Dave CEO Jason Wilk told attendees at the Wolfe Research Fintech Forum that the neobank is scaling short-duration credit using artificial intelligence for underwriting, marketing, customer support and fraud prevention. The company serves over 14 million registered customers with advances up to $500 between paychecks. Dave reported strong 2025 performance, generating over $550 million in revenue and more than $230 million in EBITDA, representing 60% year-over-year revenue growth. Monthly transacting members reached 2.9 million, whilst quarterly originations exceeded $2 billion. Wilk attributed outperformance to AI-enhanced underwriting improvements that increased originations per user. The company's 28-days-past-due loss rate stands at approximately 1.89%. Dave has used AI in its cash-flow underwriting models since 2019, analysing six to 12 months of customer transaction history.

Dave Inc. has priced a $175 million issuance of zero-coupon convertible notes, marking a strategic addition to its capital structure. The fintech company has entered into capped call transactions to raise the effective conversion premium to 100%, aligning conversion terms with its equity valuation. The notes carry no interest, preserving cash flow whilst providing investors with upside potential through conversion. Dave plans to repurchase approximately 334,000 shares of common stock, signalling confidence in its share price and intent to manage dilution. The capped call mechanism limits potential impact on existing shareholders whilst offering a conversion route if the stock appreciates. The zero-coupon structure reduces immediate cash outlay, with the conversion feature providing future equity upside if valuation rises.

Company entered into capped call transactions to increase effective conversion premium to 100% Company to repurchase approximately 334,000 shares of common stock using approximately $70.5 million of net proceeds Los Angeles, March 05, 2026 (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE) (“Dave” or the “Company”) today announced the pricing of an offering of $175 million principal amount of its 0% Convertible Senior Notes due 2031 (the “notes”) through a private offering to persons reasonably believ