secwatch.observer — SEC 8-K summary
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Issuer:     Dave Inc./DE (DAVE)
CIK:        0001841408
Form:       8-K
Filed at:   2025-03-03T23:59:59+00:00
Accession:  0001193125-25-043439
Event type: other_material
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Dave (DAVE) enters exclusive sponsor bank agreement with Coastal Community Bank (CCB); onboarding Q2 2025
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- Coastal becomes exclusive sponsor bank for Dave’s banking products and simplified ExtraCash product; customer onboarding begins Q2 2025.
- Agreement caps certain receivables held by Coastal at $100M each; Coastal may sell receivables to Dave after holding period.
- Dave pays tiered fees on card transaction volume and minimum monthly fee; Coastal shares interchange revenue and pays management fee based on Fed Funds Rate.
- Initial term of five years, automatic renewal; exclusive for new customers after beta; existing customers transitioned within 24 months of beta launch.
- Dave funds cash collateral account; parent guarantee via separate Assurance Agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1841408/000119312525043439/0001193125-25-043439-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1841408/000119312525043439/d938261d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-043439

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer