Dave, a cash advance app that allows users to borrow money from their next paycheck, comes with an eye-catching claim they can "get up to $500 in five minutes." "Like David slaying Goliath, we’re taking on big banks and their outdated ways," Dave’s website states. The app grew quickly last year.
Dave ended 2024 with the highest annual share price growth of any U.S. financial stock; shares were trading on Dec. 20 at a price 934% higher than the start of the year. In the first half of 2024, Dave reported a 28% increase in revenue alongside a 5% reduction in core expenses. Within seven years of its launch, Dave had emerged as a leader in the “earned wage access” space, a cluster of mobile apps like EarnIn, Tapcheck, DailyPay and Empower that offer fast cash to consumers.
