Dave Adds Cash Back Rewards for Dave Spending Members

FinTech Dave Inc. is making cash back rewards available to all Dave Spending members through the launch of the Dave Rewards program, according to a company press release Thursday (June 2).

Dave Rewards allows members to launch offers linked to their cards from more than 100 brands, including Burger King, Gopuff, Shake Shack and Redbox.

“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,” Dave CEO Jason Wilk said in the release.

“With inflation reaching historic highs, every dollar counts for the many people living paycheck to paycheck,” he said. “This is yet another way that Dave provides a superior banking experience for the everyday American.”

The unveiling of Dave Rewards comes with a promotional offer at U.S. gas stations that allows all Dave members using their Dave Debit Mastercard to get 10% in cash back rewards on gas purchases.

Dave Debit Mastercard cardholders will be automatically enrolled in Dave Rewards and can shop with their cards to earn unlimited cash back, per the release.

“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,” Wilk said. “Rewards also enables us improve retention and increase lifetime member value which in turn, provides a better member experience.”

In January, Dave merged with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III Inc. and went public on the Nasdaq. Since then, it’s lost more than three-quarters of its value.

Related: FinTech Dave Inc Announces Nasdaq Debut Following SPAC Merger

The banking app startup launched in 2017 in Los Angeles and is backed by Mark Cuban and Capital One, trading under the ticker symbols DAVE and DAVEW. It’s aimed at helping people sidestep overdraft and other fees that often come with legacy bank accounts.

Dave has a user base of more than 10 million customers and offers banking, financial insights, overdraft protection, building credit and finding side gigs.