Dave and Coastal Community Bank Announce Strategic Partnership
Dave Inc. (Nasdaq: DAVE) has announced a strategic partnership with Coastal Community Bank (Nasdaq: CCB), marking a significant development for the neobank's expansion. Under the agreement, Coastal Community Bank will become a sponsor bank for Dave's banking products and simplified ExtraCash product, with customer onboarding scheduled to begin in Q2 2025.
The partnership, through Coastal's banking-as-a-service division CCBX, aims to accelerate Dave's business growth and support its mission of leveling the financial playing field for Americans, particularly focusing on traditionally underbanked populations. The collaboration emphasizes accessible and transparent financial services delivery.
Dave Inc. (Nasdaq: DAVE) ha annunciato una partnership strategica con Coastal Community Bank (Nasdaq: CCB), segnando uno sviluppo significativo per l'espansione della neobanca. In base all'accordo, Coastal Community Bank diventerà una banca sponsor per i prodotti bancari di Dave e il prodotto semplificato ExtraCash, con l'onboarding dei clienti previsto per il secondo trimestre del 2025.
La partnership, attraverso la divisione banking-as-a-service CCBX di Coastal, mira ad accelerare la crescita aziendale di Dave e a supportare la sua missione di livellare il campo finanziario per gli americani, concentrandosi in particolare sulle popolazioni tradizionalmente sottobancate. La collaborazione enfatizza la fornitura di servizi finanziari accessibili e trasparenti.
Dave Inc. (Nasdaq: DAVE) ha anunciado una asociación estratégica con Coastal Community Bank (Nasdaq: CCB), marcando un desarrollo significativo para la expansión del neobanco. Según el acuerdo, Coastal Community Bank se convertirá en un banco patrocinador para los productos bancarios de Dave y el producto simplificado ExtraCash, con la incorporación de clientes programada para el segundo trimestre de 2025.
La asociación, a través de la división de banking-as-a-service CCBX de Coastal, tiene como objetivo acelerar el crecimiento empresarial de Dave y apoyar su misión de nivelar el terreno financiero para los estadounidenses, centrándose especialmente en las poblaciones tradicionalmente desatendidas. La colaboración enfatiza la entrega de servicios financieros accesibles y transparentes.
Dave Inc. (Nasdaq: DAVE)는 Coastal Community Bank (Nasdaq: CCB)와 전략적 파트너십을 발표하며, 이는 네오뱅크의 확장에 있어 중요한 발전을 의미합니다. 이 협약에 따라 Coastal Community Bank는 Dave의 은행 상품 및 간소화된 ExtraCash 제품의 스폰서 은행이 되며, 고객 온보딩은 2025년 2분기에 시작될 예정입니다.
Coastal의 banking-as-a-service 부서인 CCBX를 통해 이루어지는 이번 파트너십은 Dave의 비즈니스 성장을 가속화하고, 미국인들을 위한 금융 평등을 이루기 위한 미션을 지원하는 것을 목표로 합니다. 특히 전통적으로 금융 서비스에서 소외된 인구에 중점을 두고 있습니다. 이 협력은 접근 가능하고 투명한 금융 서비스 제공을 강조합니다.
Dave Inc. (Nasdaq: DAVE) a annoncé un partenariat stratégique avec Coastal Community Bank (Nasdaq: CCB), marquant un développement significatif pour l'expansion de la néobanque. Selon l'accord, Coastal Community Bank deviendra une banque partenaire pour les produits bancaires de Dave et le produit simplifié ExtraCash, avec une intégration des clients prévue pour le deuxième trimestre 2025.
Ce partenariat, à travers la division banking-as-a-service CCBX de Coastal, vise à accélérer la croissance de l'entreprise de Dave et à soutenir sa mission de rendre le paysage financier plus équitable pour les Américains, en se concentrant particulièrement sur les populations traditionnellement sous-bancarisées. La collaboration met l'accent sur la fourniture de services financiers accessibles et transparents.
Dave Inc. (Nasdaq: DAVE) hat eine strategische Partnerschaft mit Coastal Community Bank (Nasdaq: CCB) angekündigt, die eine bedeutende Entwicklung für die Expansion der Neobank darstellt. Im Rahmen der Vereinbarung wird Coastal Community Bank eine Sponsorbank für die Bankprodukte von Dave und das vereinfachte ExtraCash-Produkt werden, wobei die Kundeneinführung für das zweite Quartal 2025 geplant ist.
Die Partnerschaft, die über die Banking-as-a-Service-Abteilung CCBX von Coastal läuft, zielt darauf ab, das Unternehmenswachstum von Dave zu beschleunigen und seine Mission zu unterstützen, das finanzielle Spielfeld für Amerikaner zu ebnen, insbesondere für traditionell unterbankte Bevölkerungsgruppen. Die Zusammenarbeit betont die Bereitstellung von zugänglichen und transparenten Finanzdienstleistungen.
- Strategic partnership with established bank expands service capabilities
- New sponsor bank relationship supports business growth and expansion
- Enhanced ability to serve underbanked populations
- Partnership includes both banking and ExtraCash products
- Implementation timeline extends to Q2 2025
The partnership will grow Dave’s banking and ExtraCash products and improve financial inclusion
Los Angeles, CA, March 03, 2025 (GLOBE NEWSWIRE) -- Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks and Coastal Financial Corporation (Nasdaq: CCB), the holding company for Coastal Community Bank, today announced a definitive strategic partnership.
Coastal Community Bank will become a sponsor bank of Dave, including for Dave’s banking products and Dave’s new, simplified ExtraCash product. Customers will begin onboarding to Coastal Community Bank as soon as Q2 2025.
“We are thrilled to work with Dave as a sponsor bank. From our first discussions with their team, it was clear that we are aligned in bringing accessible, transparent financial services to traditionally underbanked populations,” said Brian Hamilton, President of CCBX.
The strategic partnership with Coastal Community Bank and CCBX, the bank’s banking-as-a-service division, will accelerate Dave’s business growth and expansion, and support Dave’s mission to provide products that level the financial playing field for Americans.
“This partnership marks a milestone moment for Dave. Coastal Community Bank is the right partner for our company because of their customer-first mission, deep knowledge across credit and banking products, strong risk management, and our shared ambition to make a difference in the communities that need it most,” said Jason Wilk, CEO and Founder of Dave.
About Dave:
Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.
About Coastal Financial Corporation:
Coastal Financial Corporation (Nasdaq: CCB), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements relating to the strategic partnership with Coastal Community Bank, financial inclusion, and Dave’s business growth and expansion. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash advances; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers; failures by third-party service providers; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; level of product service failures that could lead Dave Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
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