Fintech startup Dave began rolling out their new bank account in May to a waiting list of two million people; there are now seven million users of Dave’s automated budgeting tool and they expect one million bank account customers by the end of the year; Dave CEO Jason Wilk said, “One million is a very conservative number for us to hit. We have 2 million of our core users signed up for Dave Banking, and every time we send a push notification to invite someone off that list, 1 out of every 2 people end up signing up for an account.”; the large user base means Dave spends very little in acquisition costs to add a new banking customer; Dave also announced that it is using Mastercard for its debit card and upcoming products. CNBC.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.