In this episode of Accrued, hosts Tedd Huff and Colton Pond chat with Scott Johnson, the Senior VP of Business Development at Galileo Financial Technologies. Scott shares his experiences and insights from his 20 years at Galileo, a leading FinTech platform owned by SoFi Technologies. They discuss how Galileo powers major players like Chime and Monzo, and the challenges and opportunities in the FinTech industry. Scott tells a funny story from Galileo's early days when the company almost had a disaster during a visit from MasterCard due to a water leak. He also talks about the company's decision to publish APIs over a decade ago, which was a bold move at the time and helped them grow significantly. The conversation covers Galileo's role in the FinTech landscape, focusing on their expansion into Latin America and the importance of modernizing banking infrastructure. Scott highlights how Galileo's technology supports over 151 million accounts and how their products help banks and FinTech companies offer better services. They also discuss the impact of AI and machine learning in finance, particularly in personalization and fraud prevention. Scott mentions Galileo's AI chatbot, Connecta, and their payment risk platform, which helps reduce fraud and save costs for their clients. Another key topic is the importance of long-term partnerships and a consultative approach in FinTech. Scott emphasizes how Galileo supports its clients to navigate challenges and achieve sustainable growth. Finally, they touch on the acquisition of Galileo by SoFi and how it has opened new opportunities for the company. Scott shares insights on international expansion, especially the unique challenges and considerations when entering new markets like Latin America. This episode is packed with valuable insights for anyone interested in the future of FinTech, the role of AI, and the importance of modern banking technology. Whether you're a FinTech enthusiast or just curious about how technology is changing finance, this conversation with Scott Johnson offers a lot to learn. Key Highlights The Secret to Galileo's Success: Early Challenges and Big Wins Discover how a tiny office with just four server racks faced a major water leak during a critical MasterCard tour and how quick thinking turned a potential disaster into a memorable moment in Galileo's early days. APIs: The Game-Changer for FinTech Learn about the bold decision to publish APIs over a decade ago, a move that attracted a range of companies with unique use cases, helping shape the future of FinTech. Navigating the 2008 Financial Crisis Find out how Galileo managed to survive the 2008 financial crisis by betting on long-term partnerships and supporting companies with great product offerings, even delaying invoicing to keep them afloat. Expanding into Latin America: Key Considerations Understand the strategic move to expand into Latin America, the challenges faced, and the economic viability of entering different markets with tailored financial solutions. Personalized Finance: AI and Machine Learning at Work Explore how AI and machine learning are used to deliver highly personalized financial experiences, from chatbots sensing frustration to advanced payment risk platforms reducing fraud. The Power of Modern Banking Cores See why modernizing banking cores is crucial for offering innovative products and services, and how legacy systems are holding back financial institutions from competing effectively. Boots on the Ground: Successful International Expansion Learn why having employees in local markets is essential for successful international expansion and how Galileo ensures they are truly committed to new regions. Unique Financial Products: Buy Now, Pay Later...