Payments processor Galileo will be powering Dave Banking, a banking startup that services people without long credit histories, the company announced in a press release Thursday (Nov. 12).
“Achieving the security and peace of mind that comes with financial independence should be attainable for everyone,” said Galileo CEO Clay Wilkes in the release.
Dave helps more than 7 million customers budget, build credit and avoid overdraft fees, according to the release. Dave’s digital bank account and debit card have no minimum balance requirement, no overdraft fees and access to 32,000 MoneyPass ATMs, fee-free.
“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 Dave Co-Founder and CEO Jason Wilk in the release.
Galileo, headquartered in Salt Lake City, Utah, supports a variety of payment solutions. In June, the company launched Galileo Instant, a program for businesses to quickly create their own branded debit cards, a solution especially popular for paying workers.
“Galileo’s powerful platform enables our banking product to help the average American on their financial journey,” said Wilk in the release.
The release noted that Dave is the first banking app that helps customers build credit just by reporting on-time utility and rental payments to credit bureaus.
“This is building a product that literally can go up against some of the prejudices and biases of the traditional banking system,” Jonathan Mildenhall, recently-hired chief marketing officer of Dave, said in explaining his decision to join the startup.
