Dave Launches Cash Back Rewards to All Dave Spending Members
June 02 2022 - 8:30AM
Today, Dave Inc. (NASDAQ: DAVE) announced the arrival of cash back
rewards for all Dave Spending members with the launch of Dave
Rewards. Dave is the banking app on a mission to create products
that level the financial playing field. This new offering enables
Dave’s members to activate card-linked offers from over 100 top
brands, including Burger King, Gopuff, Shake Shack, Redbox, and
more.
“Bringing top-tier debit card rewards to our members, who are
not typically approved for rewards-based credit cards, is a great
example of Dave leveling the financial playing field. With
inflation reaching historic highs, every dollar counts for the many
people living paycheck to paycheck. This is yet another way that
Dave provides a superior banking experience for the everyday
American,” said Jason Wilk, CEO of Dave.
The Dave Rewards launch also includes a limited time promotional
offer with gas stations across the United States, whereby all Dave
members using their Dave Debit Mastercard® will receive 10% in cash
back rewards on gas purchases. This promotion is especially
important given the rapid rise in gas prices over the past two
years and the financial burden this has caused for the everyday
American. According to AAA, the average price for regular gas today
is approximately $4.62 whereas it stood at $3.28 when the year
began and under $3.03 at this time last year.
Through this partnership, Dave Debit Mastercard® cardholders
will be automatically enrolled and can simply shop with their card
to experience seamless cash back. Brands will see an increase in
their promotional reach through this partnership and retailers will
benefit as the promotions that are already on their website will
now be available to Dave’s members. Unlike other fintech
competitors, Dave does not limit how much cash back its members can
earn per month.
Mr. Wilk continued, “The rewards program will help Dave members
reduce some of their financial burden as they can now get cash back
on everyday shopping activities and reduce their overall cost.
Rewards also enables us improve retention and increase lifetime
member value which in turn, provides a better member experience.
Let’s face it – the cost of living has risen significantly and
inflation is not going away anytime soon. We want to help our
members – and with Dave Rewards, we are.”
Brands and retailers can find more information on Dave by
visiting www.Dave.com.
About Dave.comDave.com is on a mission to build
products that level the financial playing field. Dave's banking app
comes with no minimum balance or overdraft fees, new job
opportunities, and helps members access up to $250 advances without
paying a fee. Dave has over 6 million members, is publicly traded
on the Nasdaq, and has the backing of Tiger Global, FTX, Norwest,
Mark Cuban, SV Angel, TCG, Section32, JP Morgan, and Capital
One.
Forward-Looking StatementsThis press release
includes forward-looking statements, which are subject to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements may be identified by words such as
“feel,” “believes,” expects,” “estimates,” “projects,” “intends,”
“should,” “is to be,” or the negative of such terms, or other
comparable terminology and include, among other things, the
quotations of our Chief Executive Officer and statements regarding
Dave’s future performance and other future events that involve
risks and uncertainties. Such forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein due
to many factors, including, but not limited to: the ability of Dave
to compete in its highly competitive industry; the ability of Dave
to keep pace with the rapid technological developments in its
industry and the larger financial services industry; the ability of
Dave to manage its growth as a public company; disruptions to
Dave’s operations as a result of becoming a public company; the
ability of Dave to protect intellectual property and trade secrets;
changes in applicable laws or regulations and extensive and
evolving government regulations that impact operations and
business; the ability to attract or maintain a qualified workforce;
level of product service failures that could lead Dave members to
use competitors’ services; investigations, claims, disputes,
enforcement actions, litigation and/or other regulatory or legal
proceedings; the effects of the COVID-19 pandemic on Dave’s
business; the possibility that Dave may be adversely affected by
other economic, business, and/or competitive factors; and those
factors discussed in Dave’s Current Report on Form 8-K filed with
the Securities and Exchange Commission (the “SEC”) on January 11,
2022 and subsequent Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q under the heading “Risk Factors,” filed with
the SEC and other reports and documents Dave files from time to
time with the SEC. Any forward-looking statements speak only as of
the date on which they are made, and Dave undertakes no obligation
to update any forward-looking statement to reflect events or
circumstances after the date of this press release.
Contacts |
Media |
Investors |
DavePR@mgroupsc.com |
DaveIR@icrinc.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/884fbc4e-a5df-4fbb-9483-76d4e2d6b581
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