Money, Robinhood, Chime and other firms. The company said it has fully recovered from the October disruption that impacted a small percentage of its clients, including Chime and Varo.
Cover image: Galileo.