Payments technology leader significantly invests in market innovation, expands client base and team in Latin America
Galileo, the API standard for card issuing and digital banking and a leading technology platform subsidiary of Social Finance, Inc. (SoFi), today announced the opening of a Latin America headquarters and innovation center in the iconic Torre Reforma building in Mexico City. The move follows the incorporation of Galileo’s Mexican subsidiary and the initial opening of its first office outside the U.S. in Mexico City last year. It reinforces the company’s strategic commitment and exponential growth in Latin America, as well as strong market reception for innovative payment solutions in the region. This expanded presence will enable Galileo to serve strategic markets across Latin America in-market and in-language, and co-innovate with dynamic technology firms to bring differentiated products and services to their clients.
Galileo was the first payments processor to secure certification with the Mastercard Mexico Domestic Switch (MxDS) and first to launch as part of Mastercard’s Fintech Accelerate program in Mexico. Today, Galileo powers leading fintechs in Mexico, and the company is a key innovator in the growing Latin America payments tech industry. Galileo’s payment technology can benefit fintechs, banks and partners seeking an agile platform to enable digital commerce and digital financial services. Leading companies, like Klar which has grown 6x in the last year and now has 200,000 active accounts, utilize Galileo’s robust APIs to power their digital finance offerings.
“As Galileo and Mexico’s fintech industry continues to grow, we recognized the need to expand our physical presence and in-country support to provide world-class solutions for our clients,” said Tory Jackson, Head of Business Development and Strategy, Latin America for Galileo. “Galileo was founded with a focus on financial inclusion, and we are proud to partner with innovators to advance financial inclusion and digital transformation in Latin America. Since last year’s first office opening, Mexico City has proven to be an amazing home for Galileo, and this new office solidifies our commitment to supporting the fintech industry in Mexico and LATAM.”
“At Mastercard we strongly believe that supporting the entry of new players to the industry will help solve unmet consumer needs and will promote financial inclusion, while raising the quality of services offered into the market,” said Carlos Pacheco, Vice President of Market Development for Mastercard Mexico & Central America. “We are committed therefore to work alongside Galileo to continue to promote digital transformation in the market.”
Galileo’s Mexican subsidiary’s world-class office in the landmark, 57-story Torre Reforma building in Mexico City’s cultural, historical and financial district will serve as a headquarters for the technology innovator’s rapidly expanding team. It will initially be hiring about 25 new team members across Engineering, Payment Technology, Product Innovation, Client Success and Operations with capacity for about 55 team members. The award-winning, earthquake-resistant, LEED Platinum-certified building is among the tallest in Mexico City, and home to other global organizations such as SC Johnson, ExxonMobil, Hitachi and many others. These Mexico City-based team members will join the leading and fast-growing company’s teams distributed principally across offices in Salt Lake City, New York City, Seattle and San Francisco.