Dave Investor Relations Material

Dave Inc. is a financial technology company that operates primarily in the personal finance and banking sectors. The company's primary service is a mobile app offering tools designed to help users manage their finances more effectively. Key features include budgeting assistance, automated expense tracking, and predictive account alerts to prevent overdraft fees. Additionally, Dave Inc. provides a service that advances small amounts of cash to its users at no interest, aimed at covering short-term needs and avoiding overdraft fees. The company is headquartered in Los Angeles, California, and its shares are listed on the Nasdaq.

Dave was founded by Jason Wilk in 2016. Wilk, the creator of AllScreen, founded the company with the primary goal of helping people avoid bank overdraft fees while still finding a way to be financially viable as a lender and bank. The company received seed investment from VC firms, as well as by billionaire Marc Cuban who stated that overdraft fees had been incredibly problematic for him when he was younger. Dave was valued at over 1 billion dollars in 2019, and the app has been downloaded over 10 million times at the time of writing.

As previously mentioned, the company’s business focuses on the core idea of preventing overdraft fees. The company, through its app, primarily offers advances on users' upcoming paychecks without interest, addressing a common pain point among those who frequently face overdraft fees. This approach distinguishes Dave from traditional payday loan services, which often come with high-interest rates. Instead of paying interest on these small loans, those receiving loans can instead choose to tip the company a small sum of money in exchange for receiving the loan which is split between keeping the lending service operational and a food drive charity.

Besides its core lending services, Dave Inc. offers a range of other financial tools. These include a no-fee checking account, designed to provide a low-cost alternative to traditional bank accounts like the ones offered by companies such as Citigroup, Wells Fargo, and other large established banks. The app also features budgeting tools, assisting users in tracking their expenses and managing their finances more effectively. Additionally, Dave has a feature that helps users find side gigs or part-time jobs, similar to what is offered by Fiverr.