Galileo, the API standard for card issuing and digital banking, announced that it’s powering Dave Banking, an app-based spending account and debit card from Dave.
Launched in 2017 as a way to help avoid overdraft fees, Dave was recently named the 26th most disruptive private company in the world. Dave helps its more than seven million customers budget, avoid overdraft fees, find work and build credit. To date, Dave has helped its customers avoid hundreds of millions in overdraft fees and earn more than $100MM 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,” said Jason Wilk, co-founder and CEO of Dave. “Galileo’s powerful platform enables our banking product to help the average American on their financial journey.”
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.
Dave Banking helps its customers with budgeting, avoiding overdraft fees and finding work. Additionally, Dave Banking is the first bank account to help its customers 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,” said Clay Wilkes, Galileo CEO. “Powered by our APIs, Dave has introduced a new way of banking—one that puts customers’ financial well-being first.
Read More: Syncapay Acquires Subsidiary of Wirecard AG
