U.S. fintech Galileo Financial Technologies announced on Thursday it has received its Mastercard certification in Mexico and has formed a new partnership with Mexican fintech Klar. The announcements come just weeks after SoFi acquired Galileo for $1.2 billion in both cash and stock.
Galileo also claims it is the first API software innovator to secure Mastercard certification and to launch as part of Mastercard’s Fintech Accelerate program in Mexico, which makes it a pioneer in the market. Galileo is certified with the Mastercard Mexico Domestic Switch (MxDS) for Signature, PIN, and ATM transactions, as well as settlement and chargeback processing.
According to Galileo, Klar is “leading” the democratization of financial services in Mexico by offering alternatives to traditional credit cards and debit services, without the traditional banking fees. Through the partnership, Klar delivers secure services through a mobile app and a secure credit card. Speaking about the collaboration with Klar and the Mastercard certification, Tory Jackson, Galileo’s in-country manager for Mexico
“Our Mastercard certification and partnership with Klar reinforce our commitment and efforts to bring innovative payment solutions for consumers in Mexico.”
Pablo Cuaron, Director for New Payment Flows for Mastercard Mexico, then added:
“Mastercard’s partnership with Galileo, which offers powerful and customizable payments infrastructure, will allow fintechs in Mexico to go to market faster by leveraging Mastercard’s Fintech Express program while meeting the rising consumer demands for digital financial services.”
Founded in 2000, 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.