Dave has surpassed $5b in overdraft advances since the company’s founding
By Edlyn Cardoza
Dave Inc., a banking app on a mission to build products that level the financial playing field, announced that it officially surpassed $5 billion in total advances and overdraft advances to its members with its ExtraCash service. This milestone was achieved at the end of the third quarter, with total advance and overdraft advance origination volume almost doubling over the last 12 months.
Since its inception, Dave has been providing innovative financial solutions to help Americans cope with their financial burdens, especially given inflation and the increased cost of living. Dave is a neobank that offers a flexible overdraft solution allowing members to access up to $500 between paychecks to buy everyday essentials, trailblazing the industry. In addition to Banking and ExtraCash, Dave offers cash-back rewards, savings goals and income-earning opportunities.
“Dave was born out of my own personal banking experiences as I struggled with overdraft fees in my youth,” said Jason Wilk, CEO of Dave. “I saw a way to not only address the exorbitant fees banks were charging, but also the opportunity to leverage technology. This concept quickly became a business and we launched the Dave banking app, providing free checking with no minimum balance fees and no overdraft fees, along with tools to help members manage their finances and plan for the future.”
Dave is also helping its members find additional revenue sources with its Side Hustle offering, connecting workers with employers in need and putting financial freedom back in the hands of the consumer. In addition to its banking services, the company is focused on helping its members improve their financial well-being and income generation is a big part of its value proposition, unlike traditional banks and emerging digital banking providers.
Wilk continued, “We’ve continued to innovate, launch new products, and leverage the best technology tools and applications to improve the customer experience. We want to help our members and become their financial partner, not just their bank. Reaching $5 billion in total overdraft advances is a milestone we are proud of, but it’s only the beginning of our journey.”
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