Galeo Bank preps for UK launch
UK digital challenger Galeo Bank is preparing to offer its banking services around the world.
The bank says its app will offer a “new paradigm” in banking, “providing free digital banking globally”. It says this includes credit cards, lending, savings and insurance.
Galeo says it’s based on the Bank-as-a-Platform (BaaP) model. It is deploying digital infrastructure where Galeo provides cost-free basic banking and payment services, while financial products are provided to customers by authorised third-parties plugged into the platform.
The bank claims that all products and services will be available for Galeo’s customers on demand via an application.
It was founded by Sergey Sukhikh in early 2018, with Aleksey Zhdanov as chief design officer. On their LinkedIn profiles, they show limited experiences in the financial industry.
The Galeo Beta is scheduled to be released in Q2 2019.
You can view our comprehensive list of UK challenger banks and their tech here.