Dave

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! 

Meet Swapna Valluri! As a senior leader, Swapna manages several teams within the Engineering department. Her responsibilities include guiding engineering processes, mentoring managers and engineers, and ensuring the products delivered meet our members’ needs. Her cultural background, rooted in Southern Indian values of hard work and respect, shapes her workplace identity. “My background has dramatically enhanced my understanding and appreciation of diverse environments. Originating from a culture that places a high value on respect, I make it a point to demonstrate this in the workplace through empathetic and respectful interactions with my colleagues.” Happy Asian Pacific Islander Heritage Month and thank you Swapna for your dedication in nurturing a transparent, collaborative work culture that enhances team performance and drives engineering excellence.

We’re thrilled to share another record-breaking quarter at Dave! 🚀 Q1 2024 exceeded growth and profitability expectations with $74 million in revenue, a 25% YoY increase, and $13 million in Adjusted EBITDA, representing both an 18% margin and $18 million YoY improvement. Given our outperformance and positive outlook, we raised our Adjusted EBITDA guidance for the year from $25-$35 million to $30-$40 million. We remain steadfast in our mission to build products that level the financial playing field and are excited to see our services supporting more Americans' financial needs. Quarterly highlights include: - 2nd consecutive quarter of accelerating YoY revenue growth driven by 10% increase in ARPU and 14% increase in monthly transacting members - Expanding beyond the 2.1mm transacting member inflection point at which we achieved profitability last quarter positioned us to grow Adj. EBITDA by 32% sequentially - ExtraCash originations increased 32% to $1.1B, while the average 28-day delinquency rate improved 77 basis points YoY to 1.83%  - Variable margin expanded 1,000bps YoY, CACs were flat at highly efficient levels, and fixed costs declined as we continue to lean into the operating leverage inherent in our business model Listen to the call: https://lnkd.in/gF2FxaPZ View our full First Quarter 2024 Earnings Presentation: https://lnkd.in/gQ_FSq9n