B2B payments fintech company BluePenguin Payments has expanded its partnership with API-based payments platform Galileo Financial Technologies.
Under the renewed partnership, BluePenguin will leverage Galileo’s technology to help business service providers (BSPs) to adapt to virtual payments amid the Covid-19 pandemic.
By partnering with Galileo, BluePenguin intends to create the next-generation B2B virtual payments platform during the current crisis.
Galileo CEO Clay Wilkes said: “One of the great rewards of creating a company that’s recognized as the API standard for card issuing and digital banking is helping startups, like BluePenguin, realize the potential of bringing their innovative concepts to market and watching them succeed.
“We are proud to support BluePenguin and honored that the company has chosen to expand our relationship as it grows and matures.
“BluePenguin will represent another firm delivering sophisticated, value-added solutions through the use of Galileo’s technology.”
In the B2B payments category, BluePenguin offers a unique, multi-card and multi-network payment platform.
These solutions can be easily deployed virtually and allow clients to cut third-party costs and create a new revenue stream.
BluePenguin CEO Steve Boyer said: “A modern accounting department with a remote workforce needs virtual payment solutions that quickly adapt and integrate into the new tools and processes the company puts in place.
“Fintechs like BluePenguin must be more nimble than ever before. Galileo’s robust APIs give us the flexibility and agility to create entirely new solutions that couldn’t be contemplated with other issuing processors or B2B virtual card incumbents, with their inflexible legacy systems.”
Launched in 2018, BluePenguin’s agile and proprietary platform helps bring B2B virtual payments to underserved customers.
Back in April 2020, the online personal finance company SoFi agreed to acquire Galileo Financial Technologies in a deal valued at $1.2bn.