Dave is a U.S. neobank and fintech company serving millions of everyday Americans as a digital banking platform. The company demonstrates exceptional financial momentum with FY2025 net operating revenues of ~$554M and Adjusted EBITDA of ~$227M, representing ~60% and ~162% increases versus 2024, respectively.
Cyborg Score Rationale
Q4 net operating revenues were roughly $164M and Adjusted EBITDA about $73M, with FY2025 revenues of ~$554M and Adjusted EBITDA of ~$227M representing ~60% and ~162% increases versus 2024. The company achieved profitability with expanding margins while growing its user base. Strong execution and member engagement metrics demonstrate market-product fit.
Top Insights
Q4 2025 net operating revenues reached ~$164M and Adjusted EBITDA ~$73M, beating guidance midpoints
Q3 2025 revenue grew 63% YoY to $150.8M with record ARPU, Adjusted EBITDA of $58.7M (+137% YoY), and ExtraCash originations grew 49% to $2.0B
Customer acquisition cost averaged $19 per new member, indicating efficient growth
The company operates with just 274 employees as of Feb 27, 2026, suggesting lean operations with strong leverage
Named Competitors
Chime — Digital banking with no overdraft fees and early direct deposit
Earnin — Earned wage access platform
Paypal/Venmo — Digital payments and money transfer services
Recent Developments
(March 2026) FY2025 audited results filing on March 2, 2026
(January 2026) Nima Khajehnouri (VP Engineering at Meta) joined Board of Directors; board leadership restructured with Mike Pope as Lead Independent Director
(December 2025) $250,000 donation to Baby2Baby; lifetime charitable giving reached ~$22 million