Dave

Dave Inc. (dave.com) is a U.S. financial technology company and digital banking platform headquartered in Los Angeles, California. Its flagship product, ExtraCash, is a short-term credit / discretionary overdraft product positioned as an alternative to bank overdraft fees and payday loans, providing members with up to $500 without a credit check, interest or late fees. Alongside ExtraCash, the company offers Dave Checking, a digital demand deposit account; Budget, a personal financial management tool that uses historical bank account data to identify recurring charges and notify members of upcoming transactions; and Side Hustle, a job application portal for supplemental or temporary work.

Dave is not a bank; deposit accounts and related services are provided through partner banks, currently Coastal Community Bank, Member FDIC, with balances FDIC-insured up to $250,000. Its banking service launched in 2019 in partnership with Evolve Bank & Trust. Eligibility for ExtraCash is determined by the company's proprietary CashAI technology, which analyzes more than 180 data points including income, gig or irregular work, bank balance and spending patterns rather than credit scores.

The company was founded by Jason Wilk and lists 280 full-time employees. Sources give differing founding dates: Wikipedia's company article states 2017, the Wikipedia article on Wilk states 2016, and Yahoo Finance states 2015.

Founding story

Jason Wilk, a Los Angeles-born serial entrepreneur who previously sold the golf retail site 1DaySports.com and the Y Combinator-backed video distribution network AllScreen (sold to Zealot Networks in 2015 for $85 million), started Dave after his own frustration with overdraft fees, and has said he held more than 120 meetings with venture capitalists before securing backing. The name Dave references David of David and Goliath, chosen to contrast with larger competitors, and the company's mascot is a bear wearing glasses. Mark Cuban, who had previously invested $300,000 in Wilk's AllScreen, led a $3 million seed round in Dave.

Business model

Dave provides consumer financial products through a mobile app, with revenue from a monthly membership fee and a 5% origination fee on ExtraCash advances rather than interest or late fees; earlier reporting described a model based on subscriptions and optional tips instead of overdraft fees. Deposit accounts are provided via partner banks (Coastal Community Bank; previously Evolve Bank & Trust).

Monthly subscription/membership fee plus a 5% origination fee on ExtraCash advances; the company does not charge interest or late fees. Historically the model combined subscriptions with optional tips.

Traction

The company reports 14 million-plus members. Earlier milestones include 10 million app downloads, more than four million users as of October 2019, over 10 million users by the time of its 2022 listing, and $122 million in annual revenue by 2020. Trailing-twelve-month revenue was $643.65 million with net income attributable to common of $222.64 million, and Q2 FY26 revenue was $170.79 million; market capitalization was approximately $4.77 billion.

Latest developments

Dave trades on the Nasdaq Global Market with a market capitalization of roughly $4.77 billion and reported Q2 FY26 revenue of $170.79 million and earnings of $6.69 million. Coverage indicates the company has raised ExtraCash limits and is expanding with a product called Flex. In December 2024 the U.S. Department of Justice and Federal Trade Commission announced a civil enforcement action against Dave Inc. and its board.