Dave Inc. Reports Strong Q3 Revenue Growth and Improved Financial Metrics
News related to:Dave Inc · 2 min read
LOS ANGELES, Nov. 4, 2026 /CourierPR/ -- Dave Inc., one of the nation's leading neobanks, reported strong financial results for the third quarter ended September 30, 2026. Revenue growth accelerated to 31% year-over-year, reaching $198 million, driven by record new member acquisition and continued growth in monthly transacting members (MTMs) and average ExtraCash size.
The company's 28-day past due rate improved year-over-year and quarter-over-quarter to 2.09%, falling below 2.00% in September. This improvement came as originations grew 23% from a year ago, with the average ExtraCash size reaching $225 in September, thanks to the full deployment of CashAI v6.0. The gross monetization rate expanded to 5.2%, its highest level in five years, as the company relaxed legacy fee caps.
Net income for the quarter was $64 million, while adjusted EBITDA increased 39% year-over-year to $82 million, representing a 41% margin. This growth was achieved even as originations increased 23% from the previous year.
New members increased 35% to 1,135,000, at a customer acquisition cost of $22. Monthly Transacting Members (MTMs) increased 18% to 3.15 million. ExtraCash originations increased 23% to $2.5 billion, while the monetization rate net of losses expanded approximately 40 basis points to 5.2%. The 28-day past due rate improved to 2.09% from 2.15%. Dave Debit Card spend increased 5% to $533 million.
The company also raised its full-year 2026 guidance for revenue, adjusted EBITDA, and adjusted diluted earnings per share.
As of September 30, 2026, the company had $315 million in cash and cash equivalents, investments, and restricted cash, compared to $254 million as of June 30, 2026. The company's funding structure with Coastal Community Bank had approximately $159 million outstanding at quarter end, up from $93 million as of June 30, 2026. During the third quarter, the company deployed approximately $20 million to reduce its share count through restricted stock unit net settlements and open market share repurchases, leaving $88 million available under its share repurchase authorization.
The company also saw solid early traction with Dave Flex, its new Pay in Four credit card, which gave members greater flexibility in managing everyday purchases. During Q3, Dave Flex adoption grew from single- to double-digit thousand actives, through both cross-selling to existing members and direct customer acquisition at better-than-expected acquisition costs. The company is encouraged by strong cross-product adoption with ExtraCash, suggesting significant upside to baseline member lifetime value.
Looking ahead, Wilk expressed excitement about expanding access to more members ahead of a broader rollout planned for 2027.