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Dave Inc. is a financial services company headquartered in Los Angeles, California, focused on improving the financial health of its members, particularly those living paycheck to paycheck. The company offers a range of innovative financial products, including cash advances, digital banking, personal financial management tools, and opportunities for supplemental income. By leveraging technology and strategic partnerships, Dave provides affordable, transparent, and accessible financial solutions to over 11 million members.
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Service-Based Revenue - Generates income from products like ExtraCash, which provides short-term liquidity through cash advances, and Budget, a subscription-based personal financial management tool.
- ExtraCash - Offers cash advances of up to $500 at 0% interest, helping members avoid overdraft fees and expensive credit options.
- Budget - Tracks spending, predicts bills, and alerts members about potential overdrafts to improve financial management.
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Transaction-Based Revenue - Earns revenue from card spend transactions initiated by members, enhancing engagement with Dave's digital banking services.
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Dave Banking - Provides a full-service digital checking account with features like no overdraft fees, early paycheck access, FDIC insurance, and high APY savings.
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Side Hustle and Surveys - Connects members with flexible job opportunities and paid surveys to generate supplemental income.
- Side Hustle - Links members to job opportunities with companies like Lyft and Walmart.
- Surveys - Allows members to earn additional income by completing surveys within the app.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jason Wilk ExecutiveBoard | CEO, President, and Director | None | Co-founder of Dave Inc., serving as CEO since May 2016. Led the company through its Business Combination in January 2022. Previously founded AllScreen and 1DaySports.com. Holds a B.B.A. from Loyola Marymount University. | |
Kyle Beilman Executive | CFO and Secretary | None | Joined Dave in July 2017. Previously served as COO and VP of Dave OD Funding I, LLC. Formerly worked in corporate strategy at Red Bull and investment banking at Centerview Partners and Moelis & Company. | |
Andrea Mitchell Board | Director | Managing Partner at Mitchell Sandler LLC | Legal expert specializing in banking and finance law. Former partner at BuckleySandler and counsel at the Federal Reserve Board. Holds a J.D. from American University and a B.A. from the University of Wisconsin-Madison. | |
Brendan Carroll Board | Director | Senior Partner at Victory Park Capital; Board Member at johnnie-O; Co-CEO of VPC Impact SPACs; Finance Council Member of Archdiocese of Chicago; Board Member at Ann & Robert H. Lurie Children’s Hospital of Chicago. | Co-founder of Victory Park Capital. Extensive experience in private equity and SPACs. Holds a B.A. from Georgetown University and an M.B.A. from Harvard Business School. | |
Dan Preston Board | Director | CEO and Director of Metromile | CEO of Metromile since 2014. Co-founder of AisleBuyer, acquired by Intuit. Holds degrees in Computer Science from Brandeis University and Stanford University. | |
Imran Khan Board | Director | Founder and CIO of Proem Asset Management; CEO of Verishop; Chairman of Aleph Group. | Former Chief Strategy Officer at Snap Inc., where he scaled revenue to over $1 billion. Previously led global internet investment banking at Credit Suisse. Holds a B.A. in Business Administration from the University of Dhaka. | |
Michael Pope Board | Director | None | Former CFO of Shutterfly and other technology companies. Extensive experience in financial leadership. Previously served on boards of Arlo Technologies and Dionex Corporation. | |
Yadin Rozov Board | Director | Founder of Terrace Edge Ventures; Board Member at Oramed Pharmaceuticals, Midwest Holding, and Neo Performance Materials. | Extensive experience in capital markets and corporate finance. Former partner at GoldenTree Asset Management and Moelis & Company. Holds an M.Sc. in Data Science from Columbia University. |
- With the pending FTC litigation resulting in a $7 million accrual for legal settlements , how might this impact your financial projections, and what contingencies are in place if the outcome is not in your favor?
- Could you elaborate on the risks and benefits of transitioning to a simplified mandatory fee structure for ExtraCash that removes optional tips and instant transfer fees , and how do you expect this change to impact your revenue and customer retention?
- Given that ExtraCash originations are largely driven by increasing approval amounts for existing customers , what strategies do you have to sustain growth and attract new customers, and are you concerned about potential saturation in your existing customer base?
- As you plan to enhance the Dave Card experience and drive it to top-of-wallet status in 2025 , what specific initiatives are you implementing to differentiate from competitors, and how will you address challenges in increasing card spend amid intense competition?
- Considering the amendments to your credit facility with Victory Park Capital and your reliance on balance sheet cash to fund ExtraCash originations , how do you plan to manage liquidity and funding costs if originations continue to grow rapidly, and are there any plans to secure additional funding sources?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
A traditional bank that competes in the banking sector, particularly for deposits and debit card spending, as well as offering banking-related services. | |
A traditional bank that competes in the banking sector, particularly for deposits and debit card spending, as well as offering banking-related services. | |
A traditional bank that competes in the banking sector, particularly for deposits and debit card spending, as well as offering banking-related services. | |
Varo Money | A new entrant obtaining banking licenses, competing in the banking sector by offering banking-related services. |
Chime | A non-bank digital provider that white-labels regulated products and offers banking-related services. |
A specialty finance and non-bank provider offering consumer lending-related or advance products. | |
A specialty finance and non-bank provider offering consumer lending-related or advance products. | |
A consumer-oriented commerce enablement platform that competes in the financial services space. | |
CashApp | A finance-oriented social network that competes in the financial services space. |
Venmo | A finance-oriented social network that competes in the financial services space. |
A lending platform that competes in the financial services space. | |
A lending platform that competes in the financial services space. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Dave Inc. | 2022 | On January 5, 2022, VPC Impact Acquisition Holdings III, Inc. consummated a business combination with Dave Inc. The deal was executed through a two-step merger structure, included a $210 million PIPE investment led by Tiger Global Management, and provided aggregate merger consideration with an implied equity value of $3.5 billion, culminating in a name change to Dave Inc. and Nasdaq listing under the symbol "DAVE". |
Recent press releases and 8-K filings for DAVE.
Dave Inc. Announces $50 Million Share Repurchase Authorization
- Dave Inc. has authorized a share repurchase program to buy back up to $50 million of its outstanding Class A common stock, with no fixed expiration date, allowing flexibility in execution based on market conditions.
- The repurchase initiative is intended to enhance shareholder value and reflects the board’s confidence in the company’s financial strength and future free cash flow generation.
- The program may be executed through open market or privately negotiated transactions and is subject to standard regulatory compliance under Rule 10b-18.