Banking For Humans by Dave
Dave , the money management app outsmarting overdrafts, has partnered with Evolve Bank & Trust to offer Dave Banking – a new FDIC-insured checking account with no monthly or overdraft fees.
The account – launching this week to 500k waitlist signups – comes with the following features:
- $100 no interest overdraft alternative- Users can advance $100 with no interest to cover immediate expenses and gaps in their budgets.
- Free credit-building- Via a partnership with CreditPop, Dave Banking reports regular rent payments to the credit agencies to help automatically build users’ credit. Payments reporting for utilities like water, gas, electric, and mobile phone plans will also soon be available.
- Side Hustle – Banking users will have access to 20 different types of part time jobs in their area through partnerships with gig economy companies.
- Expense forecasting – With Dave Banking, users can access Dave’s AI expense forecasting tool, predicting their account balance before their next payday and sending helpful texts and alerts when they’re in danger of dropping below $0.
In addition to the launch of Dave Banking, the startup is announcing a $110m debt raise led by Victory Park Capital.
“Banks have failed their customers by building products that put their own interests ahead of the humans who use them. People don’t need predatory fees, they need tools that actually solve their challenges around credit building, finding work and getting access to their own money to cover immediate expenses. Dave is the banking product that works with its customers, not against them.” – Dave’s cofounder and CEO Jason Wilk.
Bottom Line: 3.5m users.