Wilkes claims Galileo powers 95% of North American digital banking transactions
Clay Wilkes · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · Jul 31, 2020 · at 13:45
Clay Wilkes, founder and CEO of Galileo, highlights the company's dominant market share in North American digital banking infrastructure ahead of its merger with SoFi.
0:00 / 0:06exact quote · 6.8s
720p mp4 · rendered on demand · StarZero watermark
“By a recent study, 95% of digital banking was occurring in the United States and North America was occurring on our platform.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Clay Wilkes
Wilkes predicts traditional banking functions will be fully integrated into Big Tech
“That won't be anything new or different, but the banking function, if you will, what we've thought of as a traditional banking function or financial function will absolutely be integrated into big tech.”
Wilkes argues eager venture capital is driving overvaluations in the neobanking sector
“Yes, absolutely. I think the VCs are anxious to jump in and to participate, and that drives a bit of overvaluation.”
Wilkes: SoFi-Galileo combined offering will be unrivaled for 3-5 years
“I believe that we have created something that can't be rivaled in the marketplace for the next at least three to five years. I believe we've created something that's three to five year head start.”
Wilkes: Galileo raised venture capital primarily to get press and analyst coverage
“When we did make a decision to raise, you know, we were profitable and had been profitable for quite some time. We had a large and scaling business, but it was hard to get analysts and press to pay attention to you or to consider you as an alternative. It's an…”
Wilkes predicts a Fintech 2.0 wave will emerge in 3-10 years
“I believe with everything that I just said, I believe we are in our infancy in FinTech and there will be a second round. We saw this with the internet and it will happen here in FinTech. We will see a FinTech two point O and players will emerge that we have no…”