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The name Dave is taken from David, as in David and Goliath, and was chosen on purpose to be different from its competitors. Its mascot is a bear wearing glasses.
Shark Tank star Mark Cuban led a $3 million seed investment round in the company, saying he was crushed by overdraft fees in his twenties. The CEO of Dave, Jason Wilk, [ circular reference ] was the former creator of AllScreen, a company which was also originally funded by Cuban, who put in a $300,000 investment.
After the initial investment in Dave by Cuban and other investors, the total funding of the app has increased to $180 million after the $50 million investment by Norwest Venture Capital. The Dave app was the Apple App of the Day in April 2017. It has been downloaded 10 million times. In July 2019, the company was named one of the next billion-dollar startups by Forbes. In October 2019, Dave received a valuation of US$1 billion, and had over four million users.
Dave was ranked number five in Inc. Magazine 's list of 5,000 fastest growing companies for 2021. Dave went public on NASDAQ via SPAC on January 6, 2022 through VPC Impact Acquisition Holdings III created by longtime Dave investor Victory Park Capital. The initial valuation was $4 billion. The company was the top performing financial stock of 2024 according to CNBC.