Galileo is going in for the Mexican fintech market, partnering with Klar
via Contxto
Mexican challenger bank Klar is buddying up with US-based fintech, API, and payments platform, Galileo. This is another step in the latter’s expansion into Mexico. In February of this year, it had opened its offices in the capital. Moreover, consumer financial services platform SoFi acquired Galileo for US$1.2 billion last month.
Despite all these major changes it still forged a partnership with the Mexican fintech. As a result, Klar will use Galileo’s software for its own products. Specifically, to develop its app and a secure credit card.
“Our partnership with Galileo is yet another big step towards building world-class financial products tailored to the Mexican market,” stated Stefan Moller, CEO of Klar in a press release.
Klar had previously raised a seed funding round of equity and debt totaling to US$57.5 million in September of last year.
Fintech APIs and the market in Mexico
Galileo, like many financial businesses from abroad, sees potential in this country’s market.
“Not only is Mexico one of the most influential and innovative fintech markets in Latin America, it is also one of the fintech hubs with the highest growth potential worldwide,” acknowledged Tory Jackson, Galileo’s in-country manager for Mexico.
It’s more than likely there are more partnerships in the works between Galileo and other fintechs that want to build and launch payment solutions in Mexico. And in that sense, it’s not alone.
The API scene in Mexico is quickly evolving to tender to the country’s emerging fintechs.
Startups like Finerio, Belvo the YC Grad, and now Galileo have been busy of late. Particularly in ensuring the world knows they’re ready to fill in the gap between traditional banks and fintechs.