Dave is a financial technology company that helps individuals manage their finances through a mobile app. The app offers various financial services, including cash advances on upcoming paychecks without interest or credit checks, which helps users avoid overdraft fees. It targets lower to middle-income individuals who may struggle with traditional banking services, providing a fee-free banking experience with no overdraft, minimum balance, or ATM fees at over 32,000 locations. Dave generates revenue through subscription fees and optional services, such as helping users find side jobs and offering a free subscription to LevelCredit for credit score building. The app is designed to be user-friendly and non-judgmental, making it easier for users to navigate their financial lives. Dave's goal is to provide accessible banking services that empower individuals to manage their finances effectively.

Financial Solutions Lab

Tiger Global

Corbin Capital Partners

Wellington Management

AID Partners Capital

SV Angel

David Friedberg

Quincy Smith

Mark Cuban

Diplo (Thomas Wesley Pentz)

Jason Rubin

The Chernin Group

Justin Yoshimura

Norwest Venture Partners

VPC Impact Acquisition Holdings III

Victory Park Capital

Fintech

Financial Services

Dave

The Federal Trade Commission (FTC) has referred its previously announced federal court case against online cash advance firm Dave to the Department of Justice (DOJ). The DOJ, in turn, has filed an amended complaint that names the company’s CEO, Jason Wilk, as a defendant and seeks civil penalties, the FTC said in a Monday (Dec. 30) press release. The complaint filed by the DOJ amends and replaces the one filed by the FTC in November, which named only the company as a defendant and did not seek civil penalties, the DOJ said in a Monday press release

Doj Takes Over Case Against Dave, Adds Ceo As A Defendant

Mobile banking app Dave is pushing back against claims in a new government lawsuit. The Department of Justice (DOJ) filed a suit Monday (Dec. 30) against the FinTech and its CEO Jason Wilk, alleging they violated federal law by deceptively advertising Dave’s cash advances, charging hidden fees, misrepresenting how Dave uses the “tips” paid by customers and levying recurring monthly fees without offering a simple way to cancel them. In a statement issued Tuesday (Dec. 31), Dave responded to the claims saying that the suit amounts to “government overreach” and includes allegations based on inaccuracies

Fintech Dave Says Doj Lawsuit Is ‘Government Overreach’

The Department of Justice (DOJ), on behalf of the Federal Trade Commission (FTC), filed an amended complaint in its lawsuit against Dave Inc. (Nasdaq: DAVE) on December 30, 2024.

Fintech Dave Issues Statement in Response to Amended FTC Complaint, Shares Update on ExtraCash Fee Structure

The new (and reportedly final) rule on overdraft fees may have consumer groups — and consumers — cheering. But the Consumer Financial Protection Bureau’s (CFPB) move may have a series of negative ripple effects for those same consumers, as banks consider offsetting the impact of new regulations, which among other things, caps the fees at $5. PYMNTS has noted the move may set up legal jousting in the courts, and as has been widely reported, the CFPB itself may be in for some significant changes when the new presidential administration comes to Capitol Hill next month

Cfpb’S Overdraft Rule May Move Banks To Cut Services And A ‘Credit Lifeline’ For Consumers

LOS ANGELES, Jan. 09, 2025 (GLOBE NEWSWIRE) - Dave Inc. ("Dave" or the "Company") (Nasdaq: DAVE), one of the nation's leading neobanks, today announced that the Company will participate in the upcoming Needham Growth Conference at the Lotte New York Palace Hotel in New York, NY on Wednesday, January 15, 2025.

Dave to Participate in Needham's Growth Conference on January 15th in New York

U.S. Files complaint against Dave Inc., CEO Jason Wilk alleging deceptive practices.

U.S. Files Complaint Against Dave Inc., CEO Jason Wilk Alleging Deceptive Practices

The head of the FTC is imploring the incoming administration to continue her antitrust work.In an interview with Bloomberg News Thursday (Jan. 9), Federal Trade Commission (FTC) Chair Lina Khan said she has been in discussions with her successor, Republican Commissioner FTC Andrew Ferguson.“In the merger space, we were able to achieve deterrence because we made clear that we were not going to accept sub-optimal remedies that we thought had a high risk of failure,” she said. “We’ve created a lot of deterrence in the market and it requires enforcers to stay aggressive to not see backsliding there.”The report also quotes comments by Khan Wednesday (Jan. 8) at the Brookings Institution that Fergunson and the commission’s other Republican member Melissa Holyoak, have voted in favor of every merger lawsuit the regulator has brought since joining the FTC last year.“There’s plenty of opportunity for areas of the work that we’ve built out” to continue with the new administration, she said.The report notes that Khan has become a progressive icon, taking over the FTC at 32 after making a name for herself with an article she wrote on regulating Amazon. She also became the target of criticism from Republicans, big business and Big Tech firms after the FTC lost merger challenges involving Meta and Microsoft.During her tenure, the FTC has filed an antitrust lawsuit against Amazon and shut down megadeals involving Nvidia, Lockheed Martin and Kroger.In the closing days and weeks of the Biden administration, the FTC has been busy. Last month, the commission filed suit against Southern Glazer’s, the largest liquor distributor in the U.S., accusing it of giving exclusive discounts to big retailers at the expense of smaller businesses.In addition, the FTC has recently finalized a $7 million settlement with H&R Block, and sued the mobile banking app Dave for deceptive advertising

Ftc Chair Wants Trump To Avoid Antitrust ‘Backsliding’

Digital bank Dave has reportedly named a new marketing chief amid regulatory troubles. Kevin Frisch, a veteran of companies such as Intuit QuickBooks and Uber, started his tenure with Dave this week, The Wall Street Journal reported Tuesday (Nov. 19). His appointment is happening as Dave — which offers cash advances and checking accounts — is working to broaden consumers’ view of the company, CEO Jason Wilk told the WSJ

Report: Dave Picks New Marketing Head As It Faces Ftc Lawsuit

Socure, the leading provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention today announced significant milestone achievements for its First-Party Fraud Consortium. The first of its kind, the consortium seeks to unify companies to tackle the complicated, multi-industry issue of First-Party Fraud by pooling data and insights which allow them to detect and stop fraud before it takes hold. The groundbreaking initiative has amassed data intelligence encompassing 190 million contributed identities, 121 million of which are unique identities, 325 million accounts, and 20 billion transactions, marking an unprecedented collaboration in financial services history.First-Party Fraud, sometimes referred to as “friendly fraud,” occurs when individuals use their own identity to commit dishonest acts for financial gain, such as disputing legitimate ATM withdrawals or debit or credit card transactions for goods they never intended to pay for. These consumers are succeeding to the tune of billions of dollars, with annual First-Party Fraud losses in the U.S. alone totaling more than $100 billion, according to Socure’s research. The consortium’s first-of-its-kind data sharing initiative enables members to detect and prevent these fraudulent activities through rapid analysis of dispute histories, payment denials, and account closures across multiple platforms.The consortium, whose founding members include five of the top 10 FI’s in the U.S., as well as FinTech industry leaders such as Dave.com, SoFi, Green Dot, and Varo, represents the first time that major financial institutions, fintechs, payment platforms, sports betting companies, and merchants have united to share data and insights to combat First-Party Fraud.“First-Party Fraud has evolved into a $100 billion crisis that traditional fraud prevention methods simply cannot address,” said Ori Snir, Head of Product Management, Fraud & Identity Solutions at Socure.“By bringing together the industry’s leading financial institutions and platforms, we’ve created an unparalleled network effect that enables us to identify and stop fraudulent behavior before it can take root across multiple platforms

Socure’S First-Party Fraud Consortium Achieves Unprecedented Scale, Uniting Industry Leaders Across Industries To Combat $100B Problem

LOS ANGELES, Nov. 19, 2024  (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE), one of the nation’s leading neobanks, announced today that Kevin Frisch has been appointed Chief Marketing Officer. In this role, Frisch will lead all facets of Dave's marketing strategy, including brand, content, product marketing, acquisition, cross-sell, retention, and overall go-to-market. Frisch brings a wealth of experience in delivering transformative marketing strategies that drive team empowerment and performance, enhance customer satisfaction and loyalty, and accelerate profitable growth. Most recently he served as Vice President of Marketing at Intuit, where he was accountable for $6B in revenue, overseeing a team of over 200 responsible for all of QuickBooks US Marketing, including multi-channel acquisition, lifecycle marketing, website, research, content, product marketing, and go-to-market strategies

Dave Appoints Kevin Frisch As Chief Marketing Officer

Mobile app for fee-free financial services

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Mobile app for fee-free financial services

Dave

Mobile app for fee-free financial services

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