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Dave Inc. (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. The company offers a comprehensive banking app that includes essential services such as banking, financial insights, overdraft protection, credit building, and opportunities to find side gigs. They partner with Evolve Bank & Trust, an FDIC member, to deliver these services at a fraction of the cost of traditional banks.
Founded with the mission to make banking more accessible and equitable, Dave Inc. has continuously leveraged disruptive technology to innovate the financial services landscape. The company’s growth strategy focuses on expanding member lifetime value, increasing variable margins, and investing in scalable marketing efforts. Recently, Dave has reported substantial progress, achieving significant improvements in financial metrics.
In the third quarter of 2023, Dave demonstrated double-digit year-over-year revenue growth and expanded variable margins by over 1,000 basis points. This enabled the company to reduce its Adjusted EBITDA loss by more than 90%, putting them on track to achieve Adjusted EBITDA profitability by the fourth quarter of 2023. As of September 30, 2023, Dave had $181 million in total liquidity, bolstering its financial stability.
Dave continues to pursue strategic opportunities to enhance shareholder value. In January 2024, the company repurchased a convertible promissory note from FTX Ventures Ltd. for a discounted price of $71 million, further strengthening its balance sheet. Additionally, Dave announced a partnership with Aisera to launch DaveGPT, an AI-driven assistant designed to streamline customer service for its 9.9 million members, marking another milestone in its commitment to innovation.
Dave’s CEO, Jason Wilk, emphasizes the company’s focus on profitable growth and the importance of disciplined investment in technology and member experience. As a testament to its market leadership, Dave has joined the American Fintech Council to further its mission of financial inclusion and innovation in digital banking.
Dave’s strong performance in early 2024, including exceeding growth and profitability expectations in Q1, illustrates the robustness of its business model. The company has raised its Adjusted EBITDA guidance for the year due to continued improvements in member retention and substantial increases in card spend and customer engagement.
For more information about Dave Inc., visit their official website at www.dave.com or follow @davebanking on X. For investor relations and updates, visit investors.dave.com.
Dave Inc. (Nasdaq: DAVE), a leading neobank, has issued a statement regarding a recent proposal from the Consumer Financial Protection Bureau (CFPB) concerning paycheck advance and earned wage access (EWA) products. CEO Jason Wilk clarified that Dave transitioned away from the EWA model in 2022 due to regulatory uncertainties.
The company's current ExtraCash product is structured as a bank-originated overdraft with optional fees, which Dave believes falls under the overdraft regulatory framework rather than EWA or paycheck advance regulations. This approach aims to provide an alternative to the high fees often associated with traditional banks.
Dave (NASDAQ: DAVE), a leading neobank, announced it is extending its partnership with the Drew League, Los Angeles' premier Pro-Am basketball league. This collaboration will now see Dave featured on all 2024 Drew League jerseys, in addition to the on-court placements from 2023. Both organizations share a mission to provide opportunities for youth success. Dave Founder and CEO, Jason Wilk, emphasized the shared passion for improving the local community and access to opportunities. Drew League commissioner, Chaniel Smiley, and Crossovr Collective Co-Founder, Steph Rawlins, highlighted the significance of this partnership in supporting and expanding resources for emerging talent and the community.
Dave, a leading neobank, announced its participation in the FT Partners Equity Research Weekly Forum on May 17, 2024. The event will feature Dave's Founder and CEO, Jason Wilk, and CFO, Kyle Beilman, in a fireside chat at 10:30 a.m. ET, followed by a Q&A session. For details to view the live event, interested parties can contact FT Partners or Dave's investor relations team.
Dave Inc. will participate in two investor conferences in May 2024 to engage with investors. The Company will attend the B. Riley Securities Annual Investment Conference from May 22 to 23 and the Barrington Research Virtual Spring Investment Conference on May 16. Dave will be involved in fireside chats and 1x1 meetings at both events, providing opportunities for investors to connect with the Company.
Dave Inc. reported a record revenue of $73.6 million in Q1 2024, with a Y/Y revenue growth acceleration. GAAP net income reached $34.2 million and adjusted EBITDA increased to $13.2 million. The company raised its 2024 adjusted EBITDA guidance to $30-$40 million. Dave exceeded growth and profitability expectations, with strong member acquisition and retention driving a 14% Y/Y growth in the transacting member base. ExtraCash advances increased to over $1 billion, while credit performance improved. Quarterly financial highlights showed significant growth in operating revenues and net income. Operating highlights included a gain related to extinguishment of convertible note, new member additions, increased transacting members and ExtraCash originations, improved delinquency rates, and higher debit card spend. The company had $101.5 million in cash and cash equivalents as of March 31, 2024. Financial guidance for 2024 projects strong year-over-year growth in operating revenues and improved EBITDA.
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