Welcome to our dedicated page for DAVE news (Ticker: DAVE), a resource for investors and traders seeking the latest updates and insights on DAVE stock.
Dave Inc (DAVE) delivers innovative financial solutions through its mobile-first banking platform, offering overdraft protection, credit-building tools, and real-time financial insights. This news hub provides investors and industry observers with essential updates about the company's strategic initiatives and market position.
Access authoritative reporting on earnings announcements, product enhancements like the ExtraCash feature, technological developments including CashAI innovations, and regulatory compliance milestones. Our curated collection ensures you stay informed about DAVE's progress in transforming consumer banking through transparent fintech solutions.
Regular updates covering partnership announcements, service expansions, and financial performance metrics. Bookmark this page for streamlined access to verified information about DAVE's journey in redefining accessible banking services while maintaining rigorous compliance standards.
Dave Inc. (Nasdaq: DAVE), a leading neobank, has issued a statement regarding a recent proposal from the Consumer Financial Protection Bureau (CFPB) concerning paycheck advance and earned wage access (EWA) products. CEO Jason Wilk clarified that Dave transitioned away from the EWA model in 2022 due to regulatory uncertainties.
The company's current ExtraCash product is structured as a bank-originated overdraft with optional fees, which Dave believes falls under the overdraft regulatory framework rather than EWA or paycheck advance regulations. This approach aims to provide an alternative to the high fees often associated with traditional banks.
Dave (NASDAQ: DAVE), a leading neobank, announced it is extending its partnership with the Drew League, Los Angeles' premier Pro-Am basketball league. This collaboration will now see Dave featured on all 2024 Drew League jerseys, in addition to the on-court placements from 2023. Both organizations share a mission to provide opportunities for youth success. Dave Founder and CEO, Jason Wilk, emphasized the shared passion for improving the local community and access to opportunities. Drew League commissioner, Chaniel Smiley, and Crossovr Collective Co-Founder, Steph Rawlins, highlighted the significance of this partnership in supporting and expanding resources for emerging talent and the community.
Dave, a leading neobank, announced its participation in the FT Partners Equity Research Weekly Forum on May 17, 2024. The event will feature Dave's Founder and CEO, Jason Wilk, and CFO, Kyle Beilman, in a fireside chat at 10:30 a.m. ET, followed by a Q&A session. For details to view the live event, interested parties can contact FT Partners or Dave's investor relations team.
Dave Inc. will participate in two investor conferences in May 2024 to engage with investors. The Company will attend the B. Riley Securities Annual Investment Conference from May 22 to 23 and the Barrington Research Virtual Spring Investment Conference on May 16. Dave will be involved in fireside chats and 1x1 meetings at both events, providing opportunities for investors to connect with the Company.
Dave Inc. reported a record revenue of $73.6 million in Q1 2024, with a Y/Y revenue growth acceleration. GAAP net income reached $34.2 million and adjusted EBITDA increased to $13.2 million. The company raised its 2024 adjusted EBITDA guidance to $30-$40 million. Dave exceeded growth and profitability expectations, with strong member acquisition and retention driving a 14% Y/Y growth in the transacting member base. ExtraCash advances increased to over $1 billion, while credit performance improved. Quarterly financial highlights showed significant growth in operating revenues and net income. Operating highlights included a gain related to extinguishment of convertible note, new member additions, increased transacting members and ExtraCash originations, improved delinquency rates, and higher debit card spend. The company had $101.5 million in cash and cash equivalents as of March 31, 2024. Financial guidance for 2024 projects strong year-over-year growth in operating revenues and improved EBITDA.
FAQ
What is the current stock price of DAVE (DAVE)?
What is the market cap of DAVE (DAVE)?
