LOS ANGELES--(BUSINESS WIRE)--Dave, the Mark Cuban-backed banking app on a mission to create financial opportunity that advances America’s collective potential, has announced its #5 position on the Inc. 5000 list of America’s Fastest-Growing Private Companies. This achievement highlights an extensive list of accomplishments and growth the company has experienced since launching in 2017.
Dave is thrilled to be part of Inc’s distinguished list as it prepares to go public later this year. In the four years since inception, Dave has seen a 29,000% increase in revenue and has given back to the community through its unique initiatives with Feeding America, pledging over 31M meals since launch, including 23M in 2021.
Dave has upended the banking industry, pioneering the space with a suite of breakthrough financial products designed to make a meaningful impact on people’s lives. In 2021, Dave has helped its customers save $300M in fees, and $550M total since launch with its flagship feature, ExtraCash, which gives customers up to $200 at 0% interest. These savings help its customers cover everyday expenses when needed most: more than 70% of Dave’s advances are spent on groceries and more than 60% are spent on gas for customer’s vehicles.
Dave’s products help people build positive financial habits and empower them to improve their financial future. In 2019, Dave launched its feature called Side Hustle, allowing its users to access the gig economy and instantly apply for jobs from up to 20 companies. So far in 2021, Dave facilitated more than 550,000 Side Hustle applications, resulting in more than $20 million extra cash in its customer’s accounts. As the first neobank to help users earn money, the feature has helped customers earn over $200 million in income.
Earlier this year, the company launched Dave Banking, a spending account and debit card with no monthly fees. Dave Banking has already grown to over 1.3M members.
Finally, throughout the COVID-19 pandemic, Dave gave back a percentage of its revenue to non-profit partners like Feeding America. In 2020, Dave donated $800,000 to Feeding America, with $250,000 going to their Covid-19 Response Fund. By May 2021, that number more than doubled to nearly $5 million in contributions.
Dave is the finance version of David and Goliath, challenging legacy banks and their $30 billion of overdraft fees. Dave is a banking app on a mission to create financial opportunity that advances America’s collective potential. Dave's financial tools, including its debit card and spending account, help more than 10 million customers bank, budget, avoid overdraft fees, find work and build credit.