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• Like Chime, but with an even stronger focus on providing larger, instant cash advances to cover expenses before payday.
• A modern, ethical alternative to traditional payday loan companies, integrated into a mobile banking app.

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• Cash Advance (ExtraCash™): Provides interest-free cash advances to users, typically repaid on their next payday, to cover short-term liquidity needs.
• Dave Spending Account: Offers a mobile-first banking account with no monthly fees, direct deposit, and a debit Mastercard.
• Side Hustle Feature: Connects users with opportunities to earn extra income through part-time jobs and gig work.

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Dave (symbol: DAVE) sells primarily to individuals. The company serves the following categories of customers:

• Individuals seeking short-term financial assistance and overdraft protection: These customers primarily utilize Dave's ExtraCash™ advances, an interest-free cash advance service, to cover unexpected expenses, bridge gaps between paychecks, and avoid costly overdraft fees often charged by traditional banks.
• Individuals looking for affordable and fee-free banking solutions: This category includes users who are seeking a modern, mobile-first banking experience that eliminates common fees such as monthly maintenance fees, account minimums, and overdraft charges associated with traditional banking.
• Individuals focused on improving their financial health and building credit: These customers leverage features like Dave's Credit Builder, which helps improve credit scores by reporting rent and utility payments to credit bureaus, and the Side Hustle platform, which connects users with opportunities to earn additional income, all aimed at enhancing their overall financial well-being.

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• Amazon (AMZN)
• Evolve Bank & Trust
• The Bancorp (TBBK)

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Jason Wilk, Chief Executive Officer, President, and Co-Founder

Jason Wilk is a co-founder and has served as Chief Executive Officer of Dave since May 2016. He has over 15 years of experience building digital companies. Wilk founded 1DaySports.com, a retail website for golf equipment, which was acquired in 2008 for $100,000. He also founded AllScreen.TV, a video distribution network, which was sold for $85 million in 2015. Additionally, he founded WriteyBoard in April 2010 and continues to act as an advisor. Wilk participated in the Y Combinator startup accelerator program.

Kyle Beilman, Chief Financial Officer and Chief Operating Officer

Kyle Beilman is the Chief Financial Officer and Chief Operating Officer at Dave. He joined Dave in 2017 as one of its first employees and played a key role in taking the company public in January 2022. Prior to joining Dave, Beilman worked in corporate strategy at Red Bull. He began his career in investment banking at Centerview Partners (August 2013 - January 2016) and Moelis & Company (May 2012 - August 2013 and May 2011 - August 2011).

Joan Aristei, Chief Legal Officer

Joan Aristei serves as Dave's Chief Legal Officer, overseeing all company legal and compliance matters. She brings more than three decades of experience in fintech and financial services. Before Dave, she was General Counsel and Chief Risk Officer at Oportun for over nine years, where she led legal affairs, compliance initiatives, risk management, regulatory support, and their successful IPO in 2019. Her career also includes positions at Citibank and JPMorgan Chase, where she served as Assistant General Counsel and Chief Compliance Officer for JPMorgan Chase's auto finance and student lending division. Aristei started her legal career at Toyota Financial Services.

Shannon Sullivan, Chief People Officer

Shannon Sullivan joined Dave in August 2020 as its first Chief People Officer, responsible for overseeing and driving the strategy for the company's people function. She has over 15 years of experience in aligning HR with business strategy and organization design. Prior to her role at Dave, Sullivan served as SVP, Talent & Organization at Hulu.

Paras Chitrakar, Co-Founder and Chief Technology Officer

Paras Chitrakar is a Co-Founder and the Chief Technology Officer at Dave. He is responsible for overseeing the company's technological direction and ensuring the seamless integration of innovative solutions. His previous experience includes co-founding and serving as CTO at AllScreen and ResumeBucket.com, and working as a Software Developer at Oversee.net.

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The public company Dave (symbol: DAVE) faces several key risks to its business:

1. Regulatory Scrutiny and Litigation: Dave's business model, particularly its ExtraCash advance product, is under intense scrutiny from regulators like the Federal Trade Commission (FTC) and the Department of Justice (DOJ). The fee structure for ExtraCash, which accounts for over 80% of Dave's revenue, is being challenged in state-level lawsuits and federal actions. There is ongoing DOJ litigation over the company's lending practices, with accusations of deceptive advertising and hidden fees. The outcome of this litigation is considered an "existential" risk for the company.
2. Credit Risk and Macroeconomic Conditions: Dave's ExtraCash product is a form of unsecured credit, making the company highly vulnerable to macroeconomic shifts such as fluctuating interest rates, inflation, and unemployment. A downturn in the economy or financial distress among consumers could lead to reduced usage of its services and higher charge-off rates. While Dave employs proprietary AI underwriting models to mitigate credit risk, the average 28-Day delinquency rate for ExtraCash originations has shown an increase in recent quarters.
3. Single-Partner Dependency: Dave's operational model is heavily reliant on a single bank partner, Evolve, for both deposit accounts and its ExtraCash product. This dependence presents a significant operational risk, especially given reported issues with Evolve, including a consent order for discriminatory lending practices, involvement with crypto frauds, and a ransomware attack. Any adverse events affecting this key partner could severely impact Dave's business continuity and financial performance.

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The increasing adoption and expansion of Earned Wage Access (EWA) solutions pose a clear emerging threat to Dave. EWA platforms, often offered by employers as a benefit, allow employees to access a portion of their earned wages before their regular payday. This directly competes with Dave's core "ExtraCash" advance service by providing users with a potentially free or lower-cost way to access immediate liquidity, stemming from funds they have already earned rather than an advance that may involve tips or subscription fees. As EWA solutions become more mainstream and integrated into employer payroll systems, they could significantly reduce the demand for third-party cash advance services like Dave's.

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Dave (DAVE) primarily targets a large segment of the U.S. population facing financial challenges and living paycheck-to-paycheck. The addressable market for their main products and services is substantial and has been growing.

• Overall Addressable Market (U.S.): Dave estimates its total addressable market to be approximately 185 million customers in the United States as of Q3 2025. This market has grown by about 20 million since 2021. This expansion is attributed to factors like elevated inflation and interest rates, leading more Americans to live paycheck-to-paycheck. The company notes that 69% of Americans were living paycheck-to-paycheck in Q3 2025.
• ExtraCash (Short-term Cash Advances/Overdraft Protection): This is Dave's flagship product, designed to provide short-term liquidity and help customers avoid overdraft fees. The addressable market for ExtraCash is largely encompassed within the overall 185 million Americans living paycheck-to-paycheck. This service also caters to the underbanked population, which constituted 14.2% of U.S. households in 2023.
• Budgeting Tools / Financial Wellness Tools (U.S.): The market for financial wellness tools in the U.S. is also significant. The number of users of financial wellness tools in the U.S. was 76.4 million in 2023, an increase from 65.3 million in 2022.
• Dave Banking (Digital Checking Account): While the broader digital banking adoption rate in the U.S. was 89% in 2023, Dave's specific addressable market for its banking services aligns with its target demographic of individuals seeking alternatives to traditional banking due to high fees.
• Side Hustle and Surveys: Dave also offers products like "Side Hustle" to connect members with supplemental work opportunities and "Surveys" for earning additional income. Specific addressable market sizes for these individual products were not identified in the provided information.

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1. Growth in Monthly Transacting Members (MTMs) and Overall Member Base: Dave has consistently reported increases in its monthly transacting members, with a 23% rise to 2.4 million in Q3 2024 and a 17% increase to 2.77 million MTMs in Q3 2025. The company focuses on efficient member acquisition and strengthened retention and reactivation initiatives to drive continued growth in its member base.
2. Increased Average Revenue Per User (ARPU) and Enhanced Monetization: Dave has seen significant expansion in its average revenue per user (ARPU), with a 14% increase in Q3 2024 and nearly 40% year-over-year expansion in Q3 2025. This growth is driven by increased engagement and monetization of its ExtraCash product, stronger engagement with the Dave Card, and the successful adoption of a new fee model.
3. Growth in ExtraCash Originations and Improved Underwriting: ExtraCash originations have shown substantial growth, increasing by 46% year-over-year to $1.4 billion in Q3 2024 and by 49% to over $2 billion in Q3 2025. This growth is further supported by an improved net monetization rate and better credit performance, partly due to new underwriting models like CashAI v5.5, which optimizes credit outcomes and reduces delinquency rates.
4. Product Innovation and New Credit Products: Dave plans to introduce new credit products and enhance member engagement through ongoing product innovation. A strategic partnership with a sponsor bank is underway to further enhance its credit and banking product offerings, broadening the scope of services and potential revenue streams.
5. Strategic Partnerships and Future Funding Model: The company is pursuing a strategic partnership with a sponsor bank to improve its credit and banking product capabilities. Additionally, Dave plans to transition its receivables to off-balance-sheet funding in early 2026. This move is expected to reduce funding obligations and lower the cost of capital, which could indirectly bolster revenue growth by improving financial flexibility and profitability.

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Share Repurchases

• Dave Inc. authorized a share repurchase program of up to $50 million on March 10, 2025, which was subsequently increased to $125 million on August 13, 2025.
• Year-to-date as of August 13, 2025, Dave invested over $45 million in share repurchases and Restricted Stock Unit (RSU) net settlements.
• In the first quarter of 2025, over $20 million was deployed through share repurchases and RSU net settlements.

Share Issuance

• As of October 29, 2025, Dave Inc. had 12,190,000 Class A common shares and 1,314,082 Class V common shares issued and outstanding.
• Shares outstanding were approximately 14.6 million as of June 30, 2025, 14.4 million as of December 31, 2024, and 11.96 million at the end of 2023.
• The company utilizes RSU net settlements, which contribute to changes in share count.

Inbound Investments

• Dave Inc. entered into a strategic partnership with Coastal Community Bank in the fourth quarter of 2024, serving as its sponsor bank for ExtraCash and other banking products.
• The company's latest funding round was a Post IPO round on March 22, 2022, raising $100 million with investors including J.P. Morgan, Norwest Venture Partners, SV Angel, and Spark.
• Dave has raised a total of $63.6 million in funding over 8 rounds.

Outbound Investments

• Dave has made no investments or acquisitions in other companies.

Capital Expenditures

• Capital expenditures were approximately -$276,000 for the last 12 months (ending prior to the November 4, 2025 earnings report) and -$260,000 for the full year 2024.
• Reported capital expenditures were -$690,000 for FY 2023 and -$730,000 for FY 2022.
• The company has focused on investments in its technology platform and enhancing its AI-enabled platform and products.