Dave

🌟 Happy Financial Awareness Day! 🌟 Today, we’re reflecting on our mission to make an impact in financial wellbeing. As Jensen shared, “I decided to work at Dave because I love how our products genuinely help people improve their financial wellbeing. As a child, I saw firsthand the financial challenges my mother faced as a single parent and its impact on a family. Dave’s mission to help people avoid excessive overdraft fees and improve their financial health really resonates with me. I’m here to be part of a team dedicated to making tangible differences in people’s lives, especially for those who need it most." We’re incredibly grateful for Jensen’s dedication and passion. His commitment truly embodies our mission and inspires us all to keep pushing for positive change. Here’s to a day of promoting financial awareness and empowering everyone to reach their financial goals! 💪💰 #financialawarenessday #financialwellbeing

For the third consecutive quarter, we are excited to share continued accelerating growth at Dave with $80 million in revenue in Q2, a 31% YoY increase, and $15 million in Adjusted EBITDA, a $28 million YoY improvement and 15% QoQ increase. We continue to see strong demand for our products as we make progress in building a superior banking solution for everyday Americans. Given our outperformance, we are raising our full year 2024 Adjusted EBITDA guidance once again to $40–$50 million. Other quarterly highlights include: - Monthly Transacting Members (MTMs) increased 18% YoY to 2.3 million as we continue to drive improvements in new member conversion, existing member retention, and dormant member reactivation - We added 716,000 new members while decreasing customer acquisition costs 26% YoY to $15 - ExtraCash™ originations increased 37% YoY to $1.2 billion while we improved our 28 Day Delinquency Rate by 80 basis points (28% improvement) Listen to the call: https://lnkd.in/eSzfbBm2  View our full Second Quarter 2024 Earnings Presentation: https://lnkd.in/gQ_FSq9n

Our CEO Jason Wilk shares his thoughts on the recent proposal from the Consumer Financial Protection Bureau (“CFPB”): “We are closely monitoring the recently proposed interpretive ruling from the CFPB around paycheck advance and earned wage access (“EWA”), a model which Dave was originally founded on, but transitioned away from beginning in 2022 due to a lack of certainty around the regulations.” “Dave’s ExtraCash product is structured as a bank-originated overdraft with optional fees, which combats the excessive fees found at incumbent banks. As a result, we believe ExtraCash and our optional fees sit within the overdraft regulatory framework that is distinguished from EWA and paycheck advance products.” https://lnkd.in/gqxdfS4t

Excited to be recognized on CNBC’s "World's Top Fintech Companies" list for the second year in a row. Dave is committed to building products that level the financial playing field, and this honor underscores the strides we've made to build a superior banking experience for millions of Dave members. Thank you, CNBC and Statista! https://lnkd.in/gS3UiqcW

Congratulations to the following Daves who were recognized last quarter for exemplifying Dave's company values, Desiree Falcon, Sierra Petrowski, Chelsie Luchini, Dan Ury, and Michelle Chantarasatian. Practicing our values in our daily work is a core part of life at Dave. Thank you to our winners for showcasing what it's like to be member centric, helpful, persistent, transparent, and better together. We’d also like to recognize Eric Janowski for his commitment to leading and building a high-performing team.

June may be over but Pride never stops! Meet Dan McCallum from the Marketing team. He recently joined Dave in March and has already made an impact, especially in co-leading Dave’s virtual Pride events and activities. Bringing your identity to your workplace has evolved and Dan has experienced this first hand. “My experience and how it’s impacted/shaped my work identity has changed over the years as companies and the gen-pop became more progressive. In the 90s, I would not mention that I was gay at work because it still felt so taboo. Flash-forward to 2024 and during my Dave onboarding process I was asked about my pronouns, we have a #gayve Slack channel, and we celebrate Pride and hold events. I instantly felt accepted and able to present/lead with my true self which has been incredible.” His journey reflects a remarkable evolution in workplace inclusivity, from silence and caution to pride and acceptance. Thank you Dan for always bringing your true self to work!

There’s no party like a Dave Summer Party! As a virtual-first company, we appreciate every opportunity to come together in person, embodying our company value of being Better Together. Alongside a delicious spread of food and drinks, Daves were able to participate in an exciting VR experience and belted out tunes during karaoke. And yes… there was no shortage of Dave bears and puns everywhere. And to make things more fun, we gave everyone a chance to get to know their fellow Daves better with a competitive (friendly) game of Bingo, complete with exciting prizes. Cheers to many more memorable moments like these in the future.  

Dave CEO Jason Wilk talks about how our cash flow-based underwriting has fueled our members' trust in Dave to support their financial needs while allowing us to meet our business goals. While the fintech world is reverberating from the Synapse bankruptcy, we're fortunate to have moved away from their services a while ago and look forward to continue serving our customers. Thanks for the feature, PYMNTS! https://lnkd.in/eF6wUd4B

We're excited to extend our partnership with Drew League, Los Angeles' premiere Pro-Am basketball league. Our missions are aligned as we both seek to provide opportunities for young people to succeed and give them the tools they need to create change in their lives. While The Drew League levels the playing field on the court, Dave is leveling the financial playing field for millions of underserved Americans across the country. Read the full release: https://lnkd.in/gz3-aaQQ

Thank you to everyone who celebrated Asian Pacific Islander Month! To close out the month, meet James Tran, CPA from the Finance team. As Dave's Controller, he manages daily accounting operations and works closely with various teams to ensure accurate reporting of our financial results, bills are paid on time, and all audit and legal requirements are met. Coming from an immigrant family, James says, “I feel a sense of responsibility to always put in my best effort, work as hard as I can, and not take any opportunity for granted… In the workplace, it is important to me to always be helpful and respectful and to treat others with kindness. I am proud to work for a company that is trying to help people get through stressful times.” Thanks James for all that you do for Dave!