Company:Dave

From HandWiki
Short description: Digital banking service
Dave.com
Dave Company Logo.png
Traded as
HeadquartersLos Angeles, California
CEOJason Wilk
Industry
Websitedave.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". https://finance.yahoo.com/news/lawsuit-claims-dave-com-concealed-131500927.html. 
  2. ↑ 2.0 2.1 2.2 León, Riley de (6 January 2022). "Mark Cuban-backed banking app Dave begins trading on the Nasdaq after completing SPAC merger" (in en). CNBC. https://www.cnbc.com/2022/01/06/mark-cuban-backed-dave-begins-trading-on-nasdaq-after-completing-spac.html. 
  3. ↑ 3.0 3.1 "Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million". 30 September 2019. https://techcrunch.com/2019/09/30/upstart-banking-company-dave-is-now-worth-1-billion-as-norwest-puts-in-50-million/. 
  4. ↑ 4.0 4.1 "Banking App Dave Reaches $1B Valuation, Plans for 100 Hires Next Year". https://www.builtinla.com/2019/10/01/dave-raises-50m-1b-valuation. 
  5. ↑ Melendez, Steven (May 2, 2017). "Mark Cuban's "Dave" Spots You No-Interest Loans To Avoid Overdraft Fees". https://www.fastcompany.com/40414829/mark-cubans-dave-spots-you-no-interest-loans-to-avoid-overdraft-fees. 
  6. ↑ Amore, Samson (February 2, 2022). "Dave Inc. Raises $110 Million, Launches Banking Business". https://labusinessjournal.com/news/2019/jun/19/dave-raises-110-million-launches-banking-business/. 
  7. ↑ Broughton, Kristin (December 13, 2021). "Consumer Finance Startup Dave Eyes Acquisitions, Crypto After SPAC Deal". https://www.wsj.com/articles/consumer-finance-startup-dave-eyes-acquisitions-crypto-after-spac-deal-11639391403. 
  8. ↑ Son, Hugh (July 23, 2020). "Mark Cuban-backed finance app Dave says its new mobile bank account is headed for 1 million users". https://www.cnbc.com/2020/07/23/mark-cuban-backed-finance-app-dave-says-its-new-mobile-bank-account-is-headed-for-1-million-users.html. 
  9. ↑ Wilhelm, Alex (January 6, 2022). "Mark Cuban-backed fintech Dave's public offering puts SPACs to the test". https://social.techcrunch.com/2022/01/06/mark-cuban-backed-fintech-daves-public-offering-puts-spacs-to-the-test/. 
  10. ↑ "Jason Wilk". https://en.wikipedia.org/wiki/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" (in en). https://www.cnbc.com/2017/11/15/how-this-25-year-old-snared-300000-from-mark-cuban.html. 
  12. ↑ "Dave CEO Jason Wilk on the startup's stealth funding, working with Mark Cuban, and more" (in en). https://www.builtinla.com/2018/02/07/dave-financial-planning-tool-eliminates-overdrafts. 
  13. ↑ "Finance App Dave Inc. Raises $50 Million | Los Angeles Business Journal". October 2019. https://labusinessjournal.com/news/2019/oct/01/dave-raises-50-million/. 
  14. ↑ 14.0 14.1 14.2 Feldman, Amy. "Next Billion-Dollar Startups 2019". https://www.forbes.com/sites/amyfeldman/2019/07/16/next-billion-dollar-startups-2019/. 
  15. ↑ "Dave - Banking For Humans - Apps on Google Play". https://play.google.com/store/apps/details?id=com.dave&hl=en_US&gl=US. 
  16. ↑ "An Exclusive Guide to America's Top Private Companies". 2021. https://www.inc.com/inc5000. 
  17. ↑ León, Riley de (January 6, 2022). "Mark Cuban-backed banking app Dave begins trading on the Nasdaq after completing SPAC merger". https://www.cnbc.com/2022/01/06/mark-cuban-backed-dave-begins-trading-on-nasdaq-after-completing-spac.html. 
  18. ↑ "Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger". June 7, 2021. https://www.reuters.com/technology/mark-cuban-backed-banking-app-dave-go-public-4-bln-spac-merger-2021-06-07/. 

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