Galileo Financial Technologies Inc. is entering an alliance with Mexican challenger bank Klar and has also become the first API software integrator to achieve Mastercard certification as part of the card company’s fintech accelerator program in that country. 

"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," Tory Jackson, in-country manager for Galileo in Mexico, said in a press release. "Our Mastercard certification and partnership with Klar reinforce our commitment and efforts to bring innovative payment solutions for customers in Mexico."

Klar raised $57 million in debt and equity last fall to emerge as one of Mexico's top challenger banks to emerge in a market with millions of underbanked consumers. 

Galileo, acquired by SoFi earlier this month, has powered some of the world's hottest fintech companies. The Salt Lake City-based company recently opened its first Mexico City office, which is located near the Mastercard office there. 

"Mexico has solidified its position as Latin America's fintech leader with the government’s recent enactment of pioneering legislation promoting technological innovation," Pablo Cuaron, of director for new payment flows at Mastercard Mexico, said in the release. "Mastercard's partnership with Galileo, which offers powerful and customizable payments infrastructure, will allow fintechs in Mexico to go to market faster by leveraging Mastercard's Fintech Express program, while meeting the rising customer demands for digital fintech services."

The certification means Galileo is certified for Mastercard’s Mexico Domestic Switch for signature, PIN and ATM transactions, as well as processing settlements and chargebacks . The certification will make it easier for Galileo to help fintechs become able to process payments out of the box. 

Cover image: Klar