The app that said "why should a $3 coffee cost you $37?" and built a business around the answer. Dave's cash advance product is simple: borrow up to $500, pay it back when your paycheck hits, tip if you want. No interest. No credit check. 10 million+ members use it. The stock was left for dead — traded under $5 for most of 2022-2023 — then rallied 1,000%+ as the company approached profitability. Mark Cuban invested early and called it. The cash advance model is controversial but the demand is undeniable.
Founded
2017
HQ
Los Angeles, CA
Total Raised
$361 million
Founder
Jason Wilk
Status
Public (NASDAQ: DAVE) — market cap ~$1.5 billion
Website
dave.comTHE ORIGIN STORY
Jason Wilk was tired of getting hit with $34 overdraft fees for tiny purchases. A $3 coffee triggering a $34 fee is mathematically absurd.
He built Dave to give people small cash advances (up to $500) to cover expenses between paychecks — charging a small optional "tip" instead of a massive overdraft fee. The mascot is a bear named Dave, because the app "bears with you" through tough financial times.
WHAT THEY ACTUALLY DO
Cash advance fees (tips and express fees on ExtraCash advances), subscription revenue ($1/month for Dave Banking), interchange fees on debit card transactions, and interest income. Revenue approximately $260 million in 2024.
THE PRODUCTS
ExtraCash (cash advances up to $500), Dave Banking (no-fee checking), Dave Card (debit card with cash-back), Budget (spending tracker), Side Hustle (gig job marketplace).
HOW THEY GREW
Building a full banking relationship beyond cash advances. Dave launched Dave Banking (checking account), Dave Extra (debit card with cash-back), and Side Hustle (gig job marketplace).
The strategy: acquire customers cheaply through cash advances, then cross-sell banking products with higher lifetime value.
THE HARD PART
Regulatory scrutiny on cash advance products. The CFPB and state regulators are examining whether fintech cash advances are disguised payday loans.
If Dave's ExtraCash product gets classified as a loan, it would face lending regulations that could change the business model. Also: the neobank market is oversaturated.
WHO BACKED THEM
Tiger Global, Norwest Venture Partners, Section 32, Mark Cuban, Diplo
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