Galileo, the API standard for card issuing headquartered in Salt Lake City, has set up offices in Mexico City in an effort to tap the fintech growth opportunities in Latin America.
Tory Jackson will be in charge of the new facility, located in Torre Reforma building in Mexico City’s financial district.
As the in-country manager for Mexico at Galileo, Jackson will be integral in making local hires for the new facility and driving the firm’s growth in Latin America.
Jackson stated: “As of May 2019, Mexico was the leading Latin American country in number of fintech startups, with 394 new companies working on financial technology solutions.
“The Mexican market presents incredible opportunities that our fintech solutions can answer. Our new office is the base to facilitate the success of our local and international partners that are addressing Mexico’s expanding payments needs.”
Galileo powers fintechs, financial services and investment firms. Using the firm’s Galileo Money+ offering, financial advisers can provide clients white-labelled bank accounts, debit cards as well as mobile apps.
In announcing the expansion, Galileo cited EY’s Global Fintech Adoption Index 2019. According to the study, the fintech consumer adoption rate in Mexico, representing the share of digitally active people who have used at least two fintech services in the last six months, stood at 72%.
Last November, Galileo introduced instant debit cards and bank accounts issuing solution in partnership with Mastercard.