Qube Money Announces Partnership with Galileo for Innovative App and Debit Card
When it comes to the financial technologies field, it would seem that many startups view themselves more as cohorts than strictly competitors. That dynamic has been evident from the widespread adoption of Plaid among personal finance apps to the recent team-up of crypto tax service providers. This week, another tag-team was born as Qube Money announced a partnership with fellow Utah FinTech Galileo Financial Technologies.
Under this partnership, Galilieo’s API will help power Qube’s unique app and debit card. Meant to evoke the much-touted envelopes method of budgeting, Qube will digitize this process, allowing users to load specific amounts onto their debit cards before purchases can be made. Under this setup, the company hopes to create “financial awareness” and teach its users about “intentional spending.” This upcoming product will build on what the firm offered under their previous ProActive moniker, with Galileo’s technology now assisting in the payments process.
For Galilieo, this partnership comes right on the heels of their $1.2 billion acquisition by SoFi. Elsewhere, the company also recently joined the Mastercard’s FinTech Accelerate program in Mexico and worked with Mexican City-based Klar. As for Qube, they had previously been eyeing a Spring debut for the new product. Unfortunately it seems that the current pandemic played a role in delaying those plans. It’s unclear when the app will begin rolling out, although the waitlist is available on Qube’s site and the company is offering lifetime memberships in the lead up to the launch.
Speaking to what the newly-announced partnership will mean for Qube Money, the company’s co-founder Shane Walker states, “Galileo’s APIs deliver the speed and real-time decision-making necessary to support Qube Money’s technology.” On the other end of the deal, Galileo CEO Clay Wilkes said of Qube, “It’s rewarding to put the power of the Galileo API-based platform to work to support another Utah-based fintech innovator. We look forward to powering Qube as it rolls out its solution to help consumers budget and spend wisely.”
The partnership between Qube Money and Galileo highlights one of the biggest benefits of FinTechs: the ability for companies to complement each other’s strengths. This is something we’ve seen time and time again — whether it be FinTechs working with banks, companies in other verticals, or with each other — and has resulted in some big developments. If all goes well, Qube Money’s upcoming product could surely be one of those breakthroughs, potentially having an impact on users’ financial health. With that, here’s hoping that the Qube platform comes to fruition sooner rather than later.