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Galileo Partners with TomoCredit to Introduce Inclusive Credit Card for Next Generation of Consumers Lacking Credit History

Galileo, the API standard for card issuing and digital banking, has announced that it’s powering the new fintech startup TomoCredit, offering the only credit card that doesn’t require a credit score or credit history.

TomoCredit founder and CEO Kristy Kim built TomoCredit out of her personal frustrations as a young immigrant entrepreneur. In her 20s, her application for an auto loan was rejected five times, giving her no alternative other than buying her first car with cash. Having enough money wasn’t the issue. Like many immigrants, students and young people, the issue was that Kristy didn’t have a credit score. She and her parents had worked hard for Kristy to complete college without incurring debt. But their hard work and thrift weren’t rewarded when it came to getting a car loan. Like millions of people in America, no credit history meant Kristy couldn’t finance a car, get auto insurance or rent an apartment.

“I quickly realized that without good credit, everything is more difficult,” said Kim. “I wanted to help people build their credit scores efficiently, so they can achieve the American dream without struggle.”

Using Galileo’s powerful API-based payments processing platform as its tech backbone, TomoCredit offers a credit card with no fees, interest, deposit or credit history required. Rather than relying on credit scores to assess applicants, TomoCredit looks at banking history and sources of income to determine eligibility.

“Increasing accessibility to financial services is at the heart of Galileo’s mission,” said Galileo CEO Clay Wilkes. “We feel privileged to contribute to TomoCredit’s disruption of the credit system by offering access to credit to millions of financially responsible consumers without a credit score who are working to build a better financial future.”

TomoCredit has pre-approved more than 100,000 cards and is planning to issue 1 million cards in 2021.

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