Banking as a service, Member Exclusive

Launching with over 100 clients, Galileo’s Instant helps businesses pay gig workers

  • After beta launch of Instant last year, Galileo has seen strong interest in its new solution.
  • Instant enables business to launch a debit card really quickly.
close

Email a Friend

Launching with over 100 clients, Galileo’s Instant helps businesses pay gig workers

Galileo founder and CEO Clay Wilkes will be speaking at Tearsheet's Resilience Conference July 21-23 about launching a banking product during a time of great uncertainty.

Galileo announced the full launch of Galileo Instant, a solution for businesses to pay gig workers. Instant clients can can launch a debit card programs in as short as 14 days. 

SPONSORED

What's the big deal: Instant reduces the cost and time to market for U.S. businesses to launch debit card programs.

  • U.S. businesses pay millions of 1099 workers
  • Instant makes it easier for businesses to launch a card and digital banking solutions without fully legging in to the payment business
  • In November 2019, Instant launched in beta mode.
  • Instant had a waiting list of over 100 businesses. 
  • In a conversation with Tearsheet last week, Galileo founder and CEO Clay Wilkes told editor Zack Miller that the firm had 450 inbound inquiries into the Instant program and could launch a card in 23 minutes.
galileo instant cards
Source: Galileo

Who's it designed for: While there's demand for debit cards from lots of different businesses, Instant was designed primarily for firms in the new economy.

  • Content Creation Platform can create physical debit cards to instantly pay revenue share or subscription fees.
  • Gig Employees and Contractors can create physical debit cards to instantly pay employees on a per gig basis.
  • Startup fintech firms can create bank accounts and live debit cards to demonstrate digital banking account features to investors.

“In time and dollars, the barriers to entry in digital payments have been prohibitively high, even as the need for solutions has grown,” said Galileo Instant Managing Director Cole Wilkes.

“Fast growing companies -- like streaming and gig platforms, for example -- need to pay their content creators and gig workers quickly and easily, but there hasn’t been an easy way to do that. With Instant, we’ve created a solution that enables businesses to easily create branded debit cards and accounts for these individuals and pay them instantly, ending the cost of cutting checks or making ACH payments.” 

Galileo is humming: Galileo serves clients like Chime, Monzo, KOHO, Revolut, Robinhood, TransferWise and Varo.

  • Galileo was acquired by SoFi earlier this year for $1.2 billion.
  • The fintech API firm is behind Samsung's launch of a new banking product, Samsung Money.

0 comments on “Launching with over 100 clients, Galileo’s Instant helps businesses pay gig workers”

Outlier OpinionsMakers

10-Q, Member Exclusive

Guilty or not guilty: Deutsche Bank is ready to pay $75 million in Epstein settlement

  • Deutsche Bank hasn’t come clean about its involvement with the Epstein crime. However, the bank addressed the situation by saying that it has strengthened and invested in its anti-financial crime controls.
  • Upstart is up almost 80% in 2023 so far. The news of multiple funding agreements being worked on by the company rebounded the stock nearly 47% in a week.
Sara Khairi | May 22, 2023
Banking, Lending, Member Exclusive

Unlicensed lending, misleading practices, and legal actions: Is SoLo Funds in trouble?

  • Attorney General for the District of Columbia and the California DFPI have penalized SoLo Funds for breaching a number of consumer protection laws.
  • The DFPI also issued a consent order for the Black-owned firm, which is raising eyebrows and more questions.
Sara Khairi | May 17, 2023
10-Q, Member Exclusive

Robinhood’s losses override revenue, PayPal’s stock dips, while Dave delivers more than expected in Q1

  • Everything investors need to know about Robinhood, PayPal, and Dave’s Q1 2023 earnings.
  • Some important fintech stocks are on the path to recovery, while others crashed on Q1 earnings.
Sara Khairi | May 15, 2023
10-Q, Member Exclusive

PacWest nearing collapse comes hard on the heels of the First Republic crash

  • The bank crisis is nowhere near the end -- what's next for First Republic, PacWest, and bank stocks at large?
  • MoneyLion stock has gained 34% in the past week ahead of its upcoming Q1 2023 financial results.
Sara Khairi | May 08, 2023
10-Q, Member Exclusive

Visa vs. Mastercard: Who had a stronger quarter?

  • Quarterly results of both payment leaders are out, indicating resilient consumer spending throughout the period.
  • MoneyLion has approved a 1-for-30 reverse stock split of MoneyLion’s Class A common stock.
Sara Khairi | May 01, 2023
More Articles