How banking app Dave is putting humans behind everything.
Described as “the finance version of David and Goliath”, Dave banking set itself off to a good start with one mighty goal: to take on the big guys with banking made for humans.
Written by HYER NEWSROOM
Today, Dave finds itself at the top as the highest-ranked personal financial management app in the world. The platform counts on 200 employees, with its latest valuation being $1 billion. 7 million users engage with Dave to make budgeting easier, get paid earlier, and escape overdraft fees. The best part about the creation of Dave, however, was that the founders’ idea was simply an answer to every customer’s complaint: fees, uncertainty, and headaches.
In 2016, three Los Angeles friends were fed up with their banking experience, often having to pay up to $38 in overdraft fees. What’s more, they never knew how much money they had to spend before payday. These friends were Jason Wilk, Paras Chitrakar, and John Wolanin, who knew their problems were also the ones 4 in 5 Americans have. So they decided to change it.
Their purpose was to help working Americans have full control of their finances and turn online banking into a simple experience. They wanted to build the next great financial institution that, in their words, “could service 99% of Americans, not just the 1%.” It was as simple as letting people know how much they have to spend until their next paycheck, because they depend on it. In other words, Dave would give people the freedom of financial control.
Instead of building a bank at the first opportunity, the founders were smarter: they addressed the most pressing problems head-on. These were overdraft protection and complicated budgeting. They knew customers needed freedom to spend their money however they wanted to, but they still had bills to pay. This solution, in turn, helped increase their customer base by the millions, without ever disturbing their autonomy. According to one of the founders, Jason Wilk, it’s one thing to help people with budgeting. It’s another to actually manage their money.”
In addition, Dave’s “goodbye fees” system has eliminated overdraft fees, minimum balance fees and ATM-fees. A banking app that works for and with its customers instead of showering them with abrupt fees may sound too good to be true. That’s because the reality of most online banking users has been the complete opposite for a long time.
Besides only charging $1 a month for use, Dave also displays a “side hustle” feature. Not only does the platform protect its customers from unexpected twists in their bank accounts, but it helps them find and apply for jobs without leaving the app.
Today, Dave has reinvented finance in its own way. Their latest $100 million funding was announced on Jan 28, 2021, and it's led by Victory Park Capital. Dave will use the generous funding amount to increase their team within the next year and continue to deliver stellar service to its users.
If you thought there would never be a bank with their customers in mind, Dave welcomes you to change your financial reality.
About Hyer Newsroom
Hyer is the place to discover the latest news, stories & careers from impact-first companies across the planet, in the most digestible way - giving a creative voice for impact.
Companies that do good matter - let’s tell their stories.