Dave

Dave provides banking products via a mobile app. The company was initially founded to offer micro-lending products such as overdraft protection but has since branched out to offer other banking services. The company does not charge overdraft fees (for amounts up to USD 500), minimum balance fees, or ATM fees. It also offers credit in the form of cash advances for amounts up to USD 100. In addition, the company has partnered with LevelCredit, a credit builder, to enable customers to improve their credit scores by reporting rent payments directly to credit bureaus. The app also provides Personal Finance Management (PFM) tools that help customers monitor their spending habits and create budgets for future expenses. 

In 2020, the company launched Dave Banking, a spending account that includes a debit card with no monthly fees. Dave offers its spending account free of charge. Customers also have the option to connect their external bank accounts to the Dave app at a cost of USD 1 per month. Aside from its banking products, the app provides a “Side Hustle” facility, which enables existing customers to find new employment opportunities outside full-time employment. 

Key customers and partnerships

As of March 2024, the company served around 10.8 million customers (up 24% YoY).

In February 2024, the company joined the American Fintech Council to advance innovation in FinTech, with an emphasis on developing inclusive digital banking products and services for customers who are not well-served by traditional banks.

Funding and financials

 In June 2021, the company announced plans to go public via a merger with a Special-Purpose Acquisition Company (SPAC) at a post-money valuation of USD 4 billion and expected to raise cash proceeds of over USD 375 million. The merger was finalized in January 2022. 

In 2023, Dave reported a revenue of USD 259 million (up 26.4% YoY), while its net loss fell to USD 48.5 million compared with USD 128.9 million in the prior year.