Galileo Financial Technologies, a U.S.-based fintech, announced on Thursday it has expanded into Mexico by opening a new office in Mexico City. The expansion news comes just a few months after Galileo secured $77 million through its Series A funding round, which was led by Accel with participation from Qualtrics Co-Founder and CEO Ryan Smith.
As previously reported, Galileo claims it has grown to become one of the latest payment processors and program managers in North America. It also says it is the only payments innovator that applies tech and engineering capabilities to empower fintechs and financial institutions to unleash their full creativity to achieve their financial goals.
“Galileo leads its industry with superior fraud detection, security, decision-making analytics and regulatory compliance functionality combined with customized, responsive and flexible programs to accelerate the success of all payments companies and solve tomorrow’s payments challenges today.”
Speaking about the company’s expansion, Tory Jackson, Galileo’s In-Country Manager for Mexico, stated:
“As of May 2019, Mexico was the leading Latin American country in number of fintech startups, with 394 new companies working on financial technology solutions. The Mexican market presents incredible opportunities that our fintech solutions can answer. Our new office is the base to facilitate the success of our local and international partners that are addressing Mexico’s expanding payments needs.”
Adrián López, Partner of Nader, Hayaux & Goebel, a Mexican law firm that is advising Galileo, went on to add:
“In their drive to foster financial inclusion and competition, Mexican Financial Authorities welcome fintechs aiming to take advantage of the new regulatory framework to introduce technology with the potential of bringing millions of unbanked consumers into the financial ecosystem. Within this legal environment, Galileo is well-positioned to provide Mexican consumers with access to more payments products and programs than ever before.”