Galileo, a U.S.-based payments processors and program management firm, announced on Thursday it has formed a partnership with Robinhood to help power Robinhood Checking & Savings feature. According to the duo, Galileo’s highly customizable payments infrastructure has been integrated into Robinhood Checking & Savings, which earns 3% of annual interest, has no fees, and offers access to more than 75,000 free ATMs. It was revealed:
“Robinhood chose Galileo for its robust suite of APIs that helped Robinhood create a unique and best-in-class product for its millions of customers. Galileo’s APIs provide some of the most advanced capabilities for fintech companies to create without limitations. Galileo’s superior fraud detection, security, decision-making analytics and regulatory compliance functionality, combined with customized, responsive and flexible programs, helped set it apart from other providers.”
While sharing more details about the partnership, Clay Wilkes, Founder and CEO of Galileo, stated:
“Galileo has a strong and proven track record as a leader in payments and fintech and we are delighted to partner with fellow leader and innovator Robinhood to support its continued expansion. With this announcement we further strengthen our reputation as fintech’s tech provider.”
Vlad Tenev, Co-Founder and Co-CEO of Robinhood, went on to add:
“We’re proud to work with Galileo to further our mission of providing the best financial tools to our customers at the best possible prices.”