Dave

Congratulations to the following Daves who were recognized in the last quarter of the year for exemplifying Dave's company values, Saro Shanlian, Giancarlo Escobar, Daniel Loera, Timothy Unger, CPA, and Danielle Lange. You’ve shown what it means to be member centric, helpful, persistent, transparent, and better together. A big shoutout to Jimmy Muga for receiving our Committed Leader Award! Your dedication, leadership, and unwavering support for your team make you a true role model for the business. 

We are thrilled to welcome Kevin Frisch as Dave’s new Chief Marketing Officer. In this capacity, Kevin will lead all facets of Dave's marketing strategy, including brand, content, product marketing, acquisition, cross-sell, retention, and overall go-to-market. Welcome, Kevin! https://lnkd.in/gMxuSu6A

Excited to share that Dave has exceeded our growth and profitability expectations in Q3, building on our momentum from the first half of 2024. We reported record Q3 revenue growth, up 41% YoY to $93 million, marking our fourth consecutive quarter of accelerating growth. We also generated $25 million in Adjusted EBITDA in Q3, which is up $27 million YoY and represents a 27% margin. Here are some additional highlights: 📈 CAC: $15, improved 14% YoY while new member acquisition increased 4% 👥 Monthly Transacting Members: 2.4 million, up 23% YoY 💵 ExtraCash originations: up 46% YoY to $1.4 billion while our 28-Day Delinquency Rate improved 64bps or 26% to 1.8% With improved margins, strong marketing efficiency, and continued discipline on our fixed cost case, we're set to finish the year stronger than ever. We raised our full year 2024 Revenue and Adjusted EBITDA guidance to $340–$343 million and $71–$74 million, respectively. Finally, given the scale and strong member growth we’ve achieved, we are thrilled to announce that we entered into a non-binding Letter of Intent (LOI) to form a strategic partnership with one of the most highly respected bank partners to sponsor our credit and banking products. This new bank partner will further diversify our key commercial relationships in support of Dave’s mission of leveling the financial playing field for everyday Americans. Listen to the call: https://lnkd.in/gdZpN-cM View our full Third Quarter 2024 Earnings Presentation: https://lnkd.in/gQ_FSq9n

Proud to see our Founder and CEO, Jason Wilk, on the stage at TechCrunch Disrupt 2024 discussing the challenges and successes of scaling Dave over the years, our commitment to supporting our members, and the future of neobanks. Watch the full session here: https://lnkd.in/ggQAF-v7

Proud to celebrate Stephanie Dieppa Garcia's journey at Dave as Latinx & Hispanic Heritage Month comes to a close. She started six years ago as a customer service agent, worked her way up to QA engineer, and was recently promoted to software engineer, building the same tools she once used. Her story is an inspiration of growth and determination! As a proud Puerto Rican, Stephanie shares, "Growing up in a culture that values close-knit relationships taught me the importance of meaningful connections. It motivates me to foster a positive and supportive work environment." Her advice to young Latinx professionals? Celebrate your culture and share your traditions – they spark conversations and build inclusivity. Thanks for all that you do Stephanie!

To celebrate Latinx & Hispanic Heritage Month, we want everyone to meet Gustavo del Pino Mendoza, one of our Software Engineering Managers at Dave! Over his 5.5 years at Dave, Gustavo has grown from a Senior Software Engineer into a leadership role, where he guides a talented team of engineers. As a Peruvian and Latinx leader, Gustavo champions authenticity, representation, and inclusiveness in the workplace. He’s proud to share his authentic self at Dave, to the point where he’s even had a few meetings in Spanish! He’s passionate about being a positive role model for future generations of Latinx professionals and is committed to fostering a more inclusive tech industry. Lucky to have you on the team Gustavo! 

Congratulations to the following Daves who were recognized this quarter for exemplifying Dave's company values, Karen Zheng, Liudmila Novikava, Sierra Cox-Holand, CRCM, Josh Girardini, and Kyrnan Matthias. They really know what it means to be member centric, helpful, persistent, transparent, and better together. A shoutout also goes to Alan Spears for stepping into a people leadership role and ensuring his team is set up for success.

🌟 Happy Financial Awareness Day! 🌟 Today, we’re reflecting on our mission to make an impact in financial wellbeing. As Jensen shared, “I decided to work at Dave because I love how our products genuinely help people improve their financial wellbeing. As a child, I saw firsthand the financial challenges my mother faced as a single parent and its impact on a family. Dave’s mission to help people avoid excessive overdraft fees and improve their financial health really resonates with me. I’m here to be part of a team dedicated to making tangible differences in people’s lives, especially for those who need it most." We’re incredibly grateful for Jensen’s dedication and passion. His commitment truly embodies our mission and inspires us all to keep pushing for positive change. Here’s to a day of promoting financial awareness and empowering everyone to reach their financial goals! 💪💰 #financialawarenessday #financialwellbeing

For the third consecutive quarter, we are excited to share continued accelerating growth at Dave with $80 million in revenue in Q2, a 31% YoY increase, and $15 million in Adjusted EBITDA, a $28 million YoY improvement and 15% QoQ increase. We continue to see strong demand for our products as we make progress in building a superior banking solution for everyday Americans. Given our outperformance, we are raising our full year 2024 Adjusted EBITDA guidance once again to $40–$50 million. Other quarterly highlights include: - Monthly Transacting Members (MTMs) increased 18% YoY to 2.3 million as we continue to drive improvements in new member conversion, existing member retention, and dormant member reactivation - We added 716,000 new members while decreasing customer acquisition costs 26% YoY to $15 - ExtraCash™ originations increased 37% YoY to $1.2 billion while we improved our 28 Day Delinquency Rate by 80 basis points (28% improvement) Listen to the call: https://lnkd.in/eSzfbBm2  View our full Second Quarter 2024 Earnings Presentation: https://lnkd.in/gQ_FSq9n

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