Dave announces letter of intent to enter strategic partnership with bank

Dave (DAVE) announced that it has entered into a non-binding letter of intent, the LOI, to form a strategic partnership with a leading bank whose parent is publicly-traded. Under the terms of the LOI, the Sponsor Bank will originate Dave’s ExtraCash product, hold Dave member deposit accounts, including checking and savings accounts, issue physical and virtual debit cards, provide ACH processing, and collaborate with Dave to launch next-generation banking and credit products in support of Dave’s mission of leveling the financial playing field for everyday Americans.