Dave (company)
Dave (previously known as Dave.com) is a digital banking service. The service emphasizes a different approach to overdraft fees, allowing clients to pay $1 a month for $100 in overdraft fee protection. History. "Shark Tank" star Mark Cuban invested $3 million in the company, saying he was crushed by overdraft fees in his twenties. The CEO of Dave, Jason Wilk, was the former creator of AllScreen, a company which was also originally funded by Cuban who put in a $300,000 investment. After the initial investment in Dave by Cuban and other investors, the total  funding of the app has increased to $180 million, after the $50 million dollar investment by Norwest Venture Capital. The Dave app was the Apple App of the Day in April 2017. It has been downloaded 10 million times on iOS, and over a million times on Android devices. In July 2019, the company was named one of the next billion dollar startups by "Forbes". In October 2019, Dave received a valuation of US$1 billion, and had over 4 million users. Dave was ranked number five in Inc. Magazine's list of 5,000 fastest growing companies for  2021. Dave went public on NASDAQ via SPAC on Jan 6 2022 through VPC Impact Acquisition Holdings III created by longtime Dave investor Victory Park Capital. The initial valuation was $4 billion. Services. Dave's launch product is a short term loan. The company does not charge mandatory fees, instead charging a monthly fee to use the app and giving the option to "tip" after getting a loan, and users can pay for expedited service. Lauren Saunders, of the National Consumer Law Center, expressed concern that some users may feel compelled to tip resulting in it being not too  different from paying interest. Dave has also launched a banking service, Dave Banking. It was released in 2019. It is available through a partnership with Evolve Bank & Trust. It also has a service for finding side-work called SideHustle.