Dave Inc at Canaccord Conference: Strategic Growth and Innovation

On Wednesday, 13 August 2025, Dave Inc (NASDAQ:DAVE) presented at Canaccord Genuity’s 45th Annual Growth Conference, showcasing its strategic advancements in the FinTech sector. The company highlighted its impressive growth metrics and innovative product offerings, while also acknowledging challenges in customer acquisition costs and competitive differentiation.

Key Takeaways

• Dave Inc reported over 60% revenue growth to $131 million in Q2.
• EBITDA surged close to 300%, exceeding $50 million for the quarter.
• The company’s AI-driven Cache AI system maintains low loss rates of around 1%.
• A share repurchase authorization of $125 million was announced, reflecting confidence in the company’s valuation.
• Dave is expanding its product line with a new Buy Now, Pay Later (BNPL) offering.

Financial Results

• Q2 revenue increased over 60% to $131 million.
• EBITDA rose close to 300%, surpassing $50 million.
• Average revenue per user grew over 40% year-over-year.
• Customer acquisition costs (CAC) are recouped in four months on a gross basis.
• Loss rates on originations are nearly 1% per quarter, with gross spreads over 6%.

Operational Updates

• The Extra Cash product has driven significant growth, with over 150 million unique originations.
• Approximately 30% of Extra Cash originations transition to the Dave debit card.
• Nearly $500 million in card spend was recorded in the quarter.
• Coastal Community Bank will originate and hold all Extra Cash loans, unlocking over $100 million in net cash.
• A new BNPL product is in testing, with plans for broader rollout in 2024.
• The monthly subscription fee for new customers will increase from $1 to $3, expected to enhance margins.

Future Outlook

• Dave aims to penetrate a total addressable market of 150 million Americans.
• The company is optimizing its AI model to balance origination size and loss rates.
• Expansion into additional credit products is planned for the future.
• A share repurchase program of up to $125 million has been authorized.

Q&A Highlights

• Dave differentiates itself from competitors like Chime by offering credit without requiring direct deposit.
• The company’s CAC is significantly lower than Chime’s, at $18 versus over $100.
• Over half of Dave’s users engage with BNPL services, indicating strong market interest.

For further details, readers are encouraged to refer to the full transcript below.

Full transcript - Canaccord Genuity’s 45th Annual Growth Conference:

Joe Vaffy, Equity Research Analyst, Canaccord: Right. We’re going to continue here at the forty fifth Annual Canaccord Growth Conference. I’m Joe Vaffy, Equity Research Analyst here at Canaccord focused on FinTech. And up next, we are pleased to have with us again Jason Wilk, is the CEO of DAVE. So across our FinTech coverage, I think Dave has clearly been a standout in terms of growth and margin expansion year, over the clearly knocking the ball off knocking the cover off the ball compared to a lot of players in FinTech these days.

So Dave is an innovative FinTech focused on providing a differentiated set of financial services, which helps laying helps level the playing field for all Americans. Dave provides a great banking app, which has no minimum balance, no overdraft fees and modest size cash advances. The company also helps members build its credit and even supply them or help them find gig opportunities. The company’s extra cash product has really resonated with consumers here over the last year and we’ll be focusing on extra cash here a little bit. So with that, welcome Jason.

Jason Wilk, CEO, DAVE: Thanks, Jeff. Good to see you.

Joe Vaffy, Equity Research Analyst, Canaccord: So maybe we just start off super high level, introduce Dave to us the value proposition and kind of why you are resonating so much with consumers these days?

Jason Wilk, CEO, DAVE: Yes. So Dave has been around since 2017. The backstory of the name stands for Dave versus Goliath. We’re going up against the major banks and all the predatory overdraft fees and minimum balance fees they’re charging. The company is one of the fastest growing neo banks in the world.

We have over 12,000,000 consumers at this point, nearly 3,000,000 monthly transacting members that are paying us some sort of a fee in a given month. The company has just been on absolute tear. We printed our Q2 earnings recently. Revenue is up over 60% to $131,000,000 with EBITDA up over close to 300% at north of $50,000,000 for the quarter. So I’m just feeling great about the business, the trajectory and we’re playing within a massive TAM here with underserved Americans that are overpaying for fees for access to basic banking services and also overpaying for access of basic credit.

Where Dave really stands out between our competition like Chime or Cash App, we really start our customer journey with access to consumer credit. Dave was the first company to use cash flow data to underwrite consumers for inexpensive credit in lieu of expensive overdraft fees. And so our average consumer can come to Dave within five minutes of downloading our app and have access to up to $500 of credit to buy gas or groceries, no interest, no late fees, no credit check and that happens to be a fantastic way to go to market with our CAC being under $20 to open up a new checking account.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. That’s great and that’s the extra cash product and you I think you found a big source of demand out there, but you were able to underwrite it very profitably. You mentioned the cash flow characteristics, maybe just double click on that a little bit to kind of explain a little bit how you can underwrite that well and while at the same time exploiting a big demand market.

Jason Wilk, CEO, DAVE: Sure. So, when I was going through college myself, happened to get hit with quite a few overdraft fees that always angered me. Never understood why banks have to charge such high fees for what is a very low risk transaction in my opinion. So Dave was the first company to take a customer’s cash flow data. We work with a company called Platt to give us instant access to consumers’ checking account data.

We take that information to feed our AI model, we call it Cache AI, that’s looking at a half a billion transactions amongst our customer base to find commonalities of risk. When you get paid, where you work, the types of ATMs you go to, who you send money to, all these risk signals we felt were much more indicative of assessing risk for small dollar credit versus credit scores which are more indicative of whether you can pay a mortgage or a credit card bill. So, I really invented this new underwriting system that better serves patriot to patriot Americans and we’re doing about a billion eight of originations per quarter and our loss rates are nearly 1%. When we flash back to when we started the business, our loss rates were nearly 20%. So it’s not an easy thing to do to try and invent your own credit scoring system.

But fade to today, we’ve issued extra cash over 150,000,000 unique times and that feeding our AI models been able to continuously push our loss rates down to record low levels.

Joe Vaffy, Equity Research Analyst, Canaccord: And not only the loss rates coming down, but you have been able to actually also offer increased size of the extra cash?

Jason Wilk, CEO, DAVE: Yes. That’s important to know. I mean, most companies to try and drive lower loss rates tend to pull back on their credit limits. I mean, we’ve had the opposite effect where our cash AI has been getting better over time. Our average originations per user is up, I believe over 40% year over year and loss rates have come down significantly over the past several years.

I think until this most recent quarter, we’ve had loss rates going down seven consecutive quarters with origination sizes going up. And how we make money in that product is a very transparent and simple model where we’re effectively charging you 5% fee for access to the money with a cap of $15 per origination and a minimum of $5. And so, when you think about our product in comparison to a JPMorgan or Wells Fargo, they’re charging you $34 every time you overdraft your account. That could be for a $5 cup of coffee. With Dave, you’re borrowing a $100 and it’s only costing you $5.

It’s a very transparent amount of money. Customers know what they’re approved for every time they log into the app. And it’s a very simple experience where they can send the money to their Dave card for free instantly and spend the money with us. But they can also send the money out to an external account as well and add it to their own funds to pay their rent or bills.

Joe Vaffy, Equity Research Analyst, Canaccord: And just kind of staying on that, the credit side for a second, you’re also expanding your credit algo, right?

Jason Wilk, CEO, DAVE: Yes.

Joe Vaffy, Equity Research Analyst, Canaccord: Materially, right?

Jason Wilk, CEO, DAVE: Yes. Yes. So I think

Joe Vaffy, Equity Research Analyst, Canaccord: Even though the loss rates are good, you’re still moving forward with it, yes.

Jason Wilk, CEO, DAVE: That’s right. I mean, actually introduced a new pricing scheme last year where we were mostly monetizing our extra cash through optional fees. Dave was sort of a pioneer in letting customers pay what they thought was fair for access to the feature. And after issuing the product 120,000,000 times, we kind of knew exactly what people are willing to pay and that ended up around that 5% per transaction fee. Where we found with the optional fee structure is the higher we got customers up on the limit curve, their willingness to pay us optional fees went down.

And so moving to a mandatory fee structure last year has really changed the game in terms of our ability to monetize. So we’ve seen our average revenue per user grow over 40% year over year since we’ve changed our fee structure. And because we’ve seen our spreads increase so massively, we’ve also felt more comfortable bringing up our loss rates a little bit to maximize for gross profit. Right. And so, think it was actually a big miss with investors this quarter who sold off our stock thinking our loss rates are going up and it’s some negative consumer trend.

It’s actually the opposite. I mean, Dave, because the duration of our Extra Cash solution is so short term, average duration being about eight days. And if you pair that with the fact we have AI analyzing half a billion transactions on top of 150,000,000 unique credit originations, we’re very much in control of our loss rate scenario. And so we brought loss rates up just by 6%, which helped us maximize gross profit and that led to record EBITDA growth. And so, we think it was a major oversight from the passive investors that didn’t really spend time reading through the script and understanding exactly the strings we pulled to deliver such a great quarter.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. Yes, I think, I mean, you’re still clearly operating within the band of loss rates that you feel comfortable with, right?

Jason Wilk, CEO, DAVE: Without a doubt. I mean, loss rates on a one hundred and twenty day basis are nearly 1%. Our average monetization, our spreads are over 6% on a gross basis. So, our net spread is fantastic and when you combine that with how short duration, it’s an amazing business and we have a lot of room to run on loss rates, should we want to bring them up, but we feel very good about where we’re at at this point. I think it’s a new sort of baseline for us of which to optimize from.

And that’s all based on the new monetization working so well and our AI model really trying to find the most optimum way to drive the right level of origination against the gross profit output.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. And so your revenue model kind of works in growth of monthly active users combined with volume per active user, mostly in extra cash, right?

Jason Wilk, CEO, DAVE: Yes. Right.

Joe Vaffy, Equity Research Analyst, Canaccord: So that going back to that first piece, which is monthly active growth, you still have a very attractive customer acquisition cost metric,

Jason Wilk, CEO, DAVE: right? That’s

Joe Vaffy, Equity Research Analyst, Canaccord: right. And I believe in the quarter you might have even improved the payback period on that. Is that correct? That’s right. And so you’re printing money, do you think you should accelerate your should you accelerate your or CAC or your spend on customer rack here because you’re doing so well?

Or is it do you think the model is kind of fine tuned where it should be here?

Jason Wilk, CEO, DAVE: Look, I think, well, to your point, our paybacks are at an all time low. We’re now paying back our customer acquisition cost on a gross basis in four months at this point. So it’s been fantastic return on investment, some of the lowest CAC to payback returns in the industry by some margin. And we only saw a dollar increase in CAC sequentially as a result of us increasing marketing spend. We acquired almost 800,000 new members in the quarter.

So it’s a fantastic growth algorithm at such a low CAC. We’re making such rapid strides in ARPU growth and LTV expansion that we don’t feel the need to step on the gas too much. Mean, we’re seeing fantastic year over year growth rate. I think it’s more than healthy at the rate that we’re growing and we’re developing new products, we’re pushing up average revenue per user and so no need to sort of rush it. We feel very good about our sort of compounding growth rate at this point.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. The price increase you put in or the price change, let’s call it a couple of quarters ago, I think everyone thought, well, hopefully it works, but clearly you’ve done your homework and it was a huge homerun in terms of ARPU growth the last couple of quarters. You’re putting in a new change in your pricing for new members, right, users increasing the monthly subscription fee from one to three. Maybe just kind of dig in a little bit on why you feel comfortable with that new pricing model there? I mean, you did your homework the first time, so hopefully you’re doing your homework the second time.

Jason Wilk, CEO, DAVE: Sure. So, taking a step back on the ways the company makes money. So, since the beginning of the business in 2017, we’ve had a $1 per month subscription fee and we’ve been in testing of that over the last six months to measure conversion retention impact if we were to actually increase the price. Back in 2017, all we were offering was $75 credit limits. We didn’t have a checking account at that point.

And so the value we’ve increased over time for the customer is not really commensurate with the subscription fee we’ve been charging. So we’ve been in rigorous testing for six months, landed on a three dollars monthly price point for new customers and no impact to conversion or retention. And so that also has helped impact our faster payback is that it’s effectively 100% gross margin product for the business. So, we’re excited to finally see that rollout. We did not increase pricing for existing customers yet.

We feel with the pricing change, the extra cash we made last year that we’re more than sufficiently monetizing this base at this point, but we do reserve the right to increase that cost over time should we be willing to. But we felt mostly prudent to change the price for new customers. I went over the extra cash revenue model with the 5% fee. And then lastly, are making interchange from Mastercard on our Dave debit card of which we had nearly a half a billion dollars of card spend in quarter. So that business is growing nicely and there’s a lot of synergy between extra cash and our debit card being that it’s instantly available if you want to access credit with our Dave card.

So it’s an exciting opportunity. We’re still chipping away at hopefully making Dave more of a primary top of wallet card for consumers over time.

Joe Vaffy, Equity Research Analyst, Canaccord: That’s great. So it sounds like the price increase for new customers, the cost to onboard isn’t that material. So it should be accretive to margins

Jason Wilk, CEO, DAVE: Yes, going forward, already is. And it’s accretive to LTV as well. You can clearly see it. As more new users become a bigger part of the portfolio in the next year, our subscription revenue should be growing in a very nice clip as we start to have more users onboarded on that every quarter.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. So interchange is growing, but like the rocket fuel these days is extra cash growth, right?

Jason Wilk, CEO, DAVE: Yes. It’s extra cash growth and subscription revenue Yes. Growth as

Joe Vaffy, Equity Research Analyst, Canaccord: But maybe we’ll switch gears and where you are in the journey of exploiting those cash advances and extra cash to move that to Dave debit or debit card and drive even higher interchange there? Like where are the pieces that you can work on from here to make sure that money is going to the Dave card and not somewhere else?

Jason Wilk, CEO, DAVE: Yeah. It’s not a requirement. People bank with Dave. I think that really separates us from the likes of a Chime which requires a direct deposit to get any access to value including consumer credit with them. We take a very different approach in that people do not wake up in the morning excited to switch their bank account, especially just to obtain short term credit.

Our approach is, we’re going to offer you that credit within minutes of joining by just linking your existing bank account to Dave. And we think overall, the TAM of people willing to connect a bank account for access to services is far larger than those willing to switch their entire banking life to get access to credit. And that really shows up in our CAC, with our CAC being $18 versus Chime at well over $100 for the same account sign up. So we feel very good about where we sit. We can spend one tenth of the marketing dollars and still acquire the same amount of customers per quarter.

So it’s a very powerful engine that we’ve developed here.

Joe Vaffy, Equity Research Analyst, Canaccord: But you’re probably putting incentives in so that they send it. So they do get a bank account when they do sign up, if they use it or not, right?

Jason Wilk, CEO, DAVE: That’s correct. So every customer that signs up in that CAC number we talk about, that is a person who is signing up for a full on checking account with Dave. Now whether they use that account or not is not baked into the CAC. But we incentivize people to trial the Dave card by giving them a discount on extra cash. If you want access to the money instantly on your Dave card, you’re just paying the origination fee of 5%, no additional cost to have the money instantly available on the Dave debit.

If you want to have your extra cash available on your external debit card, there is an additional 1.5% fee. So customers do save a few bucks by using the card and that’s enough of an incentive to drive about 30% of originations, go from extra cash onto the Dave debit card and it’s a nice way to grow. We haven’t really done a whole lot of incentives beyond that. And so you just tend to see a nice synergy between those two products. We’ve been in testing of cash back rewards on gas or groceries, knowing that the top use case for that product is people coming to borrow money for their short term essentials.

So, we’re seeing some nice uptick there and we’re going to continue to chip away opportunities to do that, but we don’t need direct deposit to win. And so, the way we think about card adoption, it’s an amazing way to drive longer term retention and engagement. And so we’re now also sort of hedging ourselves here by building a new type of BNPL credit card type product that will give customers another opportunity to access credit instantly, give them a little bit more duration. And our goal really is to think of ourselves as top of wallet. And we think about you have your American Express card that has all your spend, but your direct deposit goes into your Chase account, who’s your primary account?

I’d argue your Amex card is your primary vehicle. And so we’re sort of shifting our approach. We don’t actually need the paycheck, we just want to be top of wallet. And so if you want to be direct depositor, that’s great. If you want to use extra cash a couple of times per month and send it to the Dave card, awesome.

Or if you want to use this new product we’re developing for next year, that’s another way for us to get incremental top of wallet shots on goal.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. Do we have an idea when that’s going to hit the mark? I mean, must be testing and figuring some things out on it now.

Jason Wilk, CEO, DAVE: Not testing yet. So we’ll be in friends and family testing in Q4 and with the stretch goal of testing with new customers in the fourth quarter as well. Okay. But that will go through pretty rigorous review process because we’ll be testing the efficacy of our Cache AI underwriting from extra cash onto this new product that does extend slightly longer duration of call it thirty to sixty days. And so, once we get confidence in the loss rates on that, then we can more broadly roll that out.

But we’re excited. Buy not pay later is a very hot category with our Over half our users, which we can see in our transaction data are engaging with BNPL in some form or fashion and we have a 0% market share

Joe Vaffy, Equity Research Analyst, Canaccord: And they’re paying it off. You can see that too, right?

Jason Wilk, CEO, DAVE: That’s the beauty of our information we have access to.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. You see everything they’re doing, right?

Jason Wilk, CEO, DAVE: That’s right. We know who you bank with, we know who your credit providers are, we know if you’re paying back on time, we know what fees you’re likely paying and so it’s a tremendous data set we have to gain competitive intelligence on what we should be building just by virtue of what our customers are interacting with.

Joe Vaffy, Equity Research Analyst, Canaccord: Right. So it sounds like you see that opportunity. Mean, it’s kind of clear there. It’s not you’re not doing this just because you need a new growth engine more or less. It’s like a good opportunity.

Jason Wilk, CEO, DAVE: No. Look, we feel great just about our core business and the ability to keep growing that at a great clip year after year for many more years to come. If we think about our total addressable market within extra cash and Dave debit being about 150,000,000 Americans. In this past quarter, we only had 2,600,000 monthly paying members. So, from a total penetration perspective, we feel like we’re very far from saturation and this new credit product will just allow us to further penetrate the TAM, have a new go to market, support new distribution and just excited about the opportunity overall.

And because we don’t need the growth, we’re taking our time with the rollout. We want make sure that the loss rates are perfect, want to make sure that the product really is resonating with consumers and we’ve got a really nice roadmap plan for that solution.

Joe Vaffy, Equity Research Analyst, Canaccord: Got it. One more question there, if you do roll out that out, it’s a little longer duration. I know you also switched your bank partner, right?

Jason Wilk, CEO, DAVE: That’s right.

Joe Vaffy, Equity Research Analyst, Canaccord: Who may put some of their balance sheet to work on some of your loan portfolio. Or do you think your balance sheet can handle the new product as well as the existing product? Or you have to think about that a

Jason Wilk, CEO, DAVE: little I mean, absolutely. Mean, it’s going to be another very short duration product, fairly low limit product as well. And to your point, we announced that our new banking partner who will be the issuing bank of this new credit product, It’s called Coastal Community Bank. We’re very excited to work with them. We just signed a really unique deal with them where they’re going to effectively they’re already originating all of our extra cash loans right now.

Okay. And now they’re just going to hold those loans through maturity.

Joe Vaffy, Equity Research Analyst, Canaccord: And

Jason Wilk, CEO, DAVE: so, effectively, we’re going have no balance sheet at the business, zero debt on the company whatsoever and that’s going to unlock a lot of cash for the company. We think once we migrated to that new facility with them, that’s going to bring over $100,000,000 of net cash into the business that’s currently being tied up in receivables that the company is currently funding. So it’s a great unlock and they’re very willing to look at this new credit product as well as another potential thing they would fund for us.

Joe Vaffy, Equity Research Analyst, Canaccord: Does that change your economics on extra cash if they’re holding the loans on their balance sheet?

Jason Wilk, CEO, DAVE: No, it doesn’t actually. Mean, if you compare the cost of funding on this new facility compared to what we were doing right now with our off balance sheet facility with Victory Park, we’re saving roughly 200 basis points on that facility. Costs have come down, reducing our debt. I’d say the one difference on this facility versus today is we are self funding a lot of the originations. So, we have $150,000,000 credit facility today, only $75,000,000 of that is drawn, the rest we’ve been self funding.

In this new model, we’ll likely be having coastal fund 100% of the originations. And so, even though it’s coming at a 200 basis point reduction in cost, we are taking on they’re taking on more of the receivables. So it’s not like a massive cost savings for the business, but it’s really a way to unlock a lot more cash.

Joe Vaffy, Equity Research Analyst, Canaccord: Fair enough. That makes sense. Going to circle just back to the debit card just a little bit. Are you currently doing like virtual NFC? If they want to sign up for your debit card, they can just tap on their phone pretty quick or do you still have to get the physical card?

Jason Wilk, CEO, DAVE: No, you can provision to app or Google Wallet within seconds of joining. It’s a very popular way for our customers to spend. I mean, the DAVE checking account is a full service checking account. You can cash checks, you can send money, you can access a virtual card, you can

Joe Vaffy, Equity Research Analyst, Canaccord: Go to ATM somewhere.

Jason Wilk, CEO, DAVE: Yeah, we have 50,000 free ATMs with our network. It’s well set up to be someone’s primary account. And we don’t have an insignificant amount of people that Dave is their primary account, just not the majority of our users that are using us or thinking of us in that way today.

Joe Vaffy, Equity Research Analyst, Canaccord: Got it. So why I mean, maybe it’s a stupid question. So you’re kind of disrupting big banks a little bit here. Not only why aren’t do they think they make more money in overdraft still versus kind of changing their model and providing a service to you? Mean, would be a big pivot and a big shift from a Well, psychological standpoint to do

Jason Wilk, CEO, DAVE: the banks and we talk a lot about this in our supplement, but the big banks are disadvantaged in the sense that their cost structure is so high that if you’re looking at a customer that we’re serving today that’s making under $100,000 a year, they don’t have credit cards, they don’t have a mortgage, that’s largely an unprofitable customer for the large banks. And so, you factor in all the bank branch fees or infrastructure costs, it is not a secret that it costs big banks $300 a year just to service a basic checking account. And so the only way to recoup your costs on that is through heavy overdraft fees. And if the overdraft fees go away, they’re just going to increase their monthly minimum balance fees or charge a mandatory monthly minimum to recoup that cost. And so we don’t think the big banks will ever be able to change their ways to have such a low cost structure.

Dave is entirely digital first, no bank branches. We’re using AI throughout the business from customer support to onboarding to underwriting and we’re servicing 3,000,000 users of 12,000,000 total registered customers with only 300 employees. So, that’s a really impressive stat. We’ve had the same level of employees now for several years at this point and we think that we can continue to develop our roadmap with the team we have with no meaningful investment in headcount. And it’s pretty amazing what can build and do at this point.

And that’s just going to further differentiate us from the big banks because those cost savings and AI enablements end up just being pushed to the consumer in terms of better, faster, cheaper product.

Joe Vaffy, Equity Research Analyst, Canaccord: Sure. I don’t know if it was on your earnings call or maybe one of your close comparables where management cited the conference call comments from a big bank and the CEO said, look, most of our accounts are unprofitable.

Jason Wilk, CEO, DAVE: Yeah, like you see JPMorgan going more and more up market. Yeah. Their goal is to open more bank branches. Are increasing the cost of their Sapphire card like they want this, you know, middle upper class type market because you know, there is significant LTV there. But when you think about the opportunity within the page to paycheck consumer, it’s just massive when you think about it from a digital only AI first approach where you just don’t have a very high cost to serve and there are fantastic returns there.

Our margins are over 70% at this point and we’re doing that with a product that’s 90% cheaper than the big banks. So that’s a pretty compelling and we think long term durable place to sit within FinTech.

Joe Vaffy, Equity Research Analyst, Canaccord: That’s great. You and Kyle have done an amazing job in growing Dave over the last few years. We got a packed room here, people clearly paying attention to your story. So great execution here over the last couple of years. And I’m looking for more, so awesome.

Jason Wilk, CEO, DAVE: Thanks, Jeremy. We’re excited. And then for those that maybe didn’t see it this morning, we announced a share repurchase authorization up

Joe Vaffy, Equity Research Analyst, Canaccord: to I didn’t see it, yes.

Jason Wilk, CEO, DAVE: Additional $125,000,000 So we’re feeling very confident. We’re feel that investors really missed out on the narrative here this past quarter that Dave is well in control of loss rates and we have an unparalleled data set with very fast payback to support that and we’re going to put our money where our mouth is on the buybacks.

Joe Vaffy, Equity Research Analyst, Canaccord: Very good. Yeah. All right. Thanks, Jason.

Jason Wilk, CEO, DAVE: Thanks, Joe. Great to see you.

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