Galileo

Deal Snapshot

Company: Galileo Financial Technologies

Website: galileo-ft.com

Sector / Category: Fintech infrastructure / Financial services APIs, card issuing, payment processing, and digital banking enablement

Headquarters: Salt Lake City, Utah, USA

Founded: 2000

Investor: Frazier VC

Investment Vehicle: Fund I, Fund II

Deal Type: Secondary

Realization: Acquired by SoFi (completed May 2020)

Company Overview

Galileo is a financial technology platform that provides APIs and infrastructure for fintechs, banks, and brands to launch and scale digital banking, card programs, and payment experiences. The platform supports core capabilities across card issuing, payment processing, deposits, and engagement channels, helping partners build modern financial products on top of Galileo’s integrated rails.

Public Funding / Capital Events

Oct 17, 2019 — $77M Series A raised

Galileo announced its first institutional funding round: a $77 million Series A led by Accel, with participation that included Qualtrics co-founder/CEO Ryan Smith.

Apr 7, 2020 — SoFi announces agreement to acquire Galileo for $1.2B

SoFi announced a definitive agreement to acquire Galileo for total consideration of $1.2B (cash and stock).

May 2020 — Acquisition completedS

oFi disclosed that it completed its acquisition of Galileo in May 2020 for a purchase price of $1.2B.

Investment Summary

Frazier VC invested in Galileo through secondary purchases across multiple funds, beginning with Fund I in March 2014 and Fund II in January 2019. These secondary purchases reflect conviction in Galileo’s role as critical infrastructure powering modern digital banking and payments, and provided exposure to the company’s growth through the later-stage expansion period prior to its acquisition by SoFi in 2020.

Why We Invested

Frazier VC invested in Galileo because we believe infrastructure businesses that power the financial ecosystem can scale efficiently and compound in value as usage grows across many downstream brands. Galileo’s platform is highly scalable, embedded in mission-critical workflows, and differentiated through deep integrations and the reliability required for regulated financial products. We also look for durable barriers to entry, and Galileo’s operational complexity, switching costs, and partner relationships create meaningful defensibility over time.

Other Investors

Accel

Mercato Partners

Kickstart (US)

Kensington Capital Holdings