Galileo launched a beta of Galileo Instant last year and this week they are releasing it into the wild with over 100 clients signed up; Galileo Instant is a solution to make it easier to pay gig workers as clients can launch a debit card in as little as 14 days; while any company can apply to become a client it was designed for those businesses serving the gig economy; Galileo Instant Managing Director Cole Wilkes said, “In time and dollars, the barriers to entry in digital payments have been prohibitively high, even as the need for solutions has grown. Fast growing companies — like streaming and gig platforms, for example — need to pay their content creators and gig workers quickly and easily, but there hasn’t been an easy way to do that. With Instant, we’ve created a solution that enables businesses to easily create branded debit cards and accounts for these individuals and pay them instantly, ending the cost of cutting checks or making ACH payments.” Tearsheet.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.