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 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 overdraft fees and payday loans. Founded in 2017 [2] by Jason Wilk, Dave positions itself as a consumer-friendly challenger to traditional banks.

Contents

History

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. [3]

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, [4] [ circular reference ] was the former creator of AllScreen, a company which was also originally funded by Cuban, who put in a $300,000 investment. [5] [6]

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. [7] The Dave app was the Apple App of the Day in April 2017. [8] It has been downloaded 10 million times. [8] In July 2019, the company was named one of the next billion-dollar startups by Forbes . [8] In October 2019, Dave received a valuation of US$1 billion, and had over four million users. [9] [10]

Dave was ranked number five in Inc. Magazine's list of 5,000 fastest growing companies for 2021. [11] 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. [12] The initial valuation was $4 billion. [13] The company was the top performing financial stock of 2024 according to CNBC. [14]

Services

Dave's main service is ExtraCash, a short-term credit product designed as an alternative to overdraft fees and payday loans. [1]

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. [15] Dave launched a banking service in 2019, [16] through a partnership with Evolve Bank & Trust. [17] [18] It has a service for finding side-work called SideHustle. [19]

References

  1. 1 2 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. ↑ Singh, Kanishka (7 June 2021). "Dave/fintech: bear logo is unwittingly apt". Financial Times. Retrieved 23 June 2025.
  4. ↑ "Jason Wilk".
  5. ↑ 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)
  6. ↑ "Dave CEO Jason Wilk on the startup's stealth funding, working with Mark Cuban, and more". Built In Los Angeles. Retrieved 2020-06-24.
  7. ↑ "Finance App Dave Inc. Raises $50 Million | Los Angeles Business Journal". labusinessjournal.com. October 2019. Retrieved 2020-06-24.
  8. 1 2 3 Feldman, Amy. "Next Billion-Dollar Startups 2019". Forbes.
  9. ↑ "Banking App Dave Reaches $1B Valuation, Plans for 100 Hires Next Year".
  10. ↑ "Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million". 30 September 2019.
  11. ↑ "An Exclusive Guide to America's Top Private Companies". Inc.com. 2021. Archived from the original on 29 January 2022. Retrieved February 2, 2022.
  12. ↑ 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.
  13. ↑ "Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger". Reuters. June 7, 2021. Retrieved February 2, 2022.
  14. ↑ https://www.cnbc.com/2024/12/20/dave-robinhood-biggest-financial-stock-gainers.html
  15. ↑ Schwartz, Harrison. "Dave: New Fee Structure Fixes Previous Issues, But Valuation Leaves No Room For Mistakes". SeekingAlpha. Retrieved 23 July 2025.
  16. ↑ Amore, Samson (February 2, 2022). "Dave Inc. Raises $110 Million, Launches Banking Business". Los Angeles Business Journal. Retrieved February 2, 2022.
  17. ↑ Broughton, Kristin (December 13, 2021). "Consumer Finance Startup Dave Eyes Acquisitions, Crypto After SPAC Deal". WSJ. Retrieved February 2, 2022.
  18. ↑ 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.
  19. ↑ Wilhelm, Alex (January 6, 2022). "Mark Cuban-backed fintech Dave's public offering puts SPACs to the test". TechCrunch. Retrieved February 2, 2022.
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