Dave.com

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Dave.com
CEOJason Wilk
Industry
Total assets$1 billion
URLhttp://dave.com/
RegistrationRequired
Users10 million

Dave (sometimes known as Dave.com) is a digital banking service. The service emphasizes no overdraft fees, and provides loans to individuals' accounts at their banks for overdraft protection.

Overview[]

The app uses an algorithm to predict users ability to repay loans based on their checking account and income history. The algorithm predicts when a user's expenses may exceed their balance, sending a notification and the option for a loan until the user's next paycheck. The company does not charge overdraft fees, instead charging a monthly fee to use the app and giving the option to "tip" after getting a loan.[1][2]

History[]

Shark Tank star Mark Cuban invested $3 million in the company, saying he was crushed by overdraft fees in his twenties. , 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.[3]

The Dave app was the Apple App of the Day in April 2017.[4] It has been downloaded 10 million times on iOS,[4] and over a million times on Android devices.[5]

In July 2019, the company was named one of the next billion dollar startups by Forbes.[4]

In October 2019, Dave received a valuation of US$1 billion, and has over 4 million users.[2][1]

Funding[]

The CEO of Dave, Jason Wilk, was the former creator of , a company which was also originally funded by Cuban who put in a $300,000 investment.[6] [7] 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 dollar investment by Norwest Venture Capital.[8]

References[]

  1. ^ a b "Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million".
  2. ^ a b "Banking App Dave Reaches $1B Valuation, Plans for 100 Hires Next Year".
  3. ^ Melendez, Steven (May 2, 2017). "Mark Cuban's "Dave" Spots You No-Interest Loans To Avoid Overdraft Fees". Fast Company. Retrieved Oct 30, 2019.
  4. ^ a b c Feldman, Amy. "Next Billion-Dollar Startups 2019". Forbes.
  5. ^ "Dave - Banking For Humans - Apps on Google Play". play.google.com.
  6. ^ 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.
  7. ^ "Dave CEO Jason Wilk on the startup's stealth funding, working with Mark Cuban, and more". Built In Los Angeles. Retrieved 2020-06-24.
  8. ^ "Finance App Dave Inc. Raises $50 Million | Los Angeles Business Journal". labusinessjournal.com. Retrieved 2020-06-24.

External links[]


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