Dave

Sources - 19

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-03-02
   Dave Inc. Form 10-K for the fiscal year ended December 31, 2025
   Item 1 in full: what ExtraCash is and the $500 maximum, the February 2025 move to a mandatory 5% fee with a $5 minimum, CashAI and the 180 million cumulative originations behind it, the roughly 11-day average term, the two bank partners and the Evolve consent order, the three-tier competitor list, the 280-employee headcount, the FY2025 income statement, and Note 11's full account of the DOJ, Russell and Baltimore proceedings.
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2. S02primarycompany filing2026-08-05
   Dave Inc. Form 10-Q for the quarter ended June 30, 2026
   The June 1 2026 amended Coastal Program Agreement and its ASC 460 accounting, the $93.0M of Coastal-held receivables named as the maximum potential future payments under the guarantee, the guarantee and credit-loss liabilities, the cash collateral account and the $75.0M floor Dave may not purchase below, the 2031 convertible notes with their $279.13 conversion price and $421.34 cap, the balance sheet, the 1H26 cash flow statement and the Ninth Circuit appeal brief date.
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3. S03primarycompany filing2026-08-05
   Dave Inc. second quarter 2026 results release, Exhibit 99.1 to Form 8-K
   The revenue disaggregation that isolates processing and overdraft service fees at $144.9M of $170.8M, the flat $6.0M interchange line, the full non-GAAP reconciliations, the footnote disclosing the Q2 2026 change in the definitions of Adjusted Net Income and Adjusted EBITDA without recasting, raised FY2026 guidance, and the operating metrics.
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4. S04primarytranscript2026-08-05
   Dave Inc. Q2 2026 earnings call transcript, held 2026-08-05
   The fee-cap sequence and Beilman's answer that advances above $300 are the rough majority, the stated plan to raise the maximum well above $500, the 185 million customer TAM assertion, the $225M Coastal facility with $93M drawn, CashAI V6 at 700 features and a third of the base, the $215 average advance, and the full seventeen analyst turns from eight analysts in which no question touched the litigation.

   Last quarter, we removed the $15 fee cap for new members. Earlier this quarter, we removed that fee cap for a large portion of grandfathered members, and we plan to increase the fee cap to $20 for the remaining grandfathered members effective late August. [...] Additionally, average ExtraCash size reached a new high of 215 [...] it is really that above $300 cohort of new customers that we would have had enhanced monetization for as a result of the fee change [...] we feel very good about letting them go well in excess of the $500 limit given we have the more flexible and scalable pricing model at this point.

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5. S05secondaryvendor data2026-09-15
   Research pack for DAVE, frozen at content/DAVE/research-pack.json

   content/DAVE/research-pack.json
   Price of $372.24 and the 252-day range, enterprise value, the FINRA short-interest settlement, the analyst consensus split and its dated history, price-target drift, the price-move decomposition that separates the business from the rating, the volatility bucket, and the headcount series indexing the 10-K.
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6. S06primarycompany filing2026-08-07
   Coastal Financial Corporation Form 10-Q for the quarter ended June 30, 2026 Coastal Financial Corporation
   The bank's side of the structure Dave entered on June 1 2026: how a CCBX partner indemnifies the bank for credit losses, the $154.3M credit enhancement asset, the $46.0M valuation adjustment against one unnamed partner that drove Coastal to a $42.1M quarterly loss, and the bank's own statement that it manages counterparty partner risk with per-partner portfolio limits.

   During the six months ended June 30, 2026, the Company recorded its initial valuation adjustment of $ 46.0 million against a portion of the credit enhancement asset related to one CCBX partner following an assessment of the collectability of amounts due under the applicable indemnification arrangement.

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7. S07primarycompany filing2026-03-06
   Chime Financial, Inc. Form 10-K for the fiscal year ended December 31, 2025 Chime Financial, Inc.
   The only listed competitor whose own filing describes the same product sold to the same buyer, and the employer distribution channel through Chime Enterprise and MyPay at Work that Dave has explicitly declined to build.

   MyPay allows eligible members to access a portion of their earned pay on demand before payday for free within 24 hours, or instantly for a low fee.

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8. S08primarygovernment data2024-04-01
   CFPB data spotlight: Overdraft/NSF revenue in 2023 down more than 50% versus pre-pandemic levels Consumer Financial Protection Bureau
   The measured size and direction of the fee pool ExtraCash displaces: $5.8bn of reported overdraft and NSF fees in 2023, down $6.1bn and more than half from before the pandemic, with 97% of NSF fee revenue eliminated at banks above $10bn of assets and no evidence of replacement by other account fees.

   Annual reported overdraft and NSF revenue was $11.16 billion in 2015, $11.44 billion in 2016, $11.47 billion in 2017, $11.56 billion in 2018, $11.96 billion in 2019, $8.82 billion in 2020, $8.76 billion in 2021, $7.61 billion in 2022, and $5.83 billion in 2023. [...] Reported annual overdraft/NSF revenue has dropped by $6.1 billion since before the pandemic - a reduction of more than half - saving the average household who overdrafts $185 per year.

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9. S09primarygovernment data2026-05-13
   Federal Reserve Board, Economic Well-Being of U.S. Households in 2025, Savings and Investments Board of Governors of the Federal Reserve System
   The base for the prize, measured from outside the company: 37% of US adults would not cover a $400 emergency from cash or its equivalent, and the breakdown of what they would do instead - 10% borrow from friends or family, 12% could not pay by any means, and only 2% would use a payday loan, deposit advance or overdraft.

   When faced with a hypothetical expense of $400, 63 percent of all adults said they would have covered it exclusively using cash, savings, or a credit card paid off at the next statement. [Table 25, Other ways individuals would cover a $400 emergency expense, percent of adults: Borrow from a friend or family member 10; Use a payday loan, deposit advance, or overdraft 2; Would not be able to pay for the expense right now 12.]

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10. S10primaryindustry data2019-07-25
    FinRegLab, The Use of Cash-Flow Data in Underwriting Credit: Empirical Research Findings FinRegLab
    An independent measurement, run with Charles River Associates across several non-bank lenders including Brigit, that cash-flow underwriting predicts credit risk at least as well as bureau data. It establishes the method as validated for the whole category rather than proprietary to any one firm, which is what forces Dave's moat argument onto the dataset rather than the technique.

    the predictiveness of the cash-flow scores and attributes was generally at least as strong as the traditional credit scores and credit bureau attributes studied

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11. S11primarycompany filing2026-09-14
    Form 4 of Brendan Carroll, director, reporting transactions of 2026-09-10 to 2026-09-14
    The correction to the vendor feed: the rows the pack shows as 300,000-plus share sales at $368.00 are sales of WARRANTS at $1.59 each, where $368 is the warrants' exercise price, and 15,359 warrants carry 480 underlying Class A shares. The warrants expire 2027-01-05.
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12. S12primarygovernment data2026-08-01
    FRED series CNP16OV, Population Level, civilian noninstitutional population 16 years and over U.S. Bureau of Labor Statistics via FRED
    The population base the Federal Reserve's survey share is applied to: 275.4 million people aged 16 and over as of August 2026.

    Population Level - civilian noninstitutional population, 16 years and over, 275,415 thousand, August 2026

    read, but no claim rests on it
13. S13primarycompany filing2025-04-28
    MoneyLion Inc. Form 15-12G, certification and notice of termination of registration MoneyLion Inc.
    The permanent record that MoneyLion stopped being a reporting company: it deregistered on 2025-04-28, eleven days after Gen Digital completed the acquisition on 2025-04-17, and the SEC now lists it with no ticker. Half the reason no listed cash-advance cohort can be built.
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14. S14primarycompany filing2025-02-05
    Upbound Group, Inc. Form 8-K/A reporting the completed acquisition of Bridge IT, Inc. (Brigit) Upbound Group, Inc.
    The acquirer's own filing stating that on 2025-01-31 it consummated the acquisition of Bridge IT, Inc., trading as Brigit. The other half of why the cohort collapsed - the two closest listed comparables were taken out eleven weeks apart in early 2025. It also corrected a date this research first had wrong.
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15. S15secondaryother2026-09-15
    data/reference/competitors.json, DAVE entry

    data/reference/competitors.json
    The cohort record: Chime confirmed as the single product match against its own filing, and Affirm, Upstart and Happen each rejected against theirs on buyer, product or instrument, one short of the two peers a cohort needs.

    A cohort needs two product-matched peers besides the subject, so DAVE has none, and the multiples in the pack face no listed comparison.

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16. S16primarycompany filing2026-03-02
    Dave Inc. fourth quarter and full year 2025 results release, Exhibit 99.1 to Form 8-K
    The document the source audit said was missing, and it earned the read. It carries the original 2026 outlook of 25% to 28% revenue growth, since raised twice; the increase in the buyback authorisation from $125M to $300M; FY2025 revenue of $554.2M and net income of $195.9M; and revenue for each member growing 36% in Q4 2025 against 11% in Q2 2026 - the deceleration that explains why the fee cap is being removed now. It is also where the 185 million customer market appears in a filed document rather than only in a call.
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17. S17primarycompany filing2026-04-20
    Dave Inc. definitive proxy statement (DEF 14A) for the 2026 annual meeting
    The beneficial ownership table at 3 April 2026 (directors and officers 13.2% of Class A, all of Class V and 55.0% of the vote; Jason Wilk 54.3% of the vote), the controlled-company statement, Wilk's tenure since May 2016, and the CD&A: the 2025 bonus on non-GAAP variable profit and adjusted EBITDA paid at 200% of target, and PSUs on adjusted EBITDA hurdles earned at 150%.
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18. S18primarycompany filing2026-09-15
    Schedule 13D/A (Amendment No. 3) filed by Jason Wilk
    The chief executive's variable prepaid forward of 11 September 2026: 37,090 Class A shares pledged for a $10.9M upfront payment, settling on or about 30 August 2029 between $319.33 and $481.48, voting rights retained; beneficial ownership 1,530,172 shares, 11.8% of the class.
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19. S19primarycompany filing2023-03-13
    Dave Inc. Form 10-K for the fiscal year ended December 31, 2022
    The 2021 and 2022 income statements by expense line (compensation and benefits, advertising and marketing, provision for unrecoverable advances) that the five-year cost reading starts from, and the executive officer biographies: Kyle Beilman chief financial officer since January 2021, and in finance and operations roles from July 2017.
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