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May 1, 2020

Galileo secures Mastercard certification; partners with Klar for expansion

US-based financial technology company Galileo has secured its Mastercard certification and partnered with fintech Klar to expand its footprint in Mexico.

Klar offers customers with alternatives to traditional credit cards and debit services, without the traditional banking fees.

Under the partnership agreement, Klar selected Galileo as its technology partner to deliver payment services in Mexico.

Klar will deliver secure payment services via a mobile app as well as a secure credit card along with it.

Klar CEO Stefan Moller said: “Our partnership with Galileo is yet another big step towards building world-class financial products tailored to the Mexican market.”

Galileo has been certified with Mastercard Mexico Domestic Switch (MxDS) for Signature, PIN and ATM transactions, and settlement and chargeback processing.

It is said to be the first API software innovator to secure Mastercard certification and launch as a part of Mastercard’s Fintech Accelerate program in Mexico.

The company’s API-based platform allows fintechs to quickly launch payment services that cater to the consumers in the region.

Mastercard Mexico director Pablo Cuaron said: “Mastercard’s partnership with Galileo will allow fintechs in Mexico to go to market faster by leveraging Mastercard’s Fintech Express program while meeting the rising consumer demands for digital financial services.”

Galileo, which was acquired by SoFi for $1.2bn, opened offices in Mexico City last month.

Galileo Mexico in-country manager Tory Jackson said: “Our Mastercard certification and partnership with Klar reinforce our commitment and efforts to bring innovative payment solutions for consumers in Mexico.”

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