← Embedded Finance Index 2026

Dave

“Can Dave scale a cash-flow-based underwriting engine (CashAI) into a full consumer financial OS — combining short-term advances, checking, and installment lending — while maintaining industry-leading credit quality at neobank margins?”

Founded2017
HQLos Angeles, California
FoundersJason Wilk
Total raised$180M+
Latest roundSPAC / Public listing, January 2022
Valuation$4B (SPAC deal valuation, 2021)
IndustryFintech / Neobank
The story

Founded in 2017 as an overdraft-fee avoidance and cash-management app, Dave evolved into a full neobank by launching the ExtraCash short-term advance product and a Spending account, backed by Evolve Bank & Trust. The company went public via SPAC in January 2022 at a $4B valuation but traded well below that; it subsequently refocused on unit economics, credit quality, and AI-powered underwriting (CashAI). By 2026 Dave had achieved eight consecutive quarters of guidance raises, record credit performance, and is expanding into installment lending (Dave Flex), while also seeking to diversify its sponsor bank relationship away from Evolve.

Last 12 months
2024-11
2026-05
Product timeline
2017
Dave founded by Jason Wilk as an overdraft-fee avoidance app, backed by Mark Cuban's $3M seed investment.· banking
2019
Dave reached 4 million users and achieved unicorn status ($1B valuation) after Norwest's $50M investment.· banking
2020
Dave signed a Debit Card Issuing Agreement with Evolve Bank & Trust to issue physical and virtual debit cards.· card
2021
Dave announced a $4B SPAC deal to go public on Nasdaq.· ipo
2022
Dave completed its SPAC merger and began trading on Nasdaq as DAVE.· ipo
2023
Dave amended its credit facility with Victory Park Capital to $150M, extending maturity to December 2026 and reducing cost of funds.· lending
2024
Dave announced a letter of intent to form a strategic partnership with a new publicly-traded sponsor bank to diversify from Evolve Bank & Trust.· banking
2026
Dave launched Dave Flex (Pay-in-4 product), reported record-low 28-day past due rate of 1.69%, and raised full-year guidance for the eighth consecutive quarter with Q1 revenue of $158.4M (+47% YoY).· lending
The stack
4 layers disclosed in Dave’s embedded-finance stack
Banking / BaaS
Evolve Bank & Trust
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
4 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.