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Dave Announces Letter of Intent to Enter into Strategic Partnership with Leading Sponsor Bank

LOS ANGELES, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Dave Inc. ("Dave" or the "Company") (NASDAQ:DAVE), one of the nation's leading neobanks, today announced that it has entered into a non-binding letter of intent (the "LOI") to form a strategic partnership with a leading bank whose parent is publicly-traded (the "Sponsor Bank"). Under the terms of the LOI, the Sponsor Bank will originate Dave's ExtraCash product, hold Dave member deposit accounts, including checking and savings accounts, issue physical and virtual debit cards, provide ACH processing, and collaborate with Dave to launch next-generation banking and credit products in support of Dave's mission of leveling the financial playing field for everyday Americans.

"We are excited to partner with what we believe to be one of the most highly respected sponsor banks in the industry. Given the scale we've achieved and the strong member growth we continue to experience, we believe it is the right time to further diversify our key commercial relationships," said Jason Wilk, CEO and Founder of Dave. "After an extensive evaluation process, we chose a partner with significant experience sponsoring both credit and banking products, strong compliance and risk management capabilities, competitive pricing, and a shared vision for a more inclusive, accessible banking system."

Dave's user-friendly platform provides access to low cost banking and credit products to over 11 million members. With this strategic partnership, Dave members will continue to benefit from our suite of products, backed by the stability and regulatory expertise of an additional FDIC-insured sponsor bank.

The strategic ...