U.S. fintech Galileo announced on Thursday it has teamed up with Dave, a mobile banking app, to power digital banking accounts. According to the duo, Dave selected Galileo’s 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.
Speaking about the partnership, Jason Wilk, Co-Founder and CEO of Dave, stated:
“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.”
Clay Wilkes, Galileo CEO, added:
“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.”
The partnership with Dave comes just weeks after Galileo announced its partnership with Save, a fintech startup that enables higher yields on savings and checking accounts, to process transactions and funding of Save customers’ Debit Invest debit cards and Save Market Savings accounts. At the time, Galileo revealed that through the collaboration it is expecting to process more than $7 billion of customer transactions in the first three years. Save joins other fintech companies on Galileo’s roster of clients, including Chime, Greenlight, MoneyLion, Monzo, Revolut, SoFi, TransferWise, and others.