Los Angeles, June 09, 2026 (GLOBE NEWSWIRE) -- Dave Inc. ("Dave" or the "Company") (NASDAQ:DAVE), one of the nation's leading neobanks, announced that, effective June 1, 2026 and consistent with its previously communicated timetable, the Company began transitioning ExtraCash receivables to its strategic funding arrangement with Coastal Community Bank ("Coastal"), the wholly-owned banking subsidiary of Coastal Financial Corporation (NASDAQ:CCB). The move marks a significant evolution in Dave's balance sheet strategy, shifting from direct funding to a bank-partnership model designed to optimize capital structure. This funding arrangement is expected to reduce Dave's direct funding obligations, lower its cost of capital and unlock over $200 million of liquidity on Dave's balance sheet once originations are transitioned to Coastal.
"This milestone is a meaningful unlock for our business," said Jason Wilk, Founder and CEO of Dave. "By funding ExtraCash originations through our strategic partnership with Coastal Community Bank, we are further strengthening the capital efficiency of our model by lowering our cost of capital, reducing balance sheet exposure and freeing up liquidity to pursue capital allocation priorities that should directly benefit our shareholders. We also expect to apply a similar funding structure to our forthcoming Flex card product, further extending the reach of the Coastal partnership."
About DaveDave (NASDAQ:DAVE) is a U.S. neobank pioneering innovative credit products for everyday Americans. For more information about the Company, visit: www.dave.com. For ...
