How Did Dave Achieve 47% Revenue Growth?

Dave reported first-quarter 2026 revenue of $158.4 million, up 47% year over year, as the fintech company pointed to improving credit performance, higher monetization, and continued investment in its AI underwriting infrastructure.

The Los Angeles-based neobank also reported net income of $57.9 million, up 101% year over year, while adjusted EBITDA increased 57% to $69.3 million. Monthly Transacting Members (MTMs) rose 18% to 2.99 million, and ARPU expanded 24% year over year.

In its earnings release, Dave said its average 28-day past due rate fell to 1.69%, the lowest first-quarter level in company history. The company linked the performance to its CashAI underwriting system, which it has continued to expand across lending operations.

Jason Wilk, Founder and CEO of Dave, said the results reflected “years of significant investments in CashAI.” He also said the company began testing a new Pay in 4 card product in early April.

The company’s ExtraCash originations increased 37% to $2.1 billion during the quarter, while ExtraCash monetization net of losses reached 5.1%, its highest level in more than four years.

Dave’s results come as fintech companies increasingly use AI systems to manage underwriting, servicing, fraud detection, and repayment modeling. Consumer lenders and banks have also expanded AI-driven credit infrastructure as competition intensifies across digital lending and buy now, pay later (BNPL) products.

That broader push has included AI-focused underwriting and credit automation initiatives across the banking sector, including efforts to embed AI deeper into card and lending operations.

Dave Expands AI-Driven Credit Products

Dave said customer acquisition efficiency remained strong during the quarter, with 695,000 new members added at an acquisition cost of $18. Dave Debit Card spend also increased 9% year over year to $534 million.

Kyle Beilman, CFO and COO of Dave, said the company’s monetization rate and delinquency trends supported confidence in its growth model. He also said customer acquisition payback periods were approaching three months.

Beilman added that the company’s increased provision for credit losses during the quarter reflected timing dynamics tied to quarter-end receivable balances rather than weakening credit quality.

Dave raised its full-year 2026 guidance following the quarter. The company now expects annual revenue between $710 million and $720 million, compared with prior guidance of $690 million to $710 million. Adjusted EBITDA guidance increased to between $305 million and $315 million.

The company also deployed about $195 million in share repurchases during the quarter, representing roughly 7% of shares outstanding. Dave said it still has $113.3 million remaining under its existing repurchase authorization.

Dave’s expansion into Pay in 4 products places it in a BNPL market where companies are increasingly combining AI underwriting with operational automation and customer servicing systems. Klarna has also pushed AI deeper into operations and customer support infrastructure as competition in fintech lending and payments continues to increase.

The company said member testing for its Pay in 4 card product started in April and described the product as part of its next phase of growth in credit products.