User:Snguyen118/drafts

Dave (sometimes known as Dave.com) is a digital banking service. The service emphasizes a different approach to overdraft fees, allowing clients to pay $1 a month for $100 in overdraft fee protection.

History
Shark Tank star Mark Cuban invested $3 million in the company, saying he was crushed by overdraft fees in his twenties. Lauren Saunders, of the National Consumer Law Center, expressed concern that some users may feel compelled to tip resulting in it being not too different from paying interest.

The CEO of Dave, Jason Wilk, was the former creator of AllScreen, a company which was also originally funded by Cuban who put in a $300,000 investment. After the initial investment in Dave by Cuban and other investors, the total funding of the app has increased to $180 million, after the $50 million dollar investment by Norwest Venture Capital.

The Dave app was the Apple App of the Day in April 2017. It has been downloaded 10 million times on iOS, and over a million times on Android devices.

In July 2019, the company was named one of the next billion dollar startups by Forbes.

In October 2019, Dave received a valuation of US$1 billion, and has over 4 million users. In 2021, Dave responded to the COVID pandemic by transitioning its workforce to a primarily virtual model with the same pay regardless of where staff choose to live. Dave was ranked number five in Inc. Magazine's list of 5,000 fastest growing companies for 2021.

Dave investor Victory Park Capital created a special-purpose acquisition company called VPC Impact Acquisition Holdings III that Dave merged with in preparation for an initial public offering. The merger included $210 million in additional investments from venture capitalists. Through VPC, Dave became a public company on NASDAQ on January 6, 2022. The IPO valued the business at $4 billion.  The bank went public via SPAC in early 2022.

Services
'''Dave created a banking services division called Dave Banking in 2019. The following May, it introduced online bank account services through a partnership with Evolve Bank & Trust. It also has a service for finding side-work called SideHustle. ''' The app uses an algorithm to predict users ability to repay loans based on their checking account and income history. The algorithm predicts when a user's expenses may exceed their balance, sending a notification and the option for a loan until the user's next paycheck. The company does not charge overdraft fees, instead charging a monthly fee to use the app and giving the option to "tip" after getting a loan.