SALT LAKE CITY and HOUSTON, Oct. 14, 2020 /PRNewswire/ -- Save and Galileo announced today a partnership agreement to use Galileo's powerful and customizable API-based payments processing platform to process transactions and funding of Save customers' Debit Invest debit cards and Save Market Savings accounts.
Save, a fintech startup that enables higher yields on savings and checking accounts, and Galileo, the API standard for card issuing and digital banking, expect to process more than $7 billion of customer transactions in the first three years. Save joins other prominent fintech companies on Galileo's roster of clients, including Chime, Greenlight, MoneyLion, Monzo, Revolut, SoFi, TransferWise and others.
"Galileo has won a well-deserved reputation as a leading force for innovation, seamless execution and tech-driven efficiency in financial services, making it easier for fintech companies to work with banks and add value for customers," said Michael Nelskyla, CEO of Save. "Our relationship with Galileo builds a robust regulatory framework for safe processing of customer deposits and debit card transactions. Our customers can feel comfortable and confident that their money is secure while their Save accounts are being opened, during transfers between banks and with every transaction on their Debit Invest card."
"Customers globally are shifting to digital banking as they look for innovative financial solutions that might not be offered by traditional banks, and we see Save as a significant addition to the Galileo roster of clients," added Galileo CEO Clay Wilkes. "Save has big, ambitious goals to help people earn higher yields on their savings while still getting the safety of FDIC-insured deposits. Every transaction that Galileo helps Save process furthers the mission of giving customers more value from their bank accounts."
Galileo's robust payment processing platform supports Save customers signing up for a new Save Market Savings Account or Save Debit Invest card and makes it fast and seamless for Save's customer accounts to integrate with Save's bank partners while fulfilling the banks' FDIC regulatory requirements.
"Galileo will make it easier for Save to help our customers open accounts, fund their accounts and integrate those accounts with our bank partners' back-end systems," said Adam Watts, president and COO of Save. "When you're building something new in financial services and set big growth targets like Save has, it's important to partner with the most innovative leaders in the industry. Galileo is one of those leaders, and we look forward to working with them to keep making amazing things happen for digital banking and fintech customers."
Galileo, the API standard for card issuing, virtual card solutions and digital banking, is a global payments processing platform that powers world-leading fintechs, challenger banks, neobanks, financial services and investment firms by removing the complexity from payments. Galileo makes it fast and easy for many types and sizes of businesses to innovate and deliver amazing financial services user experiences to their customers through the Galileo Pro and Galileo Instant Solutions. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City and San Francisco. Follow and connect with Galileo on our website, LinkedIn and Twitter.
Save was created by a team of financial industry veterans, fund managers, data scientists, software developers, and quantitative experts with experience at such well-respected financial firms and organizations as Goldman Sachs, UBS, and NASA. Save® intends to bring the same types of sophisticated investments that usually would only be available to institutional investors to everyday people who want to get a higher return on their cash but without the higher risks of the stock market. Learn more at joinsave.com. Follow and connect with Save on Facebook and Instagram.
Save Advisers LLC ("Save Advisers") is an SEC-registered investment advisor. All brokerage and clearing services are provided by, and securities offered through Apex Clearing Corporation, Member FINRA/SIPC. Investment Advisory Services offered through Save Advisers, which is not affiliated with Apex clearing Corporation. Save Advisers does not provide tax or legal advice and investors are encouraged to consult with their personal advisors.