Los angeles based consumer lending and overdraft protection startup has raised a $50m Series B from Norwest at a $1b valaution.
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New challenger bank Dave now worth $1 billion after recent investment
The low down: Dave made a name for itself as a PFM that garnered 3.5 million users relatively quietly. - Budgeting focused: Part of Dave’s early appeal was the firm’s use of AI to help users understand their budget and $75 worth of overdraft protection to provide users an extra cash cushion to avoid fees. - Launching banking services: In June 2019, the company launched banking services with Evolve Bank and Trust to provide users with added banking functionality like a checking account and extended overdraft protection to $100. - Using PFM as the hub: Dave’s free PFM serves as a hub to acquire new users that can then be upsold to open a bank account. The company announced it now has 4 million PFM users, up from 3.5 million in June.
