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.
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.
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.