Dave signs five-year sponsor bank agreement with Coastal Community Bank
Dave Operating LLC, a subsidiary of Dave Inc., entered a Program Agreement dated February 27, 2025 with Coastal Community Bank, under which Coastal will be the sole provider of Program features for new Dave customers and Dave-branded deposit accounts and cards. Dave will market and service the Program, pay Coastal tiered and minimum monthly fees, and receive interchange revenue and customer fees, while Dave Inc. guarantees Dave Operating's obligations under a separate Assurance Agreement. The filing says the arrangement matters because it changes Dave's bank partner structure and carries ongoing fee and guarantee commitments for shareholders.
Key points
- Program Agreement effective February 27, 2025, with an initial term of about five years
- Coastal shares all interchange revenue from Card transactions; Dave pays a tiered fee based on Card transaction volume and a minimum monthly fee absent certain conditions
- Coastal may keep up to $100 million of each of certain receivable types on its balance sheet; Dave is responsible for certain charge-offs, third-party fraud losses and first-payment defaults
- Existing customers are to transition to Coastal within 24 months after Dave completes beta testing; the press release says customer onboarding could begin as soon as Q2 2025
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 03, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.