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Dave (company)

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Dave.com
Traded as
HeadquartersLos Angeles, California
CEOJason Wilk
Industry
URLdave.com
RegistrationRequired
Users10 million

Dave (also known as Dave.com[1]) is a digital banking service. The service' main focus is on cash advances.[2] This service works off of tips and subscription fees rather than overdraft fees.[2]

Services

Dave's main service is short-term lending. The company does not charge interest, or origination or similar fees, instead charging for expedited service, and a monthly fee to use the service, and giving the option to "tip" the company.[3][4] 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.[5] Dave launched a banking service in 2019,[6] through a partnership with Evolve Bank & Trust.[7][8] It has a service for finding side-work called SideHustle.[9]

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,[10][circular reference] was the former creator of AllScreen, a company which was also originally funded by Cuban who put in a $300,000 investment.[11][12] 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.[13] The Dave app was the Apple App of the Day in April 2017.[14] It has been downloaded 10 million times on iOS,[14] and over a million times on Android devices.[15] In July 2019, the company was named one of the next billion dollar startups by Forbes.[14] In October 2019, Dave received a valuation of US$1 billion, and had over 4 million users.[4][3]

Dave was ranked number five in Inc. Magazine's list of 5,000 fastest growing companies for 2021.[16] 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][17] The initial valuation was $4 billion.[18]

References

  1. ^ "Archived copy". Archived from the original on 2022-04-23. Retrieved 2022-04-23.{{cite web}}: CS1 maint: archived copy as title (link)
  2. ^ a b c 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. ^ a b "Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million". 30 September 2019.
  4. ^ a b "Banking App Dave Reaches $1B Valuation, Plans for 100 Hires Next Year".
  5. ^ Melendez, Steven (May 2, 2017). "Mark Cuban's "Dave" Spots You No-Interest Loans To Avoid Overdraft Fees". Fast Company. Retrieved Oct 30, 2019.
  6. ^ Amore, Samson (February 2, 2022). "Dave Inc. Raises $110 Million, Launches Banking Business". Los Angeles Business Journal. Retrieved February 2, 2022.
  7. ^ Broughton, Kristin (December 13, 2021). "Consumer Finance Startup Dave Eyes Acquisitions, Crypto After SPAC Deal". WSJ. Retrieved February 2, 2022.
  8. ^ 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.
  9. ^ Wilhelm, Alex (January 6, 2022). "Mark Cuban-backed fintech Dave's public offering puts SPACs to the test". TechCrunch. Retrieved February 2, 2022.
  10. ^ "Jason Wilk".
  11. ^ 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)
  12. ^ "Dave CEO Jason Wilk on the startup's stealth funding, working with Mark Cuban, and more". Built In Los Angeles. Retrieved 2020-06-24.
  13. ^ "Finance App Dave Inc. Raises $50 Million | Los Angeles Business Journal". labusinessjournal.com. October 2019. Retrieved 2020-06-24.
  14. ^ a b c Feldman, Amy. "Next Billion-Dollar Startups 2019". Forbes.
  15. ^ "Dave - Banking For Humans - Apps on Google Play". play.google.com.
  16. ^ "An Exclusive Guide to America's Top Private Companies". Inc.com. 2021. Archived from the original on 29 January 2022. Retrieved February 2, 2022.
  17. ^ 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.
  18. ^ "Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger". Reuters. June 7, 2021. Retrieved February 2, 2022.


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