Dave (company)

Last updated
Dave.com
Dave Company Logo.png
Traded as
HeadquartersLos Angeles, California
CEO Jason Wilk
Industry
URL dave.com
RegistrationRequired
Users 10 million

'Dave (also known as Dave.com) is a leading U.S. financial technology company and digital banking platform. The company is best known for ExtraCash [1] , a short-term credit product designed as an alternative to costly overdraft fees and payday loans. Founded in 2017 [2] by Jason Wilk, Dave positions itself as a consumer-friendly challenger to traditional banks.

Contents

Services

Dave's main service is short-term lending. The company does not charge interest, or late fees, instead charging for a monthly fee and 5% origination fee. [3] Dave launched a banking service in 2019, [4] through a partnership with Evolve Bank & Trust. [5] [6] It has a service for finding side-work called SideHustle. [7]

History

Shark Tank star Mark Cuban led a $3 million seed investment round in the company, saying he was crushed by overdraft fees in his twenties. The CEO of Dave, Jason Wilk, [8] [ circular reference ] was the former creator of AllScreen, a company which was also originally funded by Cuban, who put in a $300,000 investment. [9] [10]

After the initial investment in Dave by Cuban and other investors, the total funding of the app has increased to $180 million after the $50 million investment by Norwest Venture Capital. [11] The Dave app was the Apple App of the Day in April 2017. [12] It has been downloaded 10 million times. [12] In July 2019, the company was named one of the next billion-dollar startups by Forbes . [12] In October 2019, Dave received a valuation of US$1 billion, and had over four million users. [13] [14]

Dave was ranked number five in Inc. Magazine's list of 5,000 fastest growing companies for 2021. [15] Dave went public on NASDAQ via SPAC on January 6, 2022 through VPC Impact Acquisition Holdings III created by longtime Dave investor Victory Park Capital. [16] The initial valuation was $4 billion. [17] . The company was the top performing financial stock of 2024 according to CNBC. [18]


Identity

The name Dave is taken from David, as in David and Goliath, and was chosen on purpose to be different from its competitors. Its mascot is a bear wearing glasses. [19]

References

  1. ↑ Kamel, George. "Dave App Review: What's the Catch?". Ramsey. Retrieved 27 March 2024.
  2. ↑ Azevedo, Mary Ann. "The story of how Dave took the long road to become a neobank". TechCrunch. Retrieved 26 March 2023.
  3. ↑ Schwartz, Harrison. "Dave: New Fee Structure Fixes Previous Issues, But Valuation Leaves No Room For Mistakes". SeekingAlpha. Retrieved 23 July 2025.
  4. ↑ Amore, Samson (February 2, 2022). "Dave Inc. Raises $110 Million, Launches Banking Business". Los Angeles Business Journal. Retrieved February 2, 2022.
  5. ↑ Broughton, Kristin (December 13, 2021). "Consumer Finance Startup Dave Eyes Acquisitions, Crypto After SPAC Deal". WSJ. Retrieved February 2, 2022.
  6. ↑ Son, Hugh (July 23, 2020). "Mark Cuban-backed finance app Dave says its new mobile bank account is headed for 1 million users". CNBC. Retrieved February 2, 2022.
  7. ↑ Wilhelm, Alex (January 6, 2022). "Mark Cuban-backed fintech Dave's public offering puts SPACs to the test". TechCrunch. Retrieved February 2, 2022.
  8. ↑ "Jason Wilk".
  9. ↑ CNBC.com, Ron Grover, special to (2017-11-15). "How relentless emailing helped this 25-year-old snare $300,000 from Mark Cuban". CNBC. Retrieved 2020-06-24.{{cite web}}: CS1 maint: multiple names: authors list (link)
  10. ↑ "Dave CEO Jason Wilk on the startup's stealth funding, working with Mark Cuban, and more". Built In Los Angeles. Retrieved 2020-06-24.
  11. ↑ "Finance App Dave Inc. Raises $50 Million | Los Angeles Business Journal". labusinessjournal.com. October 2019. Retrieved 2020-06-24.
  12. 1 2 3 Feldman, Amy. "Next Billion-Dollar Startups 2019". Forbes.
  13. ↑ "Banking App Dave Reaches $1B Valuation, Plans for 100 Hires Next Year".
  14. ↑ "Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million". 30 September 2019.
  15. ↑ "An Exclusive Guide to America's Top Private Companies". Inc.com. 2021. Archived from the original on 29 January 2022. Retrieved February 2, 2022.
  16. ↑ León, Riley de (January 6, 2022). "Mark Cuban-backed banking app Dave begins trading on the Nasdaq after completing SPAC merger". CNBC. Retrieved February 1, 2022.
  17. ↑ "Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger". Reuters. June 7, 2021. Retrieved February 2, 2022.
  18. ↑ https://www.cnbc.com/2024/12/20/dave-robinhood-biggest-financial-stock-gainers.html
  19. ↑ Singh, Kanishka (7 June 2021). "Dave/fintech: bear logo is unwittingly apt". Financial Times. Retrieved 23 June 2025.


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