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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) 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.

Services

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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

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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

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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

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  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. ^ a b c 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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