With only a hundred employees but millions of customers, DAVE is revolutionizing financial services in America. Mark Cuban is backing DAVE because it adds automation to personal banking, creating leverage for people underserved by the major banks.
Mark Cuban is backing Dave by being a board member as well as a repeat investor in founder Jason Wilks‘s ideas. Speaking about Wilks…
“He is a winner,” Cuban said in an email. “He understands what it takes to make customers happy. He is a geek who is always looking for better ways to apply technology. That’s as good as it gets.”
CNBC: How relentless emailing helped this 25-year-old snare $300,000 from Mark Cuban, 2017-Nov-15 by Ron Grover
What does Dave do?
Dave is a mobile app designed to help people avoid overdraft fees. It launched in 2016 as a $1/month personal finance tool. Initially, it required a pre-existing bank account, but now the company is offering its own no-fee checking accounts through a bank partnership. Users can access no-interest, no-fee payday loans of up to $200. However, the system encourages them to contribute and support each other. The Dave avatar is a friendly bear.
“I got crushed by overdraft fees in my 20s,” Cuban said in a news release. “For anyone who wants to be successful, I always advise to cut down on useless expenses and save money. Overdraft fees are the definition of useless.”
Business Insider: Mark Cuban is backing an app that’s trying to help people avoid overdraft fees, 2017-Apr-24 by Frank Chaparro
Where is Dave going next?
On June 7, Dave announced they plan to go public via a SPAC merger that values the company at $4 billion. As they expand their services, they plan to help 150 million people build financial stability.
To guide users toward better financial behavior, automated processes recommend the best step in every situation. Expenses are not just summarized, they are forecasted. Education comes in the context of customer’s actual challenges and opportunities.
Where would you like to go next?
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