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Dave.com

Dave predicts your “7 day low” checking account balance and offers advances on your paycheck at 0% interest to help prevent overdraft.

ABOUT

Dave predicts consumer checking account balances and offers customer-friendly paycheck advances to help prevent overdrafts, along with other banking services. 


CHALLENGE 

More than a quarter of Americans have overdrafted their account in the past year, with 10% of those people having overdrafted more than eight times. In 2017, U.S. banks made more than $34 billion in overdraft fees alone.


SOLUTION

Dave – named after “that friend everyone has who spots you some cash when you need it” – alerts users in advance and can help prevent overdrafts by instantly advancing the user up to $75 at zero percent interest. Dave also:

  • Notifies users of important overdraft information via text message, so that they don’t have to keep tabs on overdraft activity on their own.
  • Connects directly with users’ checking accounts, and then looks for recurring trends in each user’s spending and income via a set of predictive algorithms.
  • Provides a percentage of the user’s upcoming paycheck up to 10 days ahead of time.


FINANCIAL HEALTH FOCUS

Many overdrafts are the result of transactions of less than $20 because people are only looking at current balances, not future ones. Dave believes that predicting and eliminating overdraft fees can improve financial health.

What They Do

Dave predicts your "7 day low" checking account balance and offers advances on your paycheck at 0% interest to help prevent overdraft.

Team Members

Jason Wilk
Jason Wilk
Founder & CEO
John Wolanin
John Wolanin
Co-Founder & CPO

Year

2017

Location

Los Angeles, CA

Status

Active

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