A veteran Google executive, Derek White, has been hired for the top spot at payments processor Galileo Financial Technologies. White succeeds Galileo CEO and founder Clay Wilkes, who becomes vice-chair of Galileo and remains a member of the board of directors of SoFi, Galileo’s parent company.
Salt Lake City-based Galileo said it offers the application programming interface (API) standard for card issuing and digital banking. SoFi announced it was acquiring Galileo in April 2020.
“Galileo continues to shape the future of FinTech. The excitement and momentum at Galileo are palpable,” said White in a press release, adding that “Galileo has never been stronger or more focused.”
White most recently was vice president of global financial services at Google Cloud. According to the release, he was responsible for partnering with banks, insurance companies, FinTechs and others as part of transitioning to digital-first operations. He was also responsible for creating new products to meet the needs of Google clients and their customers.
White has more than 20 years of experience in financial services. Before Google, he served as the vice-chair and chief digital officer for U.S. Bank, and was previously the global head of client solutions for BBVA. In addition, he was a technology ambassador for London, “actively promoting the U.K. market as a FinTech capital,” the release noted.
Last year, Galileo announced it was powering Dave Banking, an app-based spending account and debit card from the digital bank Dave. According to a press release, Dave helps more than seven million customers budget, build credit and avoid overdraft fees. The network includes 32,000 MoneyPass ATMs, fee-free.
On Monday (June 7), Dave announced it was partnering with a special-purpose acquisition company (SPAC) called VPC Impact Acquisition Holdings III (VPCC), sponsored by Victory Park Capital, with an expected value of about $4 billion.
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