Dave Inc. (NASDAQ: DAVE), a banking app on a mission “to build products that level the financial playing field,” recently announced the rollout of Dave ExtraCash $500 and Instant to eligible new members “with a plan for a full rollout through the summer months.”
Dave members who sign up for the Dave ExtraCash account will now also “get a Dave Spending account to enable the instant spending capability for a small fee.”
Dave made the decision to increase its Dave ExtraCash overdraft advances limit from $250 to $500 “to support members who often have financial emergencies exceeding the previous limits, as well as to help with rising prices due to inflation.”
Dave CEO Jason Wilk said:
“The average American typically does not have $400 to cover financial emergencies. With this increase to $500 through Dave ExtraCash – which is the largest advance in the industry by far – they can now turn to Dave to cover more than just everyday essentials. We are also excited to enable Instant spending of Dave ExtraCash by putting a Dave Spend account in the hands of all of our members.”
Dave’s original advances have graduated to their unique overdraft product and in total has been “used over 50 million times since 2017, helping members ease their financial burdens.”
Unlike other services, there is “no waiting period or lengthy application process and no direct deposit into a Dave account is required.”
Founded in 2017, Dave has sought “to build a superior banking solution for everyday Americans, starting with an overdraft solution that actually works for everyone with no interest, credit check or late fees.”
Dave additionally “helps its members find more income opportunities with Side Hustle and helps curb overspending with Insights.”
The company estimates there are approximately 170 million people “in need of its services and continues to drive innovation and launch new features to build a superior banking solution for the everyday American.”
Dave.com is on a mission to build products that “level the financial playing field.”
Dave’s banking app comes “with no minimum balance or overdraft fees, new job opportunities and helps members access up to $500 of Dave ExtraCash™.”
Dave has over 6 million customers and is publicly traded on the Nasdaq and “has the backing of Tiger Global, FTX, Norwest, Mark Cuban, SV Angel, TCG, Section32, JP Morgan, Capital One.”