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Dave (company)

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Dave.com
Traded as
CEOJason Wilk
Industry
URLhttp://dave.com/
RegistrationRequired
Users10 million

Dave (previously known as Dave.com[1]) is a digital banking service. The service emphasizes a different approach to overdraft fees, allowing clients to pay for overdraft fee protection.[2]

History

Shark Tank star Mark Cuban invested $3 million in the company, saying he was crushed by overdraft fees in his twenties. The CEO of Dave, Jason Wilk, was the former creator of AllScreen, a company which was also originally funded by Cuban who put in a $300,000 investment.[3][4] 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 dollar investment by Norwest Venture Capital.[5] The Dave app was the Apple App of the Day in April 2017.[6] It has been downloaded 10 million times on iOS,[6] and over a million times on Android devices.[7] In July 2019, the company was named one of the next billion dollar startups by Forbes.[6] In October 2019, Dave received a valuation of US$1 billion, and had over 4 million users.[8][9]

Dave was ranked number five in Inc. Magazine's list of 5,000 fastest growing companies for 2021.[10] Dave went public on NASDAQ via SPAC on Jan 6 2022 through VPC Impact Acquisition Holdings III created by longtime Dave investor Victory Park Capital.[2][11] The initial valuation was $4 billion.[12]

Services

Dave's launch product is a short term loan. The company does not charge mandatory fees, instead charging a monthly fee to use the app and giving the option to "tip" after getting a loan, and users can pay for expedited service.[9][8] Lauren Saunders, of the National Consumer Law Center, expressed concern that some users may feel compelled to tip resulting in it being not too different from paying interest.[13] Dave has also launched a banking service, Dave Banking. It was released in 2019.[14] It is available through a partnership with Evolve Bank & Trust.[15][16] It also has a service for finding side-work called SideHustle.[17]

References

  1. ^ https://finance.yahoo.com/news/lawsuit-claims-dave-com-concealed-131500927.html
  2. ^ a b León, Riley de (6 January 2022). "Mark Cuban-backed banking app Dave begins trading on the Nasdaq after completing SPAC merger". CNBC. Retrieved 13 January 2022.
  3. ^ 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)
  4. ^ "Dave CEO Jason Wilk on the startup's stealth funding, working with Mark Cuban, and more". Built In Los Angeles. Retrieved 2020-06-24.
  5. ^ "Finance App Dave Inc. Raises $50 Million | Los Angeles Business Journal". labusinessjournal.com. October 2019. Retrieved 2020-06-24.
  6. ^ a b c Feldman, Amy. "Next Billion-Dollar Startups 2019". Forbes.
  7. ^ "Dave - Banking For Humans - Apps on Google Play". play.google.com.
  8. ^ a b "Banking App Dave Reaches $1B Valuation, Plans for 100 Hires Next Year".
  9. ^ a b "Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million".
  10. ^ "An Exclusive Guide to America's Top Private Companies". Inc.com. 2021. Archived from the original on 29 January 2022. Retrieved February 2, 2022.
  11. ^ 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.
  12. ^ "Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger". Reuters. June 7, 2021. Retrieved February 2, 2022.
  13. ^ Melendez, Steven (May 2, 2017). "Mark Cuban's "Dave" Spots You No-Interest Loans To Avoid Overdraft Fees". Fast Company. Retrieved Oct 30, 2019.
  14. ^ Amore, Samson (February 2, 2022). "Dave Inc. Raises $110 Million, Launches Banking Business". Los Angeles Business Journal. Retrieved February 2, 2022.
  15. ^ Broughton, Kristin (December 13, 2021). "Consumer Finance Startup Dave Eyes Acquisitions, Crypto After SPAC Deal". WSJ. Retrieved February 2, 2022.
  16. ^ 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.
  17. ^ 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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