Dave, Inc. is a financial technology company that provides various products and services to help customers manage their finances. It was founded in 2016 by Jason Wilk and Paras Chitrakar and is based in Los Angeles, California. The company's flagship product is an app that allows users to monitor their bank accounts, build credit, and access small loans. Dave has also introduced various other features, such as overdraft protection and cash advances, to help customers avoid unnecessary fees and manage their finances more effectively.
The Dave app is available for both iOS and Android devices, and it has been downloaded millions of times. To use the app, customers link their bank accounts and provide some basic information about their income and expenses. The app then provides personalized insights and recommendations to help customers improve their financial health. For example, the app might suggest ways to reduce unnecessary expenses or recommend that the user increase their savings rate.
In addition to its flagship app, Dave has also introduced other products and services over the years. These include partnerships with employers to offer early access to earned wages, a debit card with no overdraft fees, and a credit monitoring service. The company has also expanded into the business-to-business (B2B) space, offering an API that allows other companies to integrate Dave's products and services into their own platforms.
Dave has raised over $400 million in funding since its founding, with investors including Norwest Venture Partners, Mark Cuban, and Section 32. In 2020, the company announced plans to go public via a merger with a special purpose acquisition company (SPAC) called VPC Impact Acquisition Holdings III. The deal was completed in May 2021, and the combined company began trading on the New York Stock Exchange under the ticker symbol "DAVE."
As of 2021, Dave has over 10 million customers and is one of the largest financial technology companies in the United States. The company has stated that its mission is to help people "build financial stability and live better lives," and it has received praise from many customers for its user-friendly app and commitment to providing transparent and affordable financial services.