Challenger bank Dave taps Galileo Financial to power Dave Banking
By Pavithra R
Galileo Financial Technologies, a financial services API and payments platform provider, has announced partnering with challenger bank Dave, to power Dave Banking, an app-based spending account and debit card.
Founded in 2016, Dave leading U.S. based challenger bank on a mission to put everyone’s financial mind at ease with free overdraft cash, budgeting and side gigs. The company helps its more than seven million customers budget, avoid overdraft fees, find work and build credit. According to company data, the FinTech to date has helped its customers avoid hundreds of millions in overdraft fees and earn more than $100 mn through its job-finding feature, Side Hustle.
“Dave is on a mission to create financial opportunity that advances America’s potential by giving our customers the fluidity they need to navigate life’s ups and downs. Galileo’s powerful platform enables our banking product to help the average American on their financial journey,” said Jason Wilk, co-founder and CEO of Dave.
Dave selected Galileo’s powerful API platform as the technical backbone to deliver its Dave Banking product. Dave Banking offers customers a digital bank account and debit card with no overdraft fees, no minimum balance requirements and fee-free access to 32,000 MoneyPass ATMs. It also helps its customers to automatically build credit history by reporting on-time rent and utility payments to the major credit bureaus.
“Achieving the security and peace of mind that comes with financial independence should be attainable for everyone. Powered by our APIs, Dave has introduced a new way of banking—one that puts customers’ financial well-being first,”’ said Clay Wilkes, Galileo CEO.
Founded in 2000, Galileo provides APIs and payments platform to create sophisticated card-based and digital financial solutions. The PayTech company offers fraud detection, decision-making analytics, security, and regulatory compliance functionality combined with customised, and flexible programs to assist payments companies and to solve payments challenges. Earlier this year the company was acquired by SoFi for $1.2 Billion.
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