Failed 2024
Dave
A payday advance app that went public via SPAC at $4B lost 99% of its value.
Founded → Closed
2016 → 2024
Funding Raised
$300M
Industry
Fintech/Neobank
Country
USA
IdeaProof AI Failure Score
60/100
Market Fit Risk
55
Burn Rate Risk
65
Founder Risk
35
Full Analysis
Dave offered small cash advances ($250 max) to help users avoid overdraft fees, going public via SPAC at a $4B valuation. The company's stock collapsed 99% from its SPAC peak as the advance model proved to have razor-thin margins and high defaults. Dave survived technically but lost virtually all market value, making it effectively a failure for SPAC investors.
Could This Failure Have Been Prevented?
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