0000950170-23-007591 | 10-K | XBRL Viewer

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Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Note 9 Accrued Expenses and Other Current Liabilities

Accrued Expenses

The Company’s accrued expenses consisted of the following (dollars in thousands):


	December 31, 2022		December 31, 2021
Accrued charitable contributions	$	3,067	$	7,164
Accrued compensation		1,534		1,522
Sales tax payable		1,357		1,208
Accrued professional and program fees		4,008		2,163
Other		999		988
Total	$	10,965	$	13,045

Accrued charitable contributions includes amounts the Company has pledged related to charitable meal donations. The Company uses a portion of tips received to make a charitable cash donation to third parties who use the funds to provide meals to those in need. For the years ended December 31, 2022 and 2021, the Company pledged $3.2 million and $4.7 million related to charitable donations, respectively. These costs are expensed as incurred and are presented within other general and administrative expenses in the consolidated statements of operations.

Other Current Liabilities

The Company’s other current liabilities consisted of the following (dollars in thousands):


	December 31, 2022		December 31, 2021
Deferred transaction costs	$	3,150	$	-
Others		1,161		1,153
Total	$	4,311	$	1,153

Other current liabilities includes deferred transaction costs associated with the Business Combination. These transaction costs were also capitalized and included within APIC in the consolidated balance sheets.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 18 Stock-Based Compensation

In 2017, the Company’s Board of Directors adopted the Dave Inc. 2017 Stock Plan (the “2017 Plan”). The 2017 Plan authorized the award of stock options, restricted stock, and restricted stock units. On January 4, 2022, the stockholders of the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan was previously approved, subject to stockholder approval, by the Company’s Board of Directors on January 4, 2022. Upon the consummation of the Business Combination with VPCC, the 2017 Plan was terminated and replaced by the 2021 Plan. The maximum term of stock options granted under the 2021 Plan is 10 years and the awards generally vest over a four-year period.

On January 4, 2022, the stockholders of the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan was previously approved, subject to stockholder approval, by the Company’s Board of Directors on January 4, 2022. The 2021 Plan became effective immediately upon the completion of the business combination with VPCC.

The Company recognized $40.6 million and $7.4 million of stock-based compensation expense arising from stock option and restricted stock unit grants which is recorded as a component of compensation and benefits in the consolidated statements of operations for the years ended December 31, 2022 and 2021, respectively.

Stock Options:

Management has valued stock options at their date of grant utilizing the Black-Scholes option pricing model. The fair value of the underlying shares was estimated by using a number of inputs, including recent arm’s length transactions involving the sale of the Company’s common stock.

The following table presents the weighted-average assumptions used to value options granted during the year ended December 31, 2021:


Expected term	6.0 years
Risk-free interest rate		0.9	%
Expected dividend yield		0.0	%
Expected volatility		60.7	%

The Company had no stock options granted for the year ended December 31, 2022.

Expected term—The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period.

Risk free interest rate—The risk-free interest rate is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options depending on the date of the grant and expected life of the options.

Expected dividend yield—The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends.

Expected volatility—Due to the Company’s limited operating history and lack of company-specific historical or implied volatility, the expected volatility assumption is based on historical volatilities of a peer group of similar companies whose share prices are publicly available. The Company identified a group of peer companies and considered their historical stock prices. In identifying peer companies, the Company considered the industry, stage of life cycle, size, and financial leverage of such other entities.

Activity with respect to stock options is summarized as follows:


	Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2021		974,430		$	17.49		8.7	$	5,548
Granted		563,639		$	23.17
Exercised		(162,285	)	$	11.01
Forfeited		(277,727	)	$	21.49
Expired		(13,471	)	$	20.30
Options outstanding, December 31, 2021		1,084,586		$	20.35		8.5	$	288,784
Granted		-		$	-
Exercised		(115,113	)	$	14.10
Forfeited		(44,517	)	$	21.76
Expired		(20,736	)	$	22.28
Options outstanding, December 31, 2022		904,220		$	21.04		7.3	$	655
Nonvested options, December 31, 2022		546,351		$	23.11		7.9	$	1
Vested and exercisable, December 31, 2022		357,869		$	17.87		6.4	$	654

The weighted-average grant-date fair-value of options granted during the years ended December 31, 2022 and 2021 was $0 and $39.10 per share, respectively. At December 31, 2022, total estimated unrecognized stock-based compensation cost related to unvested stock options prior to that date was $12.5 million, which is expected to be recognized over a weighted-average remaining period of 3.6 years.

During the year ended December 31, 2021, in accordance with the terms of a former executive’s severance agreement, the Company modified share-based payment awards by accelerating the vesting. As a result of the modification, the Company recorded stock-based compensation of $2.1 million during the year ended December 31, 2021, which is included in the $7.4 million stock-based compensation expense.

The Company allowed certain stock option holders to exercise unvested options to purchase shares of Common Stock. Shares received from such early exercises are subject to repurchase in the event of the optionee’s employment termination, at the original issuance price, until the options are fully vested. As of December 31, 2022 and 2021, 5,555 and 16,665 shares of Common Stock were subject to repurchase at weighted-average prices of $22.09 and $22.09 per share, respectively. The shares issued pursuant to unvested options have been included in shares issued and outstanding on the consolidated balance sheets as such shares are considered legally outstanding.

On March 3, 2021, the Company granted the Chief Executive Officer stock options to purchase up to 358,001 shares of Common Stock in nine tranches. Each of the nine tranches contain service, market and performance conditions. The market conditions relate to the achievement of certain specified price targets. Vesting commences on the grant date; however, no compensation charges are recognized until the service and performance condition are probable, which is upon the completion of a liquidity event, the achievement of specified price targets for each tranche of shares, and continuous employment. Upon the completion of the business combination with VPCC, the performance condition was met and the Company recorded a cumulative stock-based compensation expense of $1.9 million. The options have a strike price of $23.18 per share. The Company determined the fair value of the options on the grant date to be $10.5 million using a Monte Carlo simulation with key inputs and assumptions such as stock price, term, dividend yield, risk-free interest rate, and volatility. The derived service periods determined by the valuation for each of the nine tranches range from approximately 3 years to approximately 7 years. Each tranche will be expensed monthly over the derived service period unless vesting conditions for a particular tranche are met, at which point all

remaining compensation charges related to that particular tranche will be expensed in the period in which the vesting conditions were met.

The following table presents the key inputs and assumptions used to value the options granted to the Chief Executive Officer on the grant date:


Remaining term	10.0 years
Risk-free interest rate		1.5	%
Expected dividend yield		0.0	%
Expected volatility		40.0	%

Restricted Stock Units:

Activity with respect to RSUs is summarized as follows:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2022		-		$	-
Granted		754,196		$	146.14
Vested		(149,277	)	$	196.60
Forfeited		(96,413	)	$	193.91
Nonvested shares at December 31, 2022		508,506		$	122.27

The Company had no RSU activity during the year ended December 31, 2021.

At December 31, 2022, total estimated unrecognized stock-based compensation cost related to nonvested RSUs was $58.3 million, which is expected to be recognized over a weighted-average period of 2.8 years.

Restricted Stock Issued to Employees:

The Company did not issue shares of restricted stock to employees during either of the years ended December 31, 2022 and 2021. There was no unrecognized compensation cost related to employee unvested restricted stock as of December 31, 2022.

Activity with respect to Restricted Stock Issued to Employees is summarized as follows:



	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2021		74,218		$	29.76
Granted		-		$	-
Vested		(74,218	)	$	29.76
Forfeited		-		$	-
Nonvested shares at December 31, 2021		-		$	-

Restricted Stock Issued to Non-Employees:

The Company recognized $0 and $0.1 million of stock-based compensation expense related to restricted stock grants to non-employees for years ended December 31, 2022 and 2021, respectively. Stock based compensation expense is presented within compensation and benefits in the consolidated statements of

operations.
There was no unrecognized compensation cost related to non-employee unvested restricted stock for the year ended December 31, 2022.

Activity with respect to Restricted Stock Issued to Non-Employee is summarized as follows:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2021		162		$	29.76
Granted		-		$	-
Vested		(162	)	$	29.76
Forfeited		-		$	-
Nonvested shares at December 31, 2021		-		$	-

Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Note 8 Intangible Assets, Net

The Company’s Intangible assets, net consisted of the following (in thousands):


		December 31, 2022							December 31, 2021
	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Internally developed software	3.0 Years	$	21,694	$	(11,605	)	$	10,089	$	13,109	$	(5,342	)	$	7,767
Domain name	15.0 Years		121		(47	)		74		121		(39	)		82
Intangible assets, net		$	21,815	$	(11,652	)	$	10,163	$	13,230	$	(5,381	)	$	7,849

The future estimated amortization expenses as of December 31, 2022, were as follows (in thousands):


2023	$	4,637
2024		3,665
2025		1,811
2026		8
2027		8
Thereafter		34
Total future amortization	$	10,163

Amortization expense for the years ended December 31, 2022 and 2021, was $6.3 million and $2.8 million, respectively. No impairment charges were recognized related to long-lived assets for the years ended December 31, 2022 and 2021.

Amortization expense related to change in useful life of a certain definite-lived intangible asset for the year ended December 31, 2022 was $2.7 million, respectively. Amortization expense related to change in useful life of a certain definite-lived intangible asset for the year ended December 31, 2021 was $0 million.

Related-Party Transactions - Additional Information (Detail) - USD ($)				1 Months Ended		12 Months Ended
	Jan. 03, 2022	Nov. 30, 2021	Jan. 31, 2021	Jan. 31, 2019	Nov. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 07, 2021
Related Party Transaction [Line Items]
Payment for the repurchase of shares						$ 536,000	$ 0
Stock shares issued during the period value for services rendered						$ 1,658,000	1,709,000
Share Price						$ 1.727					$ 277.44
Senior Secured Loan Facility \| Victory Park Management, LLC
Related Party Transaction [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000,000
Proceeds from Lines of Credit						$ 75,000,000.0	35,000,000.0
Senior Secured Loan Facility \| Victory Park Management, LLC \| Base Rate
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate During Period			6.95%
Senior Secured Loan Facility \| Victory Park Management, LLC \| Line of Credit
Related Party Transaction [Line Items]
Debt instrument, description of variable rate basis			6.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%
Debt instrument, basis spread on variable rate description			three-month LIBOR
Debt instrument, basis spread on variable rate			2.55%
Amended Senior Secured Loan Facility \| Victory Park Management, LLC
Related Party Transaction [Line Items]
Line of credit facility, additional borrowing capacity		$ 20,000,000
Proceeds from Lines of Credit		$ 10,000,000.0				$ 0	$ 20,000,000
Amended Senior Secured Loan Facility \| Victory Park Management, LLC \| Base Rate
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate During Period		8.95%
Amended Senior Secured Loan Facility \| Victory Park Management, LLC \| Line of Credit
Related Party Transaction [Line Items]
Debt instrument, description of variable rate basis		8.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%
Debt instrument, basis spread on variable rate description		three-month LIBOR
Debt instrument, basis spread on variable rate		2.55%
Class A common stock [Member]
Related Party Transaction [Line Items]
Common Stock, Shares, Outstanding						10,284,657	9,283,010
Common Stock, Shares, Issued						10,334,220	9,365,213
Exercise price						$ 368
Executive Officer [Member]
Related Party Transaction [Line Items]
Stock shares repurchased during the period shares	4,580
Payment for the repurchase of shares	$ 1,600,000
Minimum [Member]
Related Party Transaction [Line Items]
Share Price						104.731
Maximum [Member]
Related Party Transaction [Line Items]
Share Price						$ 109.565
Related Party Exercise Receivable Promissory Notes [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Debt								$ 1,000,000.0		$ 100
Number of Shares Pledged								32,812		60,694
Notes Payable, Related Parties						$ 0	$ 1,100,000
Debt Instrument, Term						5 years
Related Party Exercise Receivable Promissory Notes [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Interest rate						1.50%
Related Party Exercise Receivable Promissory Notes [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Interest rate						2.00%
Loans To Stockholders [Member]
Related Party Transaction [Line Items]
Interest rate									1.87%
Debt instrument maturity date									Aug. 12, 2026
Due from related parties						$ 0	15,200,000
PCJW Properties LLC [Member] \| Leasing Arrangements [Member]
Related Party Transaction [Line Items]
Operating lease expense						$ 300,000	$ 300,000
PCJW Properties [Member]
Related Party Transaction [Line Items]
Initial lease term of contract				7 years	5 years
Lease rental expense				$ 24,000.000	$ 5,000.000
Annual lease escalation percentage				5.00%	4.00%

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Net operating loss carryforward	$ 22,858	$ 14,232
Allowance for Member advances	5,911	3,488
Research and development tax credit	5,410	2,117
Accrued expenses	2,726	1,249
Accrued compensation	282	356
Lease liability	198	840
Stock-based compensation	1,535	355
Excess interest expense carryforward	1,806	497
Section 174 R&E expenditures	7,411	0
Other	663	146
Total deferred tax assets	48,800	23,280
Deferred tax liabilities
Property and equipment	(101)	(2,354)
Right of use asset	(177)	(785)
Other	(491)	(235)
Total deferred tax liabilities	(769)	(3,374)
Total net deferred tax assets before valuation allowance	48,031	19,906
Less: valuation allowance	(48,031)	(19,906)
Total net deferred taxes	$ 0	$ 0

Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 4 Marketable Securities

Below is a detail of marketable securities (in thousands):


	December 31, 2022		December 31, 2021
Marketable securities	$	285	$	8,226
Total	$	285	$	8,226

At December 31, 2022 and 2021, the Company’s marketable securities consisted of investments in a publicly traded money market mutual fund with a ticket symbol SSPXX. The underlying money market instruments were primarily comprised of certificates of deposit and financial company asset backed commercial paper. At December 31, 2022 and 2021, the investment portfolio had a weighted-average maturity of 48 days and 46 days, respectively. The gain recognized in connection with the investment in marketable securities for the year ended December 31, 2022, was approximately $0.4 million and recorded as a component of interest income in the consolidated statements of operations. The loss recognized in connection with the investment in marketable securities for the year ended December 31, 2021, was $0.001 million and was recorded as a component of interest expense in the consolidated statements of operations.

Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortization of Intangible Assets	$ 6.3	$ 2.8
Impairment charges	0.0	0.0
Intangible Assets, Amortization Period [Member]
Amortization of Intangible Assets	$ 2.7	$ 0.0

Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (6)	$ 41
State	(61)	115
Total current	(67)	156
Deferred:
Federal	0	(59)
State	0	0
Total deferred	0	(59)
Provision for income taxes	$ (67)	$ 97

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares	0	74,218
Granted, Shares	754,196	0
Vested, Shares	(149,277)	(74,218)
Forfeited, Shares	(96,413)	0
Ending Balance, Shares	508,506	0
Beginning Balance, Weighted Average Grant-Date Fair Value	$ 0	$ 29.76
Granted, Weighted Average Grant-Date Fair Value	146.14	0
Vested, Weighted Average Grant-Date Fair Value	196.60	29.76
Forfeited, Weighted Average Grant-Date Fair Value	193.91	0
Ending Balance, Weighted Average Grant-Date Fair Value	$ 122.27	$ 0
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares	0	74,218
Granted, Shares		0
Vested, Shares		(74,218)
Forfeited, Shares		0
Ending Balance, Shares		0
Beginning Balance, Weighted Average Grant-Date Fair Value	$ 0	$ 29.76
Granted, Weighted Average Grant-Date Fair Value		0
Vested, Weighted Average Grant-Date Fair Value		29.76
Forfeited, Weighted Average Grant-Date Fair Value		0
Ending Balance, Weighted Average Grant-Date Fair Value		$ 0
Non-Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares	0	162
Granted, Shares		0
Vested, Shares		(162)
Forfeited, Shares		0
Ending Balance, Shares		0
Beginning Balance, Weighted Average Grant-Date Fair Value	$ 0	$ 29.76
Granted, Weighted Average Grant-Date Fair Value		0
Vested, Weighted Average Grant-Date Fair Value		29.76
Forfeited, Weighted Average Grant-Date Fair Value		0
Ending Balance, Weighted Average Grant-Date Fair Value		$ 0

Member Cash Advances, Net

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Member Cash Advances, Net

Note 6 Member Cash Advances, Net

Below is a detail of Member cash advances, net as of December 31, 2022 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	91,121	$	(2,224	)	$	88,897
11-30		10,683		(2,582	)		8,101
31-60		9,022		(5,529	)		3,493
61-90		8,865		(6,702	)		2,163
91-120		8,993		(7,464	)		1,529
Total	$	128,684	$	(24,501	)	$	104,183

Below is a detail of Member cash advances, net as of December 31, 2021 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	39,910	$	(1,313	)	$	38,597
11-30		8,111		(2,084	)		6,027
31-60		4,781		(2,652	)		2,129
61-90		3,986		(2,735	)		1,251
91-120		4,220		(3,211	)		1,009
Total	$	61,008	$	(11,995	)	$	49,013

Member advances, net, represent outstanding advances, tips, and processing fees, net of direct origination costs, less an allowance for unrecoverable advances.

The roll-forward of the allowance for unrecoverable advances is as follows (in thousands):


Opening allowance balance at January 1, 2022	$	11,995
Plus: provision for unrecoverable advances		66,266
Less: amounts written-off		(53,760	)
Ending allowance balance at December 31, 2022	$	24,501


Opening allowance balance at January 1, 2021	$	12,580
Plus: provision for unrecoverable advances		32,174
Less: amounts written-off		(32,759	)
Ending allowance balance at December, 2021	$	11,995

Short-term investments - Additional Information (Detail)	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Short-term investments	$ 0

Related-Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

Note 19 Related-Party Transactions

Leasing Arrangements:

For the years ended December 31, 2022 and 2021, the Company paid $0.3 million under lease agreements with PCJW for general office space in Los Angeles, California.

The following is a schedule of future minimum rental payments as of December 31, 2022, under Company’s sub-lease for the properties located in Los Angeles, California signed with PCJW (in thousands):


Year	Related-Party Commitment
2023	$	339
2024		295
2025		310
Thereafter		-
Total minimum lease payments	$	944
Less: imputed interest		(121	)
Total lease liabilities	$	823

The related-party components of the lease right-of-use assets, lease liabilities, short-term, and lease liabilities, long-term are presented as part of the right-of-use asset and lease liability on the consolidated balance sheets.

Related-Party Exercise Receivable Promissory Notes:

During 2018, the Company received non-recourse promissory notes from certain employees, which allowed for the early exercise of stock options, with the exercise price to be paid back to the Company at a later date. The notes for $0.1 thousand were secured by a pledge of 60,694 shares. During 2020, the Company received a non-recourse promissory note from a certain executive, which allowed for the early exercise of stock options, with the exercise price to be paid back to the Company at a later date. The note for $1.0 million was secured by a pledge of 32,812 shares. The promissory notes have a term of five years and carry stated interest rates between 1.5% and 2.0%, which are compounded annually. Prior to the consummation of the Business Combination in January 2022, the promissory notes were repaid. The amounts due as of December 31, 2022 and 2021, were $0 and $1.1 million, respectively.

On January 3, 2022, Legacy Dave entered into an agreement with a certain executive to transfer and sell shares of Legacy Dave common stock to Legacy Dave. A total of 4,580 shares of Legacy Dave’s common stock were repurchased for an aggregate purchase amount of $1.6 million, which resulted in an extinguishment of the related-party exercise receivable promissory notes.

Loans to Stockholders:

In 2019, the Company entered into loan, pledge, and option agreements (“Loans to Stockholders”) with various employees, who are also stockholders, to provide those employees cash in exchange for non-recourse promissory notes and call options, which allow the Company to acquire shares held by these stockholders. The entire unpaid principal balance of these Loans to Stockholders, together with all accrued but unpaid interest, is due and payable upon the earlier (i) of August 12, 2026; (ii) a liquidity event; or (iii) upon the exercise of the call option by the Company. These Loans to Stockholders carry stated interest rates of 1.87%, which are compounded annually. Please refer to Note 2, Significant Account Policies, for further details on the fair value of the derivative asset related to the Loans to Stockholders. Upon consummation of the Business Combination in January 2022, all of the call options related to the Loans to Stockholders were exercised and the related loans were settled. The Loans to Stockholders, inclusive of interest, were $0 and $15.2 million as of December 31, 2022 and 2021, respectively.

VPCC Financing Agreement

A Senior Partner at Victory Park Capital Advisors, LLC joined the board of directors of the Company upon closing of the Business Combination. For more information about the VPC Financing Agreement, refer to Note 13, Debt and Credit Facility.

Significant Accounting Policies - Summary of Operating Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition [Line Items]
Revenues	$ 204,838	$ 153,013
Processing fees, net
Revenue Recognition [Line Items]
Revenues	106,664	79,101
Tips [Member]
Revenue Recognition [Line Items]
Revenues	61,951	45,106
Subscriptions [Member]
Revenue Recognition [Line Items]
Revenues	19,146	17,203
Other [Member]
Revenue Recognition [Line Items]
Revenues	1,099	772
Transaction based revenue, net [Member]
Revenue Recognition [Line Items]
Revenues	$ 15,978	$ 10,831

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14 Commitments and Contingencies

From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business.

Although the outcome of the various legal proceedings and claims cannot be predicted with certainty, management does not believe that any of these proceedings or claims will have a significant adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

Martinsek v. Dave Inc. (filed January 9, 2020 in the California Superior Court for the County of Los Angeles)

In January 2020, a former employee of the Company filed a complaint in the California Superior Court for the County of Los Angeles against the Company and the Company’s Chief Executive Officer, asserting claims for, among other things, breach of contract, breach of fiduciary duty, conversion, and breach of the implied covenant of good faith and fair dealing. The Company settled this matter in January 2023 for approximately $6.0 million and is included in the Legal settlement accrual within the consolidated balance sheet for the period ended December 31, 2022.

Stoffers v. Dave Inc. (filed September 16, 2020 in LA County Superior Court)

This is a purported class action lawsuit filed in connection with a July 2020 data breach. The Company is in the process of settling this matter and the estimated settlement amount of approximately $3.2 million is included in the Legal settlement accrual within the consolidated balance sheets for the period ended December 31, 2022 and December 31, 2021.

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock [Member] Common stock Class A [Member]	Common stock [Member] Common stock Class V [Member]	Additional paid-in capital [Member]	Loans to stockholders [Member]	Treasury stock [Member]	Accumulated other comprehensive loss	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	$ 49,844	$ 1		$ 77,665	$ (14,764)	$ (154)		$ (12,904)
Beginning balance, Shares at Dec. 31, 2020		9,122,248	1,514,082
Issuance of Class A common stock for stock option exercises (Value)	1,709			1,709
Issuance of Class A common stock for stock option exercises (Shares)		158,890
Vesting of stock option early exercises	75			75
Stockholder loans interest and amendment	(279)				(428)	149
Stockholder loans interest and amendment (Shares)		1,872
Stock-based compensation	7,381			7,381
Net loss	(19,993)							(19,993)
Ending balance at Dec. 31, 2021	38,737	$ 1		86,830	(15,192)	(5)		(32,897)
Ending balance, Shares at Dec. 31, 2021		9,283,010	1,514,082
Issuance of Class A common stock for stock option exercises (Value)	1,658			1,658
Issuance of Class A common stock for stock option exercises (Shares)		264,390
Issuance of Class A common stock pursuant to the PIPE financing (Value)	210,000			210,000
Issuance of Class A common stock pursuant to the PIPE financing (Shares)		656,247
Issuance of Class A common stock pursuant to the Merger Agreement (Value)	(29,852)			(29,852)
Issuance of Class A common stock pursuant to the Merger Agreement (Shares)		211,415
Exercise of Series B-1 preferred stock warrants, net of settlement (Value)	3,365			3,365
Exercise of Series B-1 preferred stock warrants, net of settlement (Shares)		14,087
Conversion of 2019 convertible notes and accrued interest to Class A common stock (Value)	720			720
Conversion of 2019 convertible notes and accrued interest to Class A common stock (Shares)		7,040
Repurchase of Class A common stock (Value)	(1,583)			(1,588)		$ 5
Repurchase of Class A common stock (Shares)		(6,203)
Exercise of warrant for Class A common stock (Shares)		3
Exercise of derivative asset and paydown of stockholder loans (Value)	(29,681)			(44,885)	15,204
Exercise of derivative asset and paydown of stockholder loans (Shares)		(187,945)
Stockholder loans interest	(12)				$ (12)
Extinguishmetn of liability	3,150			3,150
Extinguishmetn of liability (in Shares)		42,613
Stock-based compensation	40,639			40,639
Unrealized loss on available-for-sale securities	(1,675)						$ (1,675)
Net loss	(128,906)							(128,906)
Ending balance at Dec. 31, 2022	$ 106,560	$ 1		$ 270,037			$ (1,675)	$ (161,803)
Ending balance, Shares at Dec. 31, 2022		10,284,657	1,514,082

Fair Value of Financial Instruments - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Noncurrent	Derivative Asset, Noncurrent
Liabilities
Note payable		$ 15,000
Fair Value, Recurring [Member]
Assets
Marketable securities	$ 285	8,226
Short-term investments	168,789
Derivative asset on loans to stockholders		35,253
Total assets	169,074	43,479
Liabilities
Warrant Liability		3,726
Note payable		15,051
Earnout liabilities	53
Total liabilities	516	18,777
Fair Value, Recurring [Member] \| Public Warrants [Member]
Liabilities
Warrant Liability	209
Fair Value, Recurring [Member] \| Private Placement Warrants [Member]
Liabilities
Warrant Liability	254
Fair Value, Recurring [Member] \| Level 1
Assets
Marketable securities	285	8,226
Total assets	285	8,226
Liabilities
Total liabilities	209
Fair Value, Recurring [Member] \| Level 1 \| Public Warrants [Member]
Liabilities
Warrant Liability	209
Fair Value, Recurring [Member] \| Level 2
Assets
Short-term investments	168,789
Total assets	168,789
Fair Value, Recurring [Member] \| Level 3
Assets
Derivative asset on loans to stockholders		35,253
Total assets		35,253
Liabilities
Warrant Liability		3,726
Note payable		15,051
Earnout liabilities	53
Total liabilities	307	$ 18,777
Fair Value, Recurring [Member] \| Level 3 \| Private Placement Warrants [Member]
Liabilities
Warrant Liability	$ 254

Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2023	$ 339
2024	295
2025	310
Thereafter	0
Total minimum lease payments	944
Less: imputed interest	(121)
Total lease liabilities	823
Third-Party Commitment [Member]
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2023	0
2024	0
2025	0
Total minimum lease payments	0
Less: imputed interest	0
Total lease liabilities	0
Related-Party Commitment [Member]
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2023	339
2024	295
2025	310
Total minimum lease payments	944
Less: imputed interest	(121)
Total lease liabilities	$ 823

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 16 Fair Value of Financial Instruments

The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	285	$	—	$	—	$	285
Short-term investments		—		168,789		—		168,789
Total assets	$	285	$	168,789	$	—	$	169,074
Liabilities
Warrant liabilities - public warrants	$	209	$	—	$	—	$	209
Warrant liabilities - private warrants		-		—		254		254
Earnout liabilities		-		—		53		53
Total liabilities	$	209	$	—	$	307	$	516


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	8,226	$	—	$	—	$	8,226
Derivative asset on loans to stockholders		—		—		35,253		35,253
Total assets	$	8,226	$	—	$	35,253	$	43,479
Liabilities
Warrant liabilities	$	-	$	—	$	3,726	$	3,726
Note payable		-		—		15,051		15,051
Total liabilities	$	—	$	—	$	18,777	$	18,777

The Company had no assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2022 and 2021.

The Company also has financial instruments not measured at fair value. The Company has evaluated cash (Level 1), restricted cash (Level 1), Member advances (Level 2), accounts payable (Level 2) and accrued expenses (Level 2), and believes the carrying value approximates the fair value due to the short-term nature of these balances. The fair value of the debt facility (Level 2) and convertible note payable (level 2) approximates their carrying values.

Marketable Securities:

The Company evaluated the quoted market prices in active imarkets for its marketable securities and has classified its securities as Level 1. The Company’s investments in marketable securities are exposed to price fluctuations. The fair value measurements for the securities are based upon the quoted prices of similar items in active markets multiplied by the number of securities owned.

Short-Term Investments:

The following describes the valuation techniques used by the Company to measure the fair value of short-term investments held as of December 31, 2022. No short term investments existed as of December 31, 2021.

U.S. Government Securities

The fair value of U.S. government securities is estimated by independent pricing services who use computerized valuation formulas to calculate current values. U.S. government securities are categorized in Level 2 of the fair value hierarchy.

Corporate Bonds and Notes

The fair value of corporate bonds and notes is estimated by independent pricing services who use computerized valuation formulas to calculate current values. These securities are generally categorized in Level 2 of the fair value hierarchy or in Level 3 when market-based transaction activity is unavailable and significant unobservable inputs are used.

Asset-Backed Securities

The fair value of these asset-backed securities is estimated by independent pricing services who use computerized valuation formulas to calculate current values. These securities are generally categorized in Level 2 of the fair value hierarchy or in Level 3 when market-based transaction activity is unavailable and significant unobservable inputs are used.

Derivative Asset Related to Loans to Stockholders:

In relation to certain loans to stockholders, the Company purchased call options which grant the Company the right to acquire a fixed number of the Company’s Common Stock, held by such stockholders over the exercise period (four years). However, the exercise price per share is not fixed. The $104.731 exercise price per share increases by a nominal amount of $1.727 for each month that lapses from the call option issuance date. As of the date of the Business Combination, the exercise price per share was $109.565. The Company understands that this variability in the exercise price of the call option is tied to the passage of time, which is not an input to the fair value of the Company’s shares per ASC 815, Derivatives and Hedging (“ASC 815”). Therefore, the Company does not believe the call option meets the scope exception under ASC 815. As the scope exception is not met, the call option is accounted for as a derivative instrument. Accordingly, the call option was measured at fair value and presented as a derivative asset on loans to stockholders on the Company’s consolidated balance sheets. Interest earned on the non-recourse promissory notes was reported as interest income and changes in the fair value of the call option were reported as other income or expense in the period incurred. The call option was measured at fair value at the end of each reporting period with change in fair value recorded in earnings. The fair value of the call option as of December 31, 2022 and December 31, 2021, was $0 and $35.3 million, respectively. Upon consummation of the Business Combination in January 2022, all of the call options related to the Loans to Stockholders were exercised,

settling the derivative asset on Loans to Stockholders of $29.7 million and the contra-equity Loans to Stockholders of $15.2 million with APIC being the offsetting entry.

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (in thousands):


Opening value at January 1, 2021	$	457
Amendment to loan to stockholder		5
Change in fair value during the year		34,791
Ending value at December 31, 2021		35,253
Change in fair value during the year		(5,572	)
Exercise of call option		(29,681	)
Ending value at December 31, 2022	$	-

The Company used a probability-weighted expected return method (“PWERM”) to weight the indicated call options value determined under the binomial option pricing model to determine the fair value of the call options. The following table presents the assumptions used to value the call options for the year ended December 31, 2021:


Expected volatility		57.0	%
Risk-free interest rate	0.1 - 0.6%
Remaining term	0.0 - 1.5 Years

Warrant Liability Related to Debt Facility:

As discussed further in Note 13, Debt and Credit Facility, in January 2021, the Company issued warrants contemporaneously with a debt facility that met the definition of a derivative under ASC 815. This warrant liability was initially recorded as a liability measured at the estimated fair value, with the offsetting entry recorded as a loan commitment fees asset. The derivative liability was subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. Upon consummation of the Business Combination in January 2022, these warrants were exercised and settled. The loss related to the change in fair value of the warrant liability in the year ended December 31, 2022, was $0.4 million, which is presented within changes in fair value of warrant liability in the consolidated statements of operations.

A roll-forward of the Level 3 warrant liability is as follows (in thousands):


Opening value at January 1, 2021	$	-
Initial fair value at the original issuance date		106
Change in fair value during the year		3,620
Ending value at December 31, 2021		3,726
Change in fair value during the year		(361	)
Exercise of warrant		(3,365	)
Ending value at December 31, 2022	$	-

The Company used a PWERM to weight the indicated warrant liability value determined under the binomial option pricing model to determine the fair value of the warrant liability. The following table presents the assumptions used to value the warrant liability for the year ended December 31, 2021:


Expected volatility		57.0	%
Risk-free interest rate	0.1 - 0.6%
Remaining term	0.0 - 1.5 Years

Note Payable:

As discussed in Note 11, Note Payable, the Company has elected to measure the note payable at fair value using the fair value option of ASC 825-10. The Company identified an embedded derivative related to a convertible feature in

its promissory note and in accordance with ASC 815-15-25-1 criterion (b), since the Company has elected to apply the fair value option to the debt embedded features will not be separated from the debt host. The note payable is carried on the Company’s consolidated balance sheet as a current liability estimated at fair value with changes in fair value reflected in earnings. Upon consummation of the Business Combination in January 2022, this note payable was paid down and settled. The loss related to the change in fair value of the promissory note for the year ended December 31, 2022 was $0.01 million, which is presented within interest expense in the consolidated statements of operations.


Opening value at January 1, 2021	$	-
Fair value at issuance		14,608
Change in fair value during the year		443
Ending value at December 31, 2021		15,051
Change in fair value during the year		(51	)
Discharge of obligation through the issuance of Common Stock		(15,000	)
Ending value at December 31, 2022	$	-

Public Warrants:

As discussed further in Note 12, Warrant Liabilities, in January 2022, upon completion of the Business Combination, public warrants were automatically converted to warrants to purchase Common Stock of the Company. These public warrants met the definition of a derivative under ASC 815, and due to the terms of the warrants, were required to be liability classified. This warrant liability was initially recorded as a liability at fair value, with the offsetting entry recorded as a non-cash expense within the statement of operations. The derivative liability was subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The gain related to the change in fair value of the public warrant liability for year ended December 31, 2022, was $7.4 million, which is presented within changes in fair value of public warrant liability in the consolidated statements of operations.

Private Warrants:

As discussed further in Note 12, Warrant Liabilities, in January 2022, upon completion of the Business Combination, private warrants were automatically converted to warrants to purchase Common Stock of the Company. These private warrants met the definition of a derivative under ASC 815, and due to the terms of the warrants, were required to be liability classified. This warrant liability was initially recorded as a liability at fair value, with the offsetting entry recorded as a non-cash expense within the consolidated statement of operations. The derivative liability was subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The gain related to the change in fair value of the private warrant liability for year ended December 31, 2022 was $6.4 million, respectively, which is presented within changes in fair value of private warrant liability in the consolidated statements of operations.

A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2022	$	-
Initial fair value at the merger date		6,681
Change in fair value during the year		(6,428	)
Ending value at December 31, 2022	$	253

The Company used a Black-Scholes option pricing model to determine the fair value of the private warrant liability. The following table presents the assumptions used to value the private warrant liability for the year ended December 31, 2022:



Exercise price	$	368.00
Expected volatility		106.8	%
Risk-free interest rate		4.1	%
Remaining term	4.01 years
Dividend yield		0	%

Earnout Shares Liability:

As discussed further in Note 3, The Reverse Recapitalization and Related Transactions, as part of the recapitalization, 49,563 shares of Class A Common Stock held by founders of VPCC are subject to forfeiture if the vesting condition is not met over the five year term following the Closing Date (“Founder Holder Earnout Shares”). These Founder Holder Earnout Shares were initially recorded as a liability at fair value and subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The (loss) gain related to the change in fair value of the Founder Holder Earnout Shares liabilities for year ended December 31, 2022, was $9.6 million, which is presented within changes in fair value of earnout liabilities in the consolidated statements of operations.

A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (dollars in thousands):


Opening value at January 1, 2022	$	-
Initial fair value at the merger date		9,682
Change in fair value during the year		(9,629	)
Ending value at December 31, 2022	$	53

The Company used a Monte Carlo Simulation Method to determine the fair value of the Founder Holder Earnout Shares liability. The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the year ended December 31, 2022:


Exercise price	$	400.00
Expected volatility		83.9	%
Risk-free interest rate		4.1	%
Remaining term		4.0100
Dividend yield		0	%

There were no other assets or liabilities that were required to be measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021.

Fair Value of Common Stock:

Up until the Closing of the Business Combination in which the Company became publicly traded on Nasdaq, the Company was required to estimate the fair value of the Common Stock underlying the Company’s share-based awards. The fair value of the Common Stock underlying the Company’s stock-based awards was determined, in each case, based on a valuation model as discussed further below, and was approved by the Company’s Board of Directors. The Company’s Board of Directors intends all stock options granted to be exercisable at a price per share not less than the fair value per share of the ordinary share underlying those stock options on the date of grant.

In the absence of a public market for the Common Stock prior to the date of the Business Combination, the valuation of the Common Stock was determined using a market approach, income approach, and subject company transaction method. The allocation of equity value was determined using Accountants Practice Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

The Company considered various objective and subjective factors to determine the fair value of the Company’s common stock as of each grant date, including:

•

Historical financial performance;

•

The Company’s business strategy;

•

Industry information, such as external market conditions and trends;

•

Lack of marketability of the Common Stock;

•

Likelihood of achieving a liquidity event, such as an initial public offering, special-purpose acquisition company (“SPAC”) merger, or strategic sale given prevailing market conditions and the nature and history of the Company’s business;

•

Prices, privileges, powers, preferences, and rights of our convertible preferred stock relative to those of the Common Stock;

•

Forecasted cash flow projections for the Company;

•

Illiquidity of stock-based awards involving securities in a private company; and

•

Macroeconomic conditions.

The assumptions underlying these valuations represented management’s best estimate, which involved inherent uncertainties and the application of management’s judgment. The probability of a liquidity event and the derived discount rate are significant assumptions used to estimate the fair value of the common stock. If the Company had used different assumptions or estimates, the fair value of the common stock and the Company’s stock-based compensation expense could have been materially different.

During 2019 and 2020, the Company's estimated fair value of our common stock remained relatively consistent before a potential public listing through a business combination with a special purpose acquisition company was first considered in 2021 (“SPAC Transaction”).

The fair value of the Company's common stock was estimated to be $29.92 per share as of August 5, 2019 (“August 2019 Valuation”) and $31.39 per share as of August 30, 2020 (“August 2020 Valuation”). In 2021, the Company's management team first contemplated a SPAC Transaction, which was incorporated in the June 7, 2021 valuation that resulted in a fair value for its common stock of $277.44 per share (“June 2021 Valuation”). The SPAC Transaction was considered in the subsequent valuation performed as of October 6, 2021 that resulted in a fair value for Dave’s common stock of $345.60 per share (“October 2021 Valuation”).

The August 2019 Valuation and August 2020 Valuations were completed prior to the contemplation of the Business Combination, and at the time of these valuations, management did not expect a near-term exit. The August 2019 Valuation was performed at the time of the close of Dave’s Series B-1 and B-2 preferred equity financings (“Series B Financing”). Since no near-term exit was expected, the August 2019 Valuation was performed using the market approach, specifically the subject company transaction method was performed using a single option pricing model (“OPM”) as the allocation method. As a result, the fair value of the Company’s Common Stock was inferred from the Series B Financing. The August 2020 Valuation was performed using the market approach, specifically the guideline public company method (“GPCM”), and used a single OPM as the allocation methodology. The GPCM was performed by first considering the Series B Financing’s implied revenue multiple from the August 2019 valuation report, and then was adjusted based on changes in the guideline public company’s multiples since the Series B Financing occurred, with consideration for adjustments based on the Company’s comparative operational performance between the periods.

The June 2021 Valuation and October 2021 Valuation both used the hybrid method, wherein a PWERM incorporated an expected near-term SPAC exit scenario as well as an OPM. The OPM was used to model the value of common stock in a delayed exit/stay private scenario. Total equity values for each scenario management identified were estimated as of the measurement date. The delayed exit/stay private scenario total equity value was estimated using the discounted cash flow method under the income approach and the GPCM under the market approach. The total equity value in the SPAC Transaction scenario included in the June 2021 Valuation was determined based on the expected Business Combination pre-money valuation. The common stock price per share in the SPAC Transaction scenario included in the October 2021 Valuation was determined based on the publicly traded price of the SPAC as of the valuation date. Management’s estimated probability for each scenario occurring at each

valuation date was applied to the respective scenario’s indicated common stock value to arrive at the estimated fair value of common stock.

The increase in the fair value of the Company’s Common Stock between the August 2019 and August 2020 Valuations, and the June 2021 Valuation and the October 2021 Valuation was predominantly due to the Company’s progress towards completing the Business Combination that was not known or knowable at the earlier valuation dates. As previously discussed, the August 2019 Valuation utilized the Series B financing to determine the value of common stock in a single OPM. The August 2020 Valuation relied upon the GPCM with valuation multiples selected considering the implied multiples at the time of the Series B Financing, with appropriate adjustments to the multiples to account for changes in the Company’s financial and operational performance as well as to reflect changes in the guideline public companies’ multiples and comparative performance, from the close of the Series B financing to the August 2020 valuation date. In early 2021, the Company first contemplated a SPAC Transaction and began taking the necessary steps to prepare for a business combination with VPCC. The necessary steps undertaken to prepare for the Business Combination included meeting with VPCC and investment bankers, discussing timing expectations, and negotiating the preliminary letter of intent with VPCC. As ongoing negotiations related to the Business Combination reflected an increased likelihood of a near-term exit transaction and/or liquidity event, the valuation of Dave’s equity as of the June 2021 Valuation took into consideration the indicated equity value implied by the negotiations as well as the uncertainty inherent in the future key milestones including execution of the Business Combination Agreement and VPCC’s shareholder vote. Similarly, the increase in the common stock value to $345.60 per share in the October 2021 Valuation resulted primarily from an increase in the probability of the near-term SPAC Transaction closing and an increase in the value of common stock in that scenario due to the passage of time and an increase in the SPAC’s publicly traded price as compared to the SPAC Transaction’s negotiated pre-money valuation. As a result, the increase in Dave’s Common Stock fair value between the valuation dates resulted directly from both the increase in the pre-money valuation and acceleration of the timing of an exit, from the Series B Financing to the Business Combination.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Jan. 04, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shares
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued		$ 900,000	$ 500,000
Interest expense and penalties		5,000.000	4,000.000
Accrued interest expense and penalties		12,000.000	7,000.000
FDIC Insured Amount		20,700,000	31,900,000
Loan origination costs		5,500,000	3,800,000
Subscription fees Received		1
Capitalized costs for internally developed software		8,600,000	6,100,000
Advertising expense		$ 69,000,000.0	$ 51,500,000
Effective Income Tax Rate		50.00%
Subsequent Events [Member]
Reverse stock split, description	1-for-32 reverse stock split effective January 5, 2023
Reverse stock split, conversion ratio	0.03125
Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life		7 years
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life		3 years
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Accounts Receivable, Noncurrent, Threshold Period Past Due		120 days
Series A Preferred Stock [Member] \| Dave Inc [Member]
Conversion of redeemable convertible preferred stock into common stock conversion ratio			1
Class A And Class V Common Stock [Member]
Common stock previously outstanding convered into new common stock exchange ratio			1.354387513
Common stock shares issuable upon the exercise of options \| shares			1,002,383
Class A And Class V Common Stock [Member] \| Dave Inc [Member]
Conversion of redeemable convertible preferred stock into common stock shares \| shares			10,707,706
Series B One And B Two Redeemable Convertible Preferred Stock [Member] \| Dave Inc [Member]
Conversion of redeemable convertible preferred stock into common stock conversion ratio			1.033076
Series A convertible preferred stock [Member] \| Additional Paid-in Capital [Member]
Conversion from permanent equity to temporary equity retroactive recapitalization			$ 9,881
Series B-1 Convertible Preferred Stock [Member] \| Additional Paid-in Capital [Member]
Conversion from permanent equity to temporary equity retroactive recapitalization			49,675
Series B-2 Convertible Preferred Stock [Member] \| Additional Paid-in Capital [Member]
Conversion from permanent equity to temporary equity retroactive recapitalization			$ 12,617

Convertible Note Payable - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 21, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument interest rate		3.01%
Conversion price	$ 320.00
Redemption price percentage	100.00%
Paid-in-Kind Interest		$ 102.4
Purchase Agreement [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 100.0
Debt instrument interest rate	3.00%
Debt instrument term	48 months
Minimum [Member]
Debt Instrument [Line Items]
Number of consecutive trading days for preceding the delivery	20 days
Maximum [Member]
Debt Instrument [Line Items]
Number of consecutive trading days for preceding the delivery	30 days
FTX Ventures Ltd [Member]
Debt Instrument [Line Items]
Percentage of ownership of common stock	175.00%

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

Below is a detail of marketable securities (in thousands):


	December 31, 2022		December 31, 2021
Marketable securities	$	285	$	8,226
Total	$	285	$	8,226

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The Company’s Intangible assets, net consisted of the following (in thousands):


		December 31, 2022							December 31, 2021
	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Internally developed software	3.0 Years	$	21,694	$	(11,605	)	$	10,089	$	13,109	$	(5,342	)	$	7,767
Domain name	15.0 Years		121		(47	)		74		121		(39	)		82
Intangible assets, net		$	21,815	$	(11,652	)	$	10,163	$	13,230	$	(5,381	)	$	7,849

Summary of Estimated Amortization Expenses

The future estimated amortization expenses as of December 31, 2022, were as follows (in thousands):


2023	$	4,637
2024		3,665
2025		1,811
2026		8
2027		8
Thereafter		34
Total future amortization	$	10,163

Stock-Based Compensation - Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	10 years
Risk-free interest rate	1.50%
Expected dividend yield	0.00%
Expected volatility	40.00%
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		6 years
Risk-free interest rate		0.90%
Expected dividend yield		0.00%
Expected volatility		60.70%

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Leasing Activities

The Company’s leasing activities are as follows (in thousands):


	Year Ended December 31
	2022		2021
Operating lease cost	$	2,140	$	1,424
Short-term lease cost		39		4
Variable lease cost		-		-
Total lease cost	$	2,179	$	1,428


	Year Ended December 31
	2022			2021
Other information:
Cash paid for operating leases	$	1,554		$	1,347
Right-of-use assets obtained in exchange for new operating lease liability	$	-		$	2,514
Weighted-average remaining lease term - operating lease		2.85			2.07
Weighted-average discount rate - operating lease		10	%		10	%

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease payments as of December 31, 2022, were as follows (in thousands):


Year	Third-Party Commitment		Related-Party Commitment			Total
2023		-	$	339		$	339
2024		-		295			295
2025		-		310			310
Thereafter		-		-			-
Total minimum lease payments	$	-	$	944		$	944
Less: imputed interest		-		(121	)		(121	)
Total lease liabilities	$	-	$	823		$	823

Note Payable

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Note Payable

Note 11 Note Payable

In August 2021, VPCC entered into an amendment to the private investment in public equity (“PIPE”) subscription agreement (“PIPE Amendment”) it previously entered into with Alameda Research Ventures LLC (“Alameda Research”) in connection with the proposed business combination with the Company (refer to Note 1 Business and Basis of Presentation). The PIPE Amendment calls for a $15.0 million pre-funding, which was facilitated through the issuance of an unsecured promissory note by the Company to Alameda Research. The Company’s obligations to repay the principal amount of the promissory note will be discharged through the issuance of 1.5 million shares of VPCC to Alameda Research at the closing of the business combination. The promissory note bears an interest rate of the applicable short-term federal rate and is due at the earlier of (i) the one-year anniversary of the promissory note, or (ii) an event of default.

The Company has elected to measure the note payable debt instrument at fair value using the fair value option of ASC 825-10. The Company determined that the feature to settle the promissory note with shares at the closing of the business combination is a contingently exercisable share settled put option that represents an embedded derivative instrument that requires bifurcation from the host promissory note. Additionally, the feature to redeem the promissory note upon a default event is a contingently exercisable call option and represents an embedded derivative instrument that requires bifurcation from the host promissory note. However, in accordance with ASC 815-15-25-1 criterion (b), since the Company has elected to apply the fair value option to the debt, the embedded features will not be separated from the debt host. Upon the closing of the Business Combination, the promissory note was automatically discharged upon the Company’s issuance of 46,875 shares of Class A Common Stock to Alameda Research. The closing of the note payable occurred immediately prior to the closing date of the Business Combination. The fair value of the Promissory Note was $15.0 million as of December 31, 2021. Refer to Note 2, The Reverse Recapitalization and Related Transactions for further details on the closing of the note payable.

The Reverse Recapitalization and Related Transactions

12 Months Ended

Dec. 31, 2022

Reverse Recapitalization And Related Transactions [Abstract]

The Reverse Recapitalization and Related Transactions

Note 3 The Reverse Recapitalization and Related Transactions

On the Closing Date, the Company consummated the previously announced mergers contemplated by the Business Combination Agreement. In connection with the closing of the Business Combination, the Company changed the name from “VPC Impact Acquisition Holdings III, Inc.” to “Dave Inc.,” and the Surviving Entity operates under the name “Dave Operating LLC.”

Upon the consummation of the Business Combination, in accordance with the terms and conditions of the Business Combination Agreement, all issued and outstanding Legacy Dave common stock was converted into shares of Common Stock at the Exchange Ratio. At closing, VPCC transaction costs of $22.6 million were paid, which reduced the proceeds from VPCC and reduced APIC. Additionally, $5.1 million of the costs were capitalized and included within deferred issuance costs in the consolidated balance sheet for the years ended December 31, 2021, and reduced APIC at closing. The remaining $10.7 million in transaction costs were accrued for at closing. Upon closing the Business Combination, Legacy Dave received $7.0 million in cash proceeds after transactions costs of $22.6 million were paid and released from VPCC’s trust account, net of redemptions of $224.2 million. At closing, each non-redeemed outstanding share of Legacy Dave Class A common stock was converted into one share of Class A Common Stock.

Upon consummation of the Business Combination, the shares of Legacy Dave held by Legacy Dave shareholders converted into 10,707,440 shares of Common Stock, including 9,193,358 shares of Class A Common Stock and 1,514,082 shares of Class V Common Stock.

While the legal acquirer in the Business Combination was VPCC, for accounting and financial reporting purposes under U.S. GAAP, Legacy Dave is the accounting acquirer and the Business Combination was accounted for as a “reverse recapitalization.” A reverse recapitalization does not result in a new basis of accounting, and the financial statements of the combined entity represent the continuation of the financial statements of Legacy Dave in many respects. Under this method of accounting, VPCC was treated as the “acquired” company. Accordingly, the consolidated assets, liabilities, and results of operations of Legacy Dave became the historical consolidated financial

statements of Dave, and VPCC’s assets and liabilities were consolidated with Legacy Dave’s on the Closing Date. Operations prior to the Business Combination are presented as those of Dave in reports subsequent to the Closing Date. The net assets of VPCC were recognized at their carrying value immediately prior to the closing with no goodwill or other intangible assets recorded and were as follows, net of transaction costs (in millions):


Cash	$	202.0
Other assets		0.7
Other current liabilities		(3.2	)
Accrued expenses		(0.2	)
Earned liabilities		(9.7	)
Warrant liability - public		(7.6	)
Warrant liability - private		(6.7	)
Net assets acquired	$	175.3

Additionally, as part of the recapitalization, 168,515 shares of VPCC Class A common stock held by founders of VPCC (the “Founder Holders”) were exchanged with 168,515 shares of Dave Class A Common Stock, 49,563 (or “Founder Holder Earnout Shares”) of which will be subject to forfeiture if the vesting condition is not met over the five year term following the Closing Date as follows:

Sixty percent (60%) of the Founder Holder Earnout Shares (29,737 Founder Holder Earnout Shares) shall immediately become fully vested and no longer subject to forfeiture upon the occurrence of Triggering Event I, which is defined as the first date on which the Common Share Price is equal to or greater than $400 after the Closing Date, but within the Earnout Period (as defined in the Business Combination Agreement); provided, that

(i) in the event of a change of control pursuant to which Dave Stockholders receive, or have the right to receive, cash, securities or other property attributing a value of at least $400 to each share of Class A Common Stock (as agreed in good faith by the Sponsor and the Board), then Triggering Event I shall be deemed to have occurred and;

(ii) in the event that, and as often as, the number of outstanding shares of Class A Common Stock is changed by reason of any dividend, subdivision, reclassification, recapitalization, split, combination, exchange or any similar event, then the applicable Common Share Price (as defined in the Business Combination Agreement) threshold (i.e., $400) will, for all purposes of the Business Combination Agreement (and an agreement with the Founder Holders (the “Founder Holder Agreement”)), in each case be equitably adjusted to reflect such change; and

The remaining Founder Holder Earnout Shares (19,825 Founder Holder Earnout Shares) shall immediately become fully vested and no longer subject to forfeiture upon the occurrence of Triggering Event II, which is defined as the first date on which the Common Share Price is equal to or greater than $480.00 after the Closing Date, but within the Earnout Period; provided that

(iii) in the event of a change of control pursuant to which Dave Stockholders receive, or have the right to receive, cash, securities or other property attributing a value of at least $480.00 to each share of Class A Common Stock (as agreed in good faith by Sponsor and the Board), then Triggering Event II shall be deemed to have occurred and;

(iv) in the event that, and as often as, the number of outstanding shares of Class A Common Stock is changed by reason of any dividend, subdivision, reclassification, recapitalization, split, combination, exchange or any similar event, then the applicable Common Share Price threshold (i.e., $480.00) will, for all purposes of the Business Combination Agreement (and the Founder Holder Agreement), in each case be equitably adjusted to reflect such change.

The Founder Holder Earnout Shares were recognized at fair value upon the closing of the Business Combination and classified as a liability. The issuance of the Founder Holder Earnout Shares were recorded as a liability with the offsetting amount within APIC because the Business Combination is accounted for as a reverse recapitalization. The Founder Holder Earnout Shares will be remeasured to fair value at each reporting period end with changes in fair value going through the statements of operations.

Pursuant to the terms of the Business Combination Agreement, all of the issued and outstanding Series A, Series B-1 and Series B-2 redeemable convertible preferred stock and series A redeemable convertible preferred stock converted into 6,395,542 shares of Legacy Dave common stock immediately prior to the Business Combination. Then, as of the closing of the Business Combination, all outstanding shares of Legacy Dave common stock converted into 10,707,440 shares of Class A Common Stock and Class V Common Stock. Additionally, each of Legacy Dave options and warrants that were outstanding immediately prior to the closing of the Business Combination remained outstanding and converted into options and warrants for Dave Class A and Class V Common Stock equal to the number of the Company’s common stock, subject to such options or warrants, multiplied by the Exchange Ratio at an exercise price per share equal to the current exercise price per share for such option or warrant divided by the Exchange Ratio, with the aggregate amount of shares of Class A Common Stock and Class V Common Stock issuable upon exercise of such options and warrants to be 1,002,383.

Concurrently with the execution of the Business Combination Agreement, VPCC entered into Subscription Agreements (the “Subscription Agreement”) with certain investors (the “Subscription Investors”) pursuant to which the Subscription Investors agreed to purchase, and the Company agreed to sell to the Subscription Investors, an aggregate of 656,247 shares of the Class A Common Stock for a purchase price of $320 per share, or an aggregate of $210 million in gross cash proceeds (the “PIPE Financing”). On August 17, 2021 Alameda Research, a Subscription Investor agreed to pre-fund its obligation under the original Subscription Agreement to subscribe for 46,875 shares of Class A Common Stock for $15.0 million of the aggregate PIPE Financing subscription amount. On August 17, 2021, Legacy Dave issued a promissory note with a principal amount of $15.0 million to Alameda Research and amended the Subscription Agreement to satisfy Alameda Research’s obligation to pay the $15.0 million purchase price under the Alameda Subscription Agreement by way of a full discharge of Legacy Dave’s obligations to pay the principal under the promissory note. Upon the closing of the Business Combination, the promissory note was automatically discharged upon the Company’s issuance of 46,875 shares of Class A Common Stock to Alameda Research. The closing of the private placement occurred immediately prior to the closing date.

The number of shares of Common Stock issued immediately following the consummation of the Business Combination were as follows:


	Class A			Class V
Common stock outstanding on December 31, 2021		2,888,634			1,514,082
Common stock activity between December 31, 2021 and January 5, 2022
Exercise of derivative asset and paydown of stockholder loans		(187,945	)		-
Issuance of Class A common stock for stock option exercises		82,203			-
Repurchase of Class A common stock		(6,203	)		-
Common stock outstanding prior to the Business Combination		2,776,689			1,514,082
Conversion of preferred stock to Class A common stock		6,395,542			-
Common stock attributable to VPCC		92,463			-
Adjustment related to Reverse Recapitalization*		6,488,005			-
Founder Holder shares		118,953			-
Conversion of 2019 convertible notes and accrued interest to Class A common stock		7,040			-
Exercise of Series B-1 preferred stock warrants, net of settlement		14,087			-
Issuance of Class A common stock pursuant to the PIPE financing		656,247			-
Total shares of common stock as of closing of Business Combination and related transactions		10,061,021			1,514,082

The corresponding adjustment to APIC related to the reverse recapitalization was comprised of (i) $175.3 million which represents the fair value of the consideration transferred in the Business Combination, less the excess of the fair value of the shares issued over the value of the net monetary assets of VPCC, net of transaction costs and (ii) $72.2 million which represents the conversion of the convertible preferred stock into Dave Class A Common Stock.

There were 1,002,383 Dave options outstanding immediately after the Business Combination.

Following the Business Combination, Dave warrants to purchase 357,635 shares of Class A Common Stock, consisted of (i) 198,254 public warrants listed on the Nasdaq and (ii) 159,381 private warrants, each with an exercise price of $368 per share, remained outstanding.

Subsequent Events - Additional Information (Details) - Subsequent Events [Member]	Jan. 04, 2023
Subsequent Event [Line Items]
Reverse stock split, conversion ratio	0.03125
Reverse stock split, description	1-for-32 reverse stock split effective January 5, 2023

Convertible Note Payable

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Convertible Note Payable

Note 10 Convertible Note Payable

On March 21, 2022, the Company entered into a Convertible Note Purchase Agreement (“Purchase Agreement”) with FTX Ventures Ltd., (the “Purchaser”) owner of FTX US (“FTX”), providing for the purchase and sale of a convertible note in the initial principal amount of $100.0 million (the “Note”). The Note bears interest at a rate of 3.00% per year (compounded semiannually), payable semi-annually in arrears on June 30th and December 31st of each year. Interest may be paid in-kind or in cash, at the Company’s option. Forty-eight months (the “Maturity Date”) after the date of the initial issuance of the Note (the “Issuance Date”), the Company will pay the Purchaser the sum of (i) the outstanding principal amount of the Note, plus (ii) all accrued but unpaid interest thereon, plus (iii) all expenses incurred by the Purchaser (the “Redemption Price”). Payment of the Redemption Price on the Maturity Date will constitute a redemption of the Note in whole.

During the term of the Note, the Note will be convertible into shares of the Company’s Class A Common Stock, at the option of the Purchaser, upon delivery on one or more occasions of a written notice to the Company electing to convert the Note or all of any portion of the outstanding principal amount of the Note. The initial conversion price of the Note is $320.00 per share of Common Stock (the “Conversion Price”). The Conversion Price of

the Note is subject to adjustment for stock splits, dividends or distributions, recapitalizations, spinoffs or similar transactions. The Note and the shares of Common Stock issuable upon conversion of the Note have not been registered under the Securities Act and may not be offered or sold absent registration or an applicable exemption from registration requirements.

Beginning on the twenty-four-month anniversary of the Issuance Date continuing until the Maturity Date, if the closing price of the Common Stock equals or exceeds 175% of the Conversion Price for 20 out of the 30 consecutive trading days ending immediately preceding the delivery of the notice of the Company’s election to convert the Note, the Note will be convertible into shares of Common Stock at the option of the Company, upon delivery of a written notice to the Purchaser electing to convert the Note or all or any portion of the outstanding principal amount of the Note.

At any time prior to the Maturity Date, the Company may, in its sole discretion and upon delivery of a written notice to the Purchaser electing to prepay the Note, prepay the Note without penalty by paying the Purchaser 100% of the Redemption Price. Once the Redemption Price has been delivered to the Purchaser, the Note will be canceled and retired.

The effective interest rate as of December 31, 2022 was 3.01%. As of December 31, 2022, the outstanding balance of the Note, including paid in-kind interest, was $102.4 million.

Income Taxes - Schedule of Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%
State taxes, net of federal benefit	1.30%	22.20%
Derivative asset	(0.90%)	36.70%
Warrant liability	2.30%	(3.80%)
Earnout liability	1.60%	(0.00%)
Stock-based compensation	(4.70%)	(2.70%)
Other	(0.70%)	(0.50%)
Research and development tax credit - federal	1.70%	5.90%
Change in valuation allowance	(21.50%)	(79.30%)
Effective tax rate	0.10%	(0.50%)

Property and Equipment, net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,752	$ 1,062
Less: Accumulated depreciation	(726)	(377)
Property and equipment, net	1,026	685
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,027	664
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	707	384
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 18	$ 14

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale [Table Text Block]

Below is a summary of short-term investments, which are measured at fair value as of December 31, 2022 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	151,245	$	-	$	(1,669	)	$	149,576
Asset-backed securities		16,269		-		(15	)		16,254
Government securities		2,950		9		-			2,959
Total	$	170,464	$	9	$	(1,684	)	$	168,789

Fair Value of Financial Instruments - Summary of Unobservable Inputs in Measurement of Private Warrants (Detail)	Dec. 31, 2022 yr
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	368.00
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	106.8
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.1
Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.01
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0

Preferred Stock and Stockholders' Equity - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Preferred stock shares outstanding	0	0
Common Class A [Member]
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	10,334,220	9,365,213
Common Stock, Shares, Outstanding	10,284,657	9,283,010
Voting right description	Class A Common Stock have one vote per share
Common stock, conversion basis	Class V Common Stock are convertible into shares of Class A Common Stock on a one-to-one basis at the option of the holders of Class V Common Stock at any time upon written notice to the Company.
Class V common stock conversion ratio	1
Common Class V [Member]
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	1,514,082	1,514,082
Common Stock, Shares, Outstanding	1,514,082	1,514,082
Voting right description	Class V Common Stock have 10 votes per share

Fair Value of Financial Instruments - Schedule of Earnout Shares liability (Detail) - Founder Holder Earnout Shares Liability [Member]	Dec. 31, 2022 yr
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	400.00
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	83.9
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	4.1
Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	4.0100
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	December 31, 2022			December 31, 2021
Computer equipment	$	1,027		$	664
Leasehold improvements		707			384
Furniture and fixtures		18			14
Total property and equipment		1,752			1,062
Less: accumulated depreciation		(726	)		(377	)
Property and equipment, net	$	1,026		$	685

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2023	Dec. 31, 2021
Stoffers v. Dave Inc. [Member]
Commitments And Contingencies [Line Items]
Loss contingency lawsuit filing date	September 16, 2020
Martinsek v. Dave Inc. [Member]
Commitments And Contingencies [Line Items]
Loss contingency lawsuit filing date	January 9, 2020
Legal Settlement Expense [Member]
Commitments And Contingencies [Line Items]
Loss contingency estimate of possible loss	$ 3.2		$ 3.2
Subsequent Events [Member] \| Legal Settlement Expense [Member]
Commitments And Contingencies [Line Items]
Loss contingency estimate of possible loss		$ 6.0

Leases - Additional information (Detail) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2020	Jan. 31, 2019	Nov. 30, 2018
PCJW Properties [Member]
Lessee, Lease, Description [Line Items]
Initial lease term of contract		7 years	5 years
Lease rental expense		$ 24	$ 5
Annual lease escalation percentage		5.00%	4.00%
Whalerock Industries Holding Company, LLC [Member]
Lessee, Lease, Description [Line Items]
Initial lease term of contract	12 months
Sublease rental expense	$ 140

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Basis of Presentation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

On January 4, 2023, the Board approved an amendment to the Company’s certificate of incorporation to complete a 1-for-32 reverse stock split effective January 5, 2023. At a special meeting held on December 16, 2022, stockholders approved the reverse stock split. The primary goal of the reverse stock split is to bring the Company’s stock price above the share bid price requirement for continued listing on Nasdaq. The effects of the reverse stock split have been reflected in the consolidated financial statements and the footnotes.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and a variable interest entity (“VIE”). All intercompany transactions and balances have been eliminated upon consolidation.

In accordance with the provisions of Accounting Standards Codification (“ASC”) 810, Consolidation, the Company consolidates any VIE of which the Company is the primary beneficiary. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. ASC 810 requires a variable interest holder to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when it is not considered the primary beneficiary. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that the Company continues to be the primary beneficiary. The Company is considered the primary beneficiary of Dave OD Funding I, LLC (“Dave OD”), as it has the power over the activities that most significantly impact the economic performance of Dave OD and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant, in accordance with accounting guidance. As a result, the Company consolidated Dave OD and all intercompany accounts have been eliminated. The carrying value of Dave OD’s assets and liabilities, after elimination of any intercompany transactions and balances are shown in the consolidated balance sheets. The assets of Dave OD are restricted and its creditors have full recourse against the Company for its liabilities.

Retroactive Application of Reverse Recapitalization

The Business Combination is accounted for as a reverse recapitalization of an equity structure. For further details, refer to Note 3, The Reverse Recapitalization and Related Transactions. Pursuant to U.S. GAAP, the Company recast its Consolidated Statements of Stockholders’ Equity from December 31, 2020 to the Closing Date, the total stockholder’s equity within the Company’s Consolidated Balance Sheet as of December 31, 2021, and the weighted average outstanding shares basic and diluted for the year ended December 31, 2021 by applying the recapitalization retroactively.

In addition, the Company recasts the stock class and issued and outstanding number of shares, exercise prices of options and warrants for each balance sheet period presented in these consolidated financial statements and the accompanying notes.

Retroactive Application of Reverse Recapitalization to the Consolidated Statements of Stockholders’ Equity

Pursuant to the terms of the Business Combination Agreement, as part of the Closing, all of the issued and outstanding Series A preferred stock Legacy Dave were automatically converted into Legacy Dave common stock at a 1:1 ratio and Series B-1 and Series B-2 convertible preferred stock of Legacy Dave were automatically converted into Legacy Dave common stock at a 1:1.033076 ratio, which were all converted again, along with all other issued and outstanding common stock of Legacy Dave, into 10,707,706 shares of Class A Common Stock and Class V Common Stock at an exchange ratio of 1.354387513 (the “Exchange Ratio”). Additionally, each of the Company’s options that were outstanding immediately prior to the closing of the Business Combination remained outstanding and converted into options for Class A Common Stock and Class V Common Stock equal to the number of the Company’s Common Stock, subject to such options multiplied by the Exchange Ratio at an exercise price per share equal to the current exercise price per share for such options divided by the Exchange Ratio, with the aggregate amount of shares of Class A Common Stock and Class V Common Stock issuable upon exercise of such options to be 1,002,383.

Retroactive Application of Reverse Recapitalization to the Consolidated Statements of Operations

Furthermore, based on the retroactive application of the reverse recapitalization to the Company’s Consolidated Statements of Stockholders’ Equity, the Company recalculated the weighted average shares for the year ended December 31, 2021. The basic and diluted weighted-average Legacy Dave Common Stock were retroactively converted to Class A Common Stock and Class V Common Stock using the Exchange Ratio to conform to the recast period (for additional information, see discussion of Net Loss Per Share Attributable to Stockholders in Note 2, Significant Accounting Policies below).

Retroactive Application of Reverse Recapitalization to the Consolidated Balance Sheets

Finally, to conform to the retroactive application of recapitalization to the Company’s Consolidated Statements of Stockholders’ Equity, the Company reclassified the $9,881 of Legacy Dave Series A convertible preferred stock, $49,675 of Legacy Dave Series B-1 convertible preferred stock, and the $12,617 of Legacy Dave Series B-2 convertible preferred stock to the additional paid-in capital (“APIC”), less amounts attributable to the par value of the common stock as recast, as of December 31, 2021.

Use of Estimates

The preparation of these consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, as well as the reported revenues and expenses incurred during the reporting periods. The Company’s estimates are based on its historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s critical accounting estimates and assumptions are evaluated on an ongoing basis including those related to the:

(i) Fair value of a derivative asset;

(ii) Fair value of warrant liabilities;

(iii) Fair value of earnout liabilities;

(iv) Allowance for unrecoverable advances;

(v) Fair value of common stock; and

(vi) Income taxes.

Actual results may differ from these estimates under different assumptions or conditions.

Revenue Recognition

Below is detail of operating revenues (in thousands):


	For the Year Ended
	December 31,
	2022		2021
Service based revenue, net
Processing fees, net	$	106,664	$	79,101
Tips		61,951		45,106
Subscriptions		19,146		17,203
Other		1,099		772
Transaction based revenue, net		15,978		10,831
Total	$	204,838	$	153,013

Service Based Revenue, Net:

Service based revenue, net primarily consists of tips, processing fees, and subscriptions charged to Members, net of processor costs associated with advance disbursements. Member advances are treated as financial receivables under ASC 310 Receivables (“ASC 310”) and processing fees, net and tips are also accounted for in accordance with ASC 310.

Processing Fees, Net

Processing fees apply when a Member requests an expedited cash advance. At the Member’s election, the Company expedites the funding of advance funds within eight hours, as opposed to the customary three business days, of the advance approval. Processing fees are nonrefundable loan origination fees and are recognized as revenues over the average expected contractual term of its advances.

Costs incurred by the Company to fund cash advances are treated as direct loan origination costs. These direct loan origination costs are netted against advance-related income over the average expected contractual term of its advances. Direct origination costs recognized as a reduction of advance-related income during the years ended December 31, 2022 and 2021, were $5.5 million and $3.8 million, respectively.

Tips

The Company encourages, but does not contractually require its Members who receive a cash advance to leave a discretionary tip. The Company treats tips as an adjustment of yield to the advances and are recognized over the average expected contractual term of its advances.

Subscriptions

The Company accounts for subscriptions in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company must identify the contract with a Member, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the Company satisfies the performance obligations. For revenue sources that are within the scope of Topic 606, the Company fully satisfies its performance obligations and recognizes revenue in the period it is earned as services are rendered. Transaction prices are typically fixed, charged on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying ASC 606 that significantly affects the determination of the amount and timing of revenue from contracts with the Company’s Members. Sources of revenue from contracts with Members that are in the scope of ASC 606 include subscription fees, lead generation fees and reward program fees.

Subscription fees of $1 are received on a monthly basis from Members who subscribe to the Company’s application. The Company continually fulfills its obligation to each Member over the subscription term. The series of distinct services represents a single performance obligation that is satisfied over time. The Company recognizes revenue ratably as the Member receives and consumes the benefits of the platform throughout the contract period.

Price concessions granted to Members who have insufficient funds when subscription fees are due are forms of variable consideration under the Company’s contracts with Members. For price concessions, the Company has elected, as an accounting policy, to account for price concessions for the month at the end of the reporting month based on the actual amount of concessions granted as the impact is considered insignificant.

Other service based revenue consists of lead generation fees from the Company’s Side Hustle advertising partners.

Transaction Based Revenue, Net:

Transaction based revenue, net primarily consists of interchange and ATM revenues from the Company’s Checking Product, net of certain interchange and ATM-related fees, fees earned from withdrawal-related transactions, volume support from a certain co-branded agreement, and deposit referrals and are recognized at the point in time the transactions occur, as the performance obligations are satisfied and the variable consideration is not constrained. The Company earns interchange fees from Members spend on Dave-branded debit cards, which are reduced by interchange-related costs payable to fulfillment partners. Interchange revenue is remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. ATM fees are earned from the Member’s usage of out-of-network ATMs, which are reduced by related ATM transaction costs.

Processing and Servicing Fees

Processing and Servicing Costs

Processor costs consist of amounts paid to third party processors for the recovery of advances, tips, processing fees, and subscriptions. These expenses also include fees paid for services to connect Member’s bank accounts to the Company’s application. Except for processing and service fees associated with advance disbursements, which are recorded net against revenue, all other processing and service fees are expensed as incurred.

Cash and Cash Equivalents

The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents.

Restricted Cash

Restricted cash primarily represents cash held at financial institutions that is pledged as collateral for specific accounts that may become overdrawn.

Marketable Securities

Marketable securities consist of a money market mutual fund. The fair value of marketable securities is determined by quoted prices in active markets and changes in fair value are recorded in other (income) expense in the consolidated statements of operations.

Short-Term Investments

Short-term investments consist of corporate bonds and notes, asset backed securities, and government securities and are classified as “available-for-sale”, as the sale of such securities may be required prior to maturity to implement the Company’s strategies. The fair value of short-term investments is determined by quoted prices in active markets with unrealized gains and losses (other than credit related impairment) reported as a separate component of other comprehensive income. For securities with unrealized losses, any credit related portion of the loss is recognized in earnings. If it is more likely than not that the Company will be unable or does not intend to hold the security to recovery of the non-credit related unrealized loss, the loss is recognized in earnings. Realized gains and losses are determined using the specific identification method and recognized in the consolidated statements of comprehensive income. Any related amounts recorded in accumulated other comprehensive income are reclassified to earnings (on a pretax basis).

Member Advances

Member advances include ExtraCash advances, fees, and tips, net of certain direct origination costs and allowance for unrecoverable advances. Management’s intent is to hold advances until the earlier of repayment or payoff date. Members’ cash advances are treated as financial receivables under ASC 310.

Advances to Members are not interest-bearing. The Company recognizes these advances at the advanced amount and does not use discounting techniques to determine present value of advances due to their short-term nature.

The Company does not provide modifications to advances and does not charge late fees.

Allowance for Unrecoverable Advances

The Company maintains an allowance for unrecoverable advances at a level estimated to be adequate to absorb credit losses inherent in the outstanding Member advances. Management currently estimates the allowance balance required using historical loss and collections experience, and, if relevant, the nature and volume of the portfolio, economic conditions, and other factors such as cash received subsequent to period-end. Interpretations of the nature and volume of the portfolio and projections of future economic conditions involve a high degree of subjectivity. Changes to the allowance have a direct impact on the provision for unrecoverable advances in the consolidated statements of operations.

The Company considers advances over 120 days past due or which become uncollectible based on information available to the Company as impaired. All impaired advances are deemed uncollectible and subsequently written-off and are a direct reduction to the allowance for unrecoverable advances. Subsequent recoveries of Member advances written-off, if any, are recorded as a reduction to Member advances when collected, resulting in a reduction to the allowance for unrecoverable advances and a corresponding reduction to the provision for unrecoverable advances expense in the consolidated statements of operations.

Internally Developed Software

Internally developed software is capitalized when preliminary development efforts are successfully completed, management has authorized and committed project funding, it is probable that the project will be completed, and the software will be used as intended. Capitalized costs consist of salaries and other compensation costs for employees incurred for time spent on upgrades and enhancements to add functionality to the software and fees paid to third-party consultants who are directly involved in development efforts. These capitalized costs are included on the consolidated balance sheets as intangible assets, net. Other costs are expensed as incurred and included within other operating expenses in the consolidated statements of operations. Capitalized costs for the years ended December 31, 2022 and 2021, were $8.6 million and $6.1 million, respectively.

Amortization of internally developed software commences when the software is ready for its intended use (i.e., after all substantial testing is complete). Internally developed software is amortized over its estimated useful life of 3 years.

The Company’s accounting policy is to perform annual reviews of capitalized internally developed software projects to determine whether any impairment indicators are present as of December 31, or whenever a change in circumstances suggests an impairment indicator is present. If any impairment indicators are present, the Company will perform a recoverability test by comparing the sum of the estimated undiscounted cash flows attributed to the asset group to their carrying value. If the undiscounted cash flows expected to result from the remaining use of the asset (i.e., cash flows when testing recoverability) are less than the asset group’s carrying value, the Company will determine the fair value of the asset group and recognize an impairment loss as the amount by which the carrying value of the asset group exceeds its fair value. If based on the results of the recoverability test, no impairment is indicated as the remaining undiscounted cash flows exceed the carrying value of the software asset group, the carrying value of the asset group as of the assessment date is deemed fully recoverable. In addition, the Company evaluates the remaining useful life of an intangible asset that is being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset shall be amortized prospectively over that revised remaining useful life.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Property and equipment are recorded at cost and depreciated over the estimated useful lives ranging from 3 to 7 years using the straight-line method.

Maintenance and repair costs are charged to operations as incurred and included within other operating expenses in the consolidated statements of operations.

Impairment of Long-Lived Assets

The Company assesses the impairment of long-lived assets, primarily property and equipment and amortizable intangible assets, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. If the sum of the expected undiscounted future cash flows from an asset is less than the carrying amount of the asset, the Company estimates the fair value of the assets. The Company measures the loss as the amount by which the carrying amount exceeds its fair value calculated using the present value of estimated net future cash flows.

Fair Value of Financial Instruments

ASC 820, Fair Value Measurement (“ASC 820”), provides a single definition of fair value and a common framework for measuring fair value as well as disclosure requirements for fair value measurements used in the consolidated financial statements. Under ASC 820, fair value is determined based upon the exit price that would be received by a company to sell an asset or paid by a company to transfer a liability in an orderly transaction between market participants, exclusive of any transaction costs. Fair value measurements are determined by either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. Absent a principal market to measure fair value, the Company uses the most advantageous market, which is the market from which the Company would receive the highest selling price for the asset or pay the lowest price to settle the liability, after considering transaction costs. However, when using the most advantageous market, transaction costs are only considered to determine which market is the most advantageous and these costs are then excluded when applying a fair value measurement. ASC 820 creates a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below, with Level 1 having the highest priority and Level 3 having the lowest.

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Concentration of Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash and cash equivalents, restricted cash, Member cash advances, and accounts receivable. The Company’s cash and cash equivalents and restricted cash in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits were approximately $20.7 million and $31.9 million at December 31, 2022 and 2021, respectively. The Company’s payment processors also collect cash on the Company’s behalf and will hold these cash balances temporarily until they are settled the next business day. Also, the Company does not believe its marketable securities are exposed to any significant credit risk due to the quality and nature of the securities in which the money is held.

No Member individually exceeded 10% or more of the Company’s Member cash advances balances as of December 31, 2022 and December 31, 2021.

Leases

ASC 842, Leases (“ASC 842”) requires lessees to recognize most leases on the consolidated balance sheet with a corresponding right-of-use asset. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. Leases are classified as financing or operating which will drive the expense recognition pattern. Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term. At the time of a lease abandonment, the operating lease right-of-use asset is derecognized, while the corresponding lease liability is evaluated by the Company based any remaining contractual obligations as of the lease abandonment date.

The Company leases office space under two separate leases, both of which are considered operating leases. Options to extend or terminate a lease are considered as part of calculating the lease term to the extent that the option is reasonably certain of exercise. The leases do not include the options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Covenants imposed by the leases include letters of credit required to be obtained by the lessee.

The incremental borrowing rate (“IBR”) represents the rate of interest the Company would expect to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. When determinable, the Company uses the rate implicit in the lease to determine the present value of lease payments. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Loans to Stockholders

In 2019, the Company entered into loan, pledge, and option agreements with various employees, who are also stockholders, to provide those employees cash in exchange for non-recourse promissory notes and call options, which allow the Company to acquire shares held by these stockholders. Following ASC 310, the Company recorded the notes as a reduction to shareholders’ equity and will do so until it is repaid, or the associated call option is exercised and the Company reacquires the collateralized shares. Interest earned and accrued on the notes also increases this contra-equity account balance. Upon consummation of the Business Combination in January 2022, all of the call options related to the Loans to Stockholders were exercised and the related loans were settled.

Stock-Based Compensation

Stock Option Awards:

ASC 718, Compensation-Stock Compensation (“ASC 718”), requires the estimate of the fair value of all stock-based payments to employees, including grants of stock options, to be recognized in the statement of operations over the requisite service period. Under ASC 718, employee option grants are generally valued at the grant date and those valuations do not change once they have been established. The fair value of each option award is estimated on the grant date using the Black-Scholes Option Pricing Model. As allowed by ASC 718, the Company’s estimate of expected volatility is based on its peer company average volatilities, including industry, stage of life cycle, size, and financial leverage. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant valuation. The Company recognizes forfeitures as they occur.

Restricted Stock Unit Awards:

Restricted stock units (“RSUs”) are valued on the grant date, and the fair value of the RSUs is equal to the estimated fair value of the Company’s Common Stock on the grant date. This compensation cost is recognized over the requisite service period as a component of stock-based compensation expense, presented within compensation and benefits in the consolidated statements of operations. The Company recognizes forfeitures as they occur.

Restricted Stock Awards:

Restricted stock awards (“RSAs”) are valued on the grant date, and the fair value of the RSAs is equal to the estimated fair value of the Company’s Common Stock on the grant date. This compensation cost is recognized over the requisite service period as a component of stock-based compensation expense, presented within compensation and benefits in the consolidated statements of operations. The Company recognizes forfeitures as they occur.

RSAs Issued to Non-Employees:

The Company issues shares of restricted stock to consultants for various advisory and consulting-related services. The Company recognized this expense, measured as the estimated value of the shares issued, as a component of stock-based compensation expense, presented within compensation and benefits in the consolidated statements of operations.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2022 and 2021, were $69.0 million and $51.5 million, respectively, and is presented within advertising and marketing in the consolidated statements of operations.

Income Taxes

The Company follows ASC 740, Income Taxes (“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the consolidated financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more-likely-than-not that the asset will not be realized.

ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained in a court of last resort, based on the technical merits. If more-likely-than-not, the amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination, including compromise settlements. For tax positions not meeting the more-likely-than-not threshold, no tax benefit is recorded. The Company has estimated $0.9 million and $0.5 million of uncertain tax positions as of December 31, 2022 and 2021, respectively, related to state income taxes. and federal and state R&D tax credits.

The Company’s policy is to recognize interest expense and penalties accrued on any unrecognized tax benefits as a component of income tax expense within the statement of operations. The Company recognized $0.005 million and $0.004 million of interest expense and penalties as a component of income tax expense during the year ended December 31, 2022 and 2021, respectively. There were $0.012 million and $0.007 million of accrued interest expense and penalties as of December 31, 2022 and 2021, respectively.

Segment Information

The Company determines its operating segments based on how its chief operating decision makers manage operations, make operating decisions, and evaluate operating performance. The Company has determined that the Chief Operating Decision Maker (“CODM”) is a joint role shared by the Chief Executive Officer and Chief Financial Officer. Based upon the way the CODM reviews financial information and makes operating decisions and considering that the CODM reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance, the service-based and transaction-based operations constitute a single operating segment and one reportable segment.

Net Loss Per Share Attributable to Stockholders

The Company has two classes of participating securities (Class A Common Stock and Class V Common Stock) issued and outstanding as of December 31, 2022.

Basic net loss attributable to holders of Common Stock per share is calculated by dividing net loss attributable to holders of Common Stock by the weighted-average number of shares outstanding, excluding shares issued in relation to unvested restricted stock awards and vested early exercise options funded by non-recourse notes (refer to Note 19, Related-Party Transactions for further details on the Company’s Loans to Stockholders).

Diluted net loss per share attributable to holders of common stock adjusts the basic net loss per share attributable to stockholders and the weighted- average number of shares outstanding for the potentially dilutive impact of stock options, warrants, and restricted stock using the treasury stock method and convertible preferred stock using the as-if-converted method.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to holders of common stock (in thousands, except share data):


	For the Year Ended December 31,
		2022			2021
Numerator
Net loss	$	(128,906	)	$	(19,993	)
Less: noncumulative dividend to convertible preferred stockholders		-			-
Less: undistributed earnings to participating securities		-			-
Net loss attributed to common stockholders—basic		(128,906	)		(19,993	)
Add: undistributed earnings reallocated to common stockholders		-			-
Net loss attributed to common stockholders—diluted	$	(128,906	)	$	(19,993	)

Denominator
Weighted-average shares of common stock—basic		11,587,901			4,266,839
Dilutive effect of convertible preferred stock		-			-
Dilutive effect of equity incentive awards		-			-
Weighted-average shares of common stock—diluted		11,587,901			4,266,839

Net loss per share
Basic	$	(11.12	)	$	(4.69	)
Diluted	$	(11.12	)	$	(4.69	)

The following potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	For the Year Ended December 31,
		2022	2021
Stock options and RSU awards		1,412,726	1,084,586
Convertible debt		312,500	-
Convertible preferred stock		-	6,371,318
Series B-1 warrants		-	70,445
Total		1,725,226	7,526,349

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 introduced a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU 2016-13, the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company plans to adopt this CECL methodology effective January 1, 2023 and has applied the guidance prospectively. The Company has determined that the impact of the CECL adoption would not have a material impact on the balances reported in its consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements:

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. The amendments in ASU 2019-12 remove certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. This ASU was effective for most public companies for annual periods beginning after December 15, 2020. Early adoption was permitted. The Company adopted the standard effective January 1, 2022. The Company has evaluated the effect that the updated standard had on its internal processes, consolidated financial statements, and related disclosures, and has determined that the adoption did not have a significant impact on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options(Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments in ASU 2020-06 are effective for public companies for fiscal years beginning after December 15, 2021. The Company adopted the standard effective January 1, 2022 on a modified retrospective approach. The Company has evaluated the effect that the updated standard had on its internal

processes, consolidated financial statements, and related disclosures, and has determined that the adoption did not have a significant impact on its consolidated financial statements and related disclosures.

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), which addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. The amendments in this update are effective for all companies for annual periods beginning after December 15, 2021. The Company adopted the standard effective January 1, 2022. The Company has evaluated the effect that the updated standard had on its internal processes, consolidated financial statements, and related disclosures, and has determined that the adoption did not have a significant impact on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. The amendments in ASU 2019-12 remove certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. This ASU was effective for most public companies for annual periods beginning after December 15, 2020. Early adoption was permitted. The Company adopted the standard effective January 1, 2022. The Company has evaluated the effect that the updated standard had on its internal processes, condensed consolidated financial statements, and related disclosures, and has determined that the adoption did not have a significant impact on its condensed consolidated financial statements and related disclosures.

Fair Value of Financial Instruments - Summary Of Roll-Forward Of The Level 3 Derivative Asset And Liability On Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Fair Value Adjustment of Warrants
Exercise of call option	$ 29,700
Promissory Note [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	15,051	$ 0
Initial fair value at the original issuance date		14,608
Change in fair value during the year	(51)	443
Discharge of obligation through the issuance of Common Stock	(15,000)
Ending value	0	15,051
Derivative Asset [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	35,253	457
Amendment to loan to stockholder		5
Change in fair value during the year	(5,572)	34,791
Exercise of call option	(29,681)
Ending value	0	35,253
Derivative Liability [Member] \| Promissory Note [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	3,726	0
Initial fair value at the original issuance date		106
Change in fair value during the year	(361)	3,620
Exercise of warrant	(3,365)
Ending value	$ 0	$ 3,726

Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 285	$ 8,226

Short-term investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Short-term investments

Note 5 Short-Term Investments

Below is a summary of short-term investments, which are measured at fair value as of December 31, 2022 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	151,245	$	-	$	(1,669	)	$	149,576
Asset-backed securities		16,269		-		(15	)		16,254
Government securities		2,950		9		-			2,959
Total	$	170,464	$	9	$	(1,684	)	$	168,789

At December 31, 2022, the Company’s short-term investments consisted of investments in corporate bonds and notes, asset backed securities, and government securities with varying maturity dates between 2023 through 2027.

At December 31, 2021, the Company had no short-term investments.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (128,906)	$ (19,993)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,133	3,055
Provision for unrecoverable advances	66,266	32,174
Changes in fair value of derivative asset on loans to stockholders	5,572	(34,791)
Changes in fair value of earnout liabilities	(9,629)	0
Changes in fair value of warrant liabilities	(14,192)	3,620
Disposal of property and equipment		14
Gain on extinguishment of liability	(4,290)	0
Stock-based compensation	40,639	7,381
Non-cash interest	2,304	(233)
Non-cash lease expense	(100)	78
Changes in fair value of marketable securities and short-term investments	(578)	1
Changes in operating assets and liabilities:
Member advances, service revenue	(6,842)	(2,280)
Prepaid income taxes	550	2,627
Prepaid expenses and other current assets	(6,805)	(311)
Accounts payable	330	2,568
Accrued expenses	(1,684)	7,128
Legal settlement accrual	5,749	500
Other current liabilities	(263)	(1,625)
Other non-current liabilities	0	(466)
Other non-current assets	(137)	0
Interest payable, convertible notes	0	12
Net cash (used in) provided by operating activities	(44,883)	(541)
Investing activities
Payments for internally developed software costs	(8,584)	(6,107)
Purchase of property and equipment	(728)	(371)
Net disbursements and collections of Member advances	(114,323)	(40,163)
Purchase of short-term investments	(202,091)	0
Sale and maturity of short-term investments	32,228	0
Purchase of marketable securities	(317,675)	(5)
Sale of marketable securities	325,594	9,444
Net cash used in investing activities	(285,579)	(37,202)
Financing activities
Repayment on line of credit	0	(3,910)
Proceeds from PIPE offering	195,000	0
Proceeds from escrow account	29,688	0
Payment of issuance costs	(23,005)	(2,753)
Proceeds from issuance of common stock for stock option exercises	620	1,709
Repurchase of common stock	(536)	0
Proceeds from borrowings on convertible debt	100,000	15,000
Proceeds from borrowings on debt and credit facilities	40,000	55,000
Repayment of borrowings on credit facility	(20,000)
Net cash provided by financing activities	321,767	65,046
Net (decrease) increase in cash and cash equivalents and restricted cash	(8,695)	27,303
Cash and cash equivalents and restricted cash, beginning of the year	32,372	5,069
Cash and cash equivalents and restricted cash, end of the year	23,677	32,372
Supplemental disclosure of non-cash investing and financing activities:
Operating lease right of use assets recognized	0	2,514
Operating lease liabilities recognized	0	2,514
Property and equipment purchases in accounts payable	3	25
Conversion of convertible preferred stock to Class A common stock in connection with the reverse recapitalization	72,173	0
Recapitalization transaction costs liability incurred	10,650	0
Conversion of convertible notes and accrued interest to Class A common stock in connection with the reverse recapitalization	720	0
Conversion of B-1 warrants to Class A common stock in connection with the reverse recapitalization	3,365	0
Discharge of PIPE promissory note in connection with the reverse recapitalization	15,000	0
Vesting of common stock exercised early	0	75
Amendment to loan to stockholder	0	145
Supplemental disclosure of cash (received) paid for:
Income taxes	(622)	(2,484)
Interest	5,677	1,992
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheet with the same as shown in the condensed consolidated statement of cash flows
Cash and cash equivalents	22,889	32,009
Restricted cash	788	363
Total cash, cash equivalents, and restricted cash, end of year	$ 23,677	$ 32,372

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Summary of Accrued Expenses

The Company’s accrued expenses consisted of the following (dollars in thousands):


	December 31, 2022		December 31, 2021
Accrued charitable contributions	$	3,067	$	7,164
Accrued compensation		1,534		1,522
Sales tax payable		1,357		1,208
Accrued professional and program fees		4,008		2,163
Other		999		988
Total	$	10,965	$	13,045

Summary of Other Current Liabilities

The Company’s other current liabilities consisted of the following (dollars in thousands):


	December 31, 2022		December 31, 2021
Deferred transaction costs	$	3,150	$	-
Others		1,161		1,153
Total	$	4,311	$	1,153

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Member advances, Allowance for unrecoverable advances	$ 24,501	$ 11,995
Related party lease right of use assets	735	970
Related Party Short term lease liabilities	273	243
Related Party long term lease liabilities	$ 550	$ 822
Class A common stock [Member]
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	10,334,220	9,365,213
Common Stock, Shares, Outstanding	10,284,657	9,283,010
Common Class V [Member]
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	1,514,082	1,514,082
Common Stock, Shares, Outstanding	1,514,082	1,514,082

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 15 Leases

In November 2018, the Company entered into a sublease agreement with PCJW Properties LLC (“PCJW”), controlled by Company’s founders (including the Company’s current CEO), for general office space next to the aforementioned leased property in Los Angeles, California. The lease term is five years subject to early termination by either party. Under the terms of the sublease, monthly rent is $0.005 million, subject to an annual escalation of 4%.

In January 2019, the Company entered into a lease agreement with PCJW for office space located in Los Angeles, California. The lease term is seven years, beginning January 1, 2019 and ending December 31, 2025. Monthly rent is $0.024 million, subject to an annual escalation of 5%.

In May 2020, the Company entered into a sublease with Whalerock for general office space in West Hollywood, California. Under the terms of the sublease, the lease term is approximately 12 months and the monthly rent is $0.14 million. The Company began utilizing the office space in June 2021. The lease was abandoned in August of 2022.

All leases were classified as operating and operating lease expenses are presented within Other operating expenses in the consolidated statements of operations. The Company does not have any finance leases or sublease arrangements where the Company is the sublessor. The Company’s leasing activities are as follows (in thousands):


	Year Ended December 31
	2022		2021
Operating lease cost	$	2,140	$	1,424
Short-term lease cost		39		4
Variable lease cost		-		-
Total lease cost	$	2,179	$	1,428


	Year Ended December 31
	2022			2021
Other information:
Cash paid for operating leases	$	1,554		$	1,347
Right-of-use assets obtained in exchange for new operating lease liability	$	-		$	2,514
Weighted-average remaining lease term - operating lease		2.85			2.07
Weighted-average discount rate - operating lease		10	%		10	%

The future minimum lease payments as of December 31, 2022, were as follows (in thousands):


Year	Third-Party Commitment		Related-Party Commitment			Total
2023		-	$	339		$	339
2024		-		295			295
2025		-		310			310
Thereafter		-		-			-
Total minimum lease payments	$	-	$	944		$	944
Less: imputed interest		-		(121	)		(121	)
Total lease liabilities	$	-	$	823		$	823

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Summary of future minimum rental payments


Year	Related-Party Commitment
2023	$	339
2024		295
2025		310
Thereafter		-
Total minimum lease payments	$	944
Less: imputed interest		(121	)
Total lease liabilities	$	823

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Significant Accounting Policies

Note 2 Significant Accounting Policies

Basis of Presentation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

Retroactive Application of Reverse Recapitalization

Retroactive Application of Reverse Recapitalization to the Consolidated Statements of Stockholders’ Equity

Retroactive Application of Reverse Recapitalization to the Consolidated Statements of Operations

Retroactive Application of Reverse Recapitalization to the Consolidated Balance Sheets

Use of Estimates

(i) Fair value of a derivative asset;

(ii) Fair value of warrant liabilities;

(iii) Fair value of earnout liabilities;

(iv) Allowance for unrecoverable advances;

(v) Fair value of common stock; and

(vi) Income taxes.

Actual results may differ from these estimates under different assumptions or conditions.

Revenue Recognition

Below is detail of operating revenues (in thousands):


	For the Year Ended
	December 31,
	2022		2021
Service based revenue, net
Processing fees, net	$	106,664	$	79,101
Tips		61,951		45,106
Subscriptions		19,146		17,203
Other		1,099		772
Transaction based revenue, net		15,978		10,831
Total	$	204,838	$	153,013

Service Based Revenue, Net:

Processing Fees, Net

Tips

Subscriptions

Other service based revenue consists of lead generation fees from the Company’s Side Hustle advertising partners.

Transaction Based Revenue, Net:

Processing and Servicing Costs

Cash and Cash Equivalents

The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents.

Restricted Cash

Restricted cash primarily represents cash held at financial institutions that is pledged as collateral for specific accounts that may become overdrawn.

Marketable Securities

Short-Term Investments

Member Advances

The Company does not provide modifications to advances and does not charge late fees.

Allowance for Unrecoverable Advances

Internally Developed Software

Property and Equipment

Maintenance and repair costs are charged to operations as incurred and included within other operating expenses in the consolidated statements of operations.

Impairment of Long-Lived Assets

Fair Value of Financial Instruments

Level 1—Quoted prices in active markets for identical assets or liabilities.

Concentration of Risk

No Member individually exceeded 10% or more of the Company’s Member cash advances balances as of December 31, 2022 and December 31, 2021.

Leases

Loans to Stockholders

Stock-Based Compensation

Stock Option Awards:

Restricted Stock Unit Awards:

Restricted Stock Awards:

RSAs Issued to Non-Employees:

Advertising Costs

Income Taxes

Segment Information

Net Loss Per Share Attributable to Stockholders

The Company has two classes of participating securities (Class A Common Stock and Class V Common Stock) issued and outstanding as of December 31, 2022.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to holders of common stock (in thousands, except share data):


	For the Year Ended December 31,
		2022			2021
Numerator
Net loss	$	(128,906	)	$	(19,993	)
Less: noncumulative dividend to convertible preferred stockholders		-			-
Less: undistributed earnings to participating securities		-			-
Net loss attributed to common stockholders—basic		(128,906	)		(19,993	)
Add: undistributed earnings reallocated to common stockholders		-			-
Net loss attributed to common stockholders—diluted	$	(128,906	)	$	(19,993	)

Denominator
Weighted-average shares of common stock—basic		11,587,901			4,266,839
Dilutive effect of convertible preferred stock		-			-
Dilutive effect of equity incentive awards		-			-
Weighted-average shares of common stock—diluted		11,587,901			4,266,839

Net loss per share
Basic	$	(11.12	)	$	(4.69	)
Diluted	$	(11.12	)	$	(4.69	)

The following potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	For the Year Ended December 31,
		2022	2021
Stock options and RSU awards		1,412,726	1,084,586
Convertible debt		312,500	-
Convertible preferred stock		-	6,371,318
Series B-1 warrants		-	70,445
Total		1,725,226	7,526,349

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

Recently Adopted Accounting Pronouncements:

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. The amendments in ASU 2019-12 remove certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. This ASU was effective for most public companies for annual periods beginning after December 15, 2020. Early adoption was permitted. The Company adopted the standard effective January 1, 2022. The Company has evaluated the effect that the updated standard had on its internal processes, condensed consolidated financial statements, and related disclosures, and has determined that the adoption did not have a significant impact on its condensed consolidated financial statements and related disclosures.

The Reverse Recapitalization and Related Transactions - Summary of Common Stock Issued (Detail)	12 Months Ended
	Dec. 31, 2022 shares
Class A common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Common Stock outstanding on December 31, 2021	2,888,634
Common stock outstanding to the Business Combination
Common stock attributable to VPCC	92,463
Conversion of 2019 convertible notes and accrued interest to Class A common stock	7,040
Exercise of Series B-1 preferred stock warrants, net of settlement	14,087
Issuance of Class A Common Stock pursuant to the PIPE financing	656,247
Class V common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Common Stock outstanding on December 31, 2021	1,514,082
Common stock outstanding to the Business Combination
Prior To Business Combination [Member] \| Class A common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Exercise of derivative asset and paydown of stockholder loans	(187,945)
Stock issued during period	82,203
Repurchase of Class A common stock	(6,203)
Common stock outstanding to the Business Combination	2,776,689
Prior To Business Combination [Member] \| Class V common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Common stock outstanding to the Business Combination	1,514,082
Adjustment Related To Reverse Recapitalization [Member] \| Class A common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Adjustment related to Reverse Recapitalization	6,488,005
Shares Issued Immediately Following The Consummation Of The Business Combination [Member] \| Founder Shares [Member] \| Class A common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Stock issued during period	118,953
Shares As Of Closing of Business Combination And Related Transactions [Member] \| Class A common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Common stock outstanding to the Business Combination	10,061,021
Shares As Of Closing of Business Combination And Related Transactions [Member] \| Class V common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Common stock outstanding to the Business Combination	1,514,082
Preferred Stock [Member] \| Adjustment Related To Reverse Recapitalization [Member] \| Class A common stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Conversion of preferred stock to Class A Common Stock	6,395,542

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Dave Inc./DE
Entity Central Index Key	0001841408
Entity Tax Identification Number	86-1481509
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-40161
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1265 South Cochran Ave
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90019
City Area Code	844
Local Phone Number	857-3283
Document Transition Report	false
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Annual Report	true
Entity Well-known Seasoned Issuer	No
ICFR Auditor Attestation Flag	false
Entity Voluntary Filers	No
Entity Public Float			$ 220.9
Auditor Name	Deloitte & Touche LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	34
Documents Incorporated by Reference [Text Block]	Part III incorporates by reference certain information from the registrant’s definitive proxy statement (the “Proxy Statement”) relating to its Annual Meeting of Stockholders to be held in 2023. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $368 per share
Trading Symbol	DAVEW
Security Exchange Name	NASDAQ
Class A common stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001
Trading Symbol	DAVE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		10,337,394
Class V common stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,514,082

Short-term investments - Summary of Short-term Investments (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 170,464
Gross Unrealized Losses	(1,675)
Fair Value	168,789
Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Gains	9
Gross Unrealized Losses	(1,684)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	151,245
Fair Value	149,576
Corporate Debt Securities [Member] \| Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Losses	(1,669)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	16,269
Fair Value	16,254
Asset-Backed Securities [Member] \| Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Losses	(15)
Government securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	2,950
Fair Value	2,959
Government securities [Member] \| Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Gains	$ 9

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net loss	$ (128,906)	$ (19,993)
Unrealized loss on available-for-sale securities	(1,675)
Comprehensive loss	$ (130,581)	$ (19,993)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restatement of Previously Issued Financial Statements - Summary of Restatement on the Company's Previously Issued Financial Statements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Member advances, service revenue	$ (6,842)	$ (2,280)
Net cash (used in) operating activities	(44,883)	(541)
Investing activities
Net disbursements and collections of Member advances	(114,323)	(40,163)
Net cash (used in) investing activities	$ (285,579)	$ (37,202)

Preferred Stock and Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Preferred Stock And Stockholders Deficit [Abstract]

Preferred Stock and Stockholders' Equity

Note 17 Preferred Stock and Stockholders’ Equity

As of December 31, 2022, no shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock.

Pursuant to the terms of the Company’s amended and restated certificate of incorporation, shares of preferred stock may be issued from time to time in one or more series. The Company’s Board of Directors are authorized to fix the voting rights, if any, designations, powers and preferences, the relative, participating, optional or other special rights, and any qualifications, limitations and restrictions thereof, applicable to the shares of each series of preferred stock. The Company’s Board of Directors are able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of the Company’s Board of Directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control or the removal of existing management.

Class A and Class V Common Stock:

The Company’s Board of Directors has authorized two classes of common stock, Class A Common Stock and Class V Common Stock. The Company had authorized 500,000,000 and 100,000,000 shares of Class A Common Stock and Class V Common Stock, respectively. Shares of Class V Common Stock have 10 votes per share, while shares of Class A Common Stock have one vote per share. The holders of shares of Class A Common Stock and Class V Common Stock shall at all times vote together as a single class on all matters (including the election of directors) submitted to a vote of the Company’s stockholders. Class V Common Stock are convertible into shares of Class A Common Stock on a one-to-one basis at the option of the holders of Class V Common Stock at any time upon written notice to the Company. As of December 31, 2022, the Company had 10,334,220 and 1,514,082 of Class A Common Stock and Class V Common Stock issued, respectively. As of December 31, 2022, the Company had 10,284,657 and 1,514,082 of Class A Common Stock and Class V Common Stock outstanding, respectively.

Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Financing receivable weighted average maturity	48 days	46 days
Marketable securities, gain (loss)	$ 400	$ (1)

Note Payable - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable fair value disclosure			$ 15.0
Promissory Note [Member]
Debt Instrument [Line Items]
Stock shares issued during the period discharge of promissory note shares		46,875
Unsecured Promissory Note [Member] \| Amendment to Private Investment in Public Equity Subscription Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument face amount	$ 15.0
Number of shares issued on conversion of debt	1,500,000
Debt instrument term	1 year

401(k) Savings Plan - Additional Information (Detail) - 401(k) Savings Plan [Member] - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent	100.00%	90.00%
Defined contribution plan, employer matching contribution percent	4.00%
Defined contribution plan, employer contribution		$ 2.1	$ 1.1

Member Cash Advances, Net - Summary of Allowance for Unrecoverable Advances (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
Beginning balance	$ 11,995	$ 12,580
Plus: provision for unrecoverable advances	66,266	32,174
Less: amounts written-off	(53,760)	(32,759)
Ending balance	$ 24,501	$ 11,995

Related-Party Transactions - Summary of Future Minimum Rental Payments (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Related Party Lessee Operating Lease Liability Maturity [Line Items]
Less: imputed interest	$ (121)
Total lease liabilities	823
PCJW Properties LLC [Member]
Related Party Lessee Operating Lease Liability Maturity [Line Items]
2023	339
2024	295
2025	310
Total minimum lease payments	944
Less: imputed interest	(121)
Total lease liabilities	$ 823

Fair Value of Financial Instruments - Summary of Roll-Forward of the Level 3 Private Warrant Liability (Detail) - Private Placement Warrants [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 0
Initial fair value at the merger date	6,681
Change in fair value during the year	(6,428)
Ending value	$ 253

Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	$ 21,815	$ 13,230
Accumulated Amortization	(11,652)	(5,381)
Intangible Assets, net	10,163	7,849
Internally developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	21,694	13,109
Accumulated Amortization	(11,605)	(5,342)
Intangible Assets, net	$ 10,089	7,767
Weighted Average Useful Lives	3 years
Domain name [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	$ 121	121
Accumulated Amortization	(47)	(39)
Intangible Assets, net	$ 74	$ 82
Weighted Average Useful Lives	15 years

Member Cash Advances, Net - Summary of Member Cash Advances, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Gross Member Advances	$ 128,684	$ 61,008
Allowance for Unrecoverable Advances	(24,501)	(11,995)	$ (12,580)
Member Advances, Net	104,183	49,013
1-10 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	91,121	39,910
Allowance for Unrecoverable Advances	(2,224)	(1,313)
Member Advances, Net	88,897	38,597
11-30 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	10,683	8,111
Allowance for Unrecoverable Advances	(2,582)	(2,084)
Member Advances, Net	8,101	6,027
31-60 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	9,022	4,781
Allowance for Unrecoverable Advances	(5,529)	(2,652)
Member Advances, Net	3,493	2,129
61-90 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	8,865	3,986
Allowance for Unrecoverable Advances	(6,702)	(2,735)
Member Advances, Net	2,163	1,251
91-120 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	8,993	4,220
Allowance for Unrecoverable Advances	(7,464)	(3,211)
Member Advances, Net	$ 1,529	$ 1,009

Organization and Nature of Business - Additional Information (Detail) - USD ($)		12 Months Ended
	Jan. 05, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 30, 2020	Aug. 05, 2019
Shares issued, price per share				$ 31.39	$ 29.92
Bank Charges		$ 34
Bank Overdrafts		5
Extra cash product for additional liquidity amount		500
Monthly subscription charges		1
Daves Advance Service [Member]
Due to Related Parties		$ 500
Common stock Class A [Member]
Common stock par value per share		$ 0.0001	$ 0.0001
Exercise price		$ 368
Common stock Class A [Member] \| Dave Inc [Member]
Common stock par value per share	$ 0.0001
Stock issued during the period reverse recapitalization value	$ 10,226,738
Class V Common Stock [Member] \| Dave Inc [Member]
Common stock par value per share	$ 0.0001
Stock issued during the period reverse recapitalization value	$ 1,514,082

Member Cash Advances, Net (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Summary of Member Cash Advances, Net

Below is a detail of Member cash advances, net as of December 31, 2022 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	91,121	$	(2,224	)	$	88,897
11-30		10,683		(2,582	)		8,101
31-60		9,022		(5,529	)		3,493
61-90		8,865		(6,702	)		2,163
91-120		8,993		(7,464	)		1,529
Total	$	128,684	$	(24,501	)	$	104,183

Below is a detail of Member cash advances, net as of December 31, 2021 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	39,910	$	(1,313	)	$	38,597
11-30		8,111		(2,084	)		6,027
31-60		4,781		(2,652	)		2,129
61-90		3,986		(2,735	)		1,251
91-120		4,220		(3,211	)		1,009
Total	$	61,008	$	(11,995	)	$	49,013

Summary of Allowance for Unrecoverable Advances

The roll-forward of the allowance for unrecoverable advances is as follows (in thousands):


Opening allowance balance at January 1, 2022	$	11,995
Plus: provision for unrecoverable advances		66,266
Less: amounts written-off		(53,760	)
Ending allowance balance at December 31, 2022	$	24,501


Opening allowance balance at January 1, 2021	$	12,580
Plus: provision for unrecoverable advances		32,174
Less: amounts written-off		(32,759	)
Ending allowance balance at December, 2021	$	11,995

Property and Equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 7 Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31, 2022			December 31, 2021
Computer equipment	$	1,027		$	664
Leasehold improvements		707			384
Furniture and fixtures		18			14
Total property and equipment		1,752			1,062
Less: accumulated depreciation		(726	)		(377	)
Property and equipment, net	$	1,026		$	685

Depreciation expense for the years ended December 31, 2022 and 2021, was approximately $0.4 million and $0.2 million, respectively.

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.4	$ 0.2

Fair Value of Financial Instruments - Schedule of Level 3 Earnout Shares liability (Detail) - Founder Holder Earnout Shares Liability [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 0
Initial fair value at the merger date	9,682
Change in fair value during the year	(9,629)
Ending value	$ 53

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 16, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Operating loss carryforwards use description		The federal NOLs do not expire; however, they are subject to a utilization limit of 80% of taxable income in any given year. The State NOLs begin to expire in 2031, except for $13.9 million of state NOLs that do not expire.
Valuation allowance		$ 48,031	$ 19,906
Unrecognized tax benefits		849	$ 456	$ 111
Unrecognized tax benefits amount, that affect effective tax rate if recognized		100
Corporate minimum tax	15.00%
Excise tax on stock buybacks	1.00%
State Income Taxes and Federal and State R&D Tax Credits [Member]
Income Tax Contingency [Line Items]
Unrecognized tax benefits		900
Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 94,800
Percentage of subject to utilization limit of taxable income		80.00%
State [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 56,700
Net operating loss carryforwards, expire year		2031
Net operating lease carryforwards not subject to expiration		$ 13,900

Warrant Liabilities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 07, 2021
Subsidiary or Equity Method Investee [Line Items]
Share Price		$ 1.727		$ 277.44
Fair value of the warrants at the issuance date	$ 0.1
Amended Senior Secured Loan Facility [Member] \| Victory Park Management, LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Proceeds from lines of credit	$ 10.0	$ 0.0	$ 20.0
Percentage right to acquire a number of common shares on fully diluted equity	0.20%
Proceeds from issuance of equity	$ 40.0
Percentage of fair market value of each share of common stock	80.00%
Fair market value of each share of common stock per share	$ 120.0656
Private Placement Warrants [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of Warrants outstanding		159,381
Exercise price		$ 368
Public Warrants [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of Warrants outstanding		198,254
Warrant Liability Related To Debt Facility [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights excercised during the period units		1,664,394
Stock issued during the period exercise of warrants		14,087
After The Completion Of A Business Combination Or Earlier Upon Redemption Or Liquidation [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights term		5 years
Exercise price		$ 368.00
Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price		104.731
Triggering Share Price One [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price		$ 576.00
Number of days of notice to be given for the redemption of warrants		30 days
Number of consecutive trading days for determining the share price		20 days
Number of trading days for determining the share price		30 days
Triggering Share Price One [Member] \| Minimum [Member] \| Warrant Redemption Price One [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price		$ 0.32
Triggering Share Price Two [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price		$ 320.00
Number of days of notice to be given for the redemption of warrants		30 days
Number of consecutive trading days for determining the share price		20 days
Number of trading days for determining the share price		30 days
Number of days prior to the date of notifying the warrant holders for determining the total trading period		3 days
Triggering Share Price Two [Member] \| Minimum [Member] \| Warrant Redemption Price Two [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price		$ 3.20

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Options outstanding	1,084,586	974,430
Granted	0	563,639
Exercised	(115,113)	(162,285)
Forfeited	(44,517)	(277,727)
Expired	(20,736)	(13,471)
Ending Options outstanding	904,220	1,084,586	974,430
Nonvested options, Shares	546,351
Vested and exercisable, Shares	357,869
Beginning Weighted- Average Exercise Price Options outstanding	$ 20.35	$ 17.49
Weighted- Average Exercise Price Granted	0	23.17
Weighted- Average Exercise Price Exercised	14.10	11.01
Weighted- Average Exercise Price Forfeited	21.76	21.49
Weighted- Average Exercise Price Expired	22.28	20.30
Ending Weighted- Average Exercise Price Options outstanding	21.04	$ 20.35	$ 17.49
Nonvested options, Weighted- Average Exercise Price	23.11
Vested and exercisable, Weighted- Average Exercise Price	$ 17.87
Weighted- Average Remaining Contractual Term (years)	7 years 3 months 18 days	8 years 6 months	8 years 8 months 12 days
Nonvested options, Weighted- Average Remaining Contractual Term (years)	7 years 10 months 24 days
Vested and exercisable, Weighted- Average Remaining Contractual Term (years)	6 years 4 months 24 days
Aggregate Intrinsic Value	$ 655	$ 288,784	$ 5,548
Nonvested options, Aggregate Intrinsic Value	1
Vested and exercisable, Aggregate Intrinsic Value	$ 654

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events

Note 22 Subsequent Events

Subsequent events are events or transactions that occur after the consolidated balance sheet date, but before the consolidated financial statements are available to be issued. The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the consolidated balance sheet, including the estimates inherent in the process of preparing the consolidated financial statements. The Company’s consolidated financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the consolidated balance sheet but arose after the consolidated balance sheet date and before the consolidated financial statements were available to be issued.

On January 4, 2023, the Board approved an amendment to the Company’s certificate of incorporation to complete a 1-for-32 reverse stock split effective January 5, 2023. At a special meeting held on December 16, 2022, stockholders approved the reverse stock split. The primary goal of the reverse stock split was to bring the Company’s stock price above the share bid price requirement for continued listing on Nasdaq. The effects of the reverse stock split have been reflected in the consolidated financial statements and the footnotes.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of assets and liabilities measured at fair value on a recurring basis


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	285	$	—	$	—	$	285
Short-term investments		—		168,789		—		168,789
Total assets	$	285	$	168,789	$	—	$	169,074
Liabilities
Warrant liabilities - public warrants	$	209	$	—	$	—	$	209
Warrant liabilities - private warrants		-		—		254		254
Earnout liabilities		-		—		53		53
Total liabilities	$	209	$	—	$	307	$	516


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	8,226	$	—	$	—	$	8,226
Derivative asset on loans to stockholders		—		—		35,253		35,253
Total assets	$	8,226	$	—	$	35,253	$	43,479
Liabilities
Warrant liabilities	$	-	$	—	$	3,726	$	3,726
Note payable		-		—		15,051		15,051
Total liabilities	$	—	$	—	$	18,777	$	18,777

Summary of roll-forward of the Level 3 private warrant liability

A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2022	$	-
Initial fair value at the merger date		6,681
Change in fair value during the year		(6,428	)
Ending value at December 31, 2022	$	253

Black Scholes Option Pricing Model [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of roll-forward of the Level 3 private warrant liability

The following table presents the assumptions used to value the private warrant liability for the year ended December 31, 2022:



Exercise price	$	368.00
Expected volatility		106.8	%
Risk-free interest rate		4.1	%
Remaining term	4.01 years
Dividend yield		0	%

Derivative Asset [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (in thousands):


Opening value at January 1, 2021	$	457
Amendment to loan to stockholder		5
Change in fair value during the year		34,791
Ending value at December 31, 2021		35,253
Change in fair value during the year		(5,572	)
Exercise of call option		(29,681	)
Ending value at December 31, 2022	$	-

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the call options for the year ended December 31, 2021:


Expected volatility		57.0	%
Risk-free interest rate	0.1 - 0.6%
Remaining term	0.0 - 1.5 Years

Derivative Liability [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 warrant liability is as follows (in thousands):


Opening value at January 1, 2021	$	-
Initial fair value at the original issuance date		106
Change in fair value during the year		3,620
Ending value at December 31, 2021		3,726
Change in fair value during the year		(361	)
Exercise of warrant		(3,365	)
Ending value at December 31, 2022	$	-

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the warrant liability for the year ended December 31, 2021:


Expected volatility		57.0	%
Risk-free interest rate	0.1 - 0.6%
Remaining term	0.0 - 1.5 Years

Promissory Note [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

The loss related to the change in fair value of the promissory note for the year ended December 31, 2022 was $0.01 million, which is presented within interest expense in the consolidated statements of operations.


Opening value at January 1, 2021	$	-
Fair value at issuance		14,608
Change in fair value during the year		443
Ending value at December 31, 2021		15,051
Change in fair value during the year		(51	)
Discharge of obligation through the issuance of Common Stock		(15,000	)
Ending value at December 31, 2022	$	-

Earnout Shares Liability [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (dollars in thousands):


Opening value at January 1, 2022	$	-
Initial fair value at the merger date		9,682
Change in fair value during the year		(9,629	)
Ending value at December 31, 2022	$	53

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the year ended December 31, 2022:


Exercise price	$	400.00
Expected volatility		83.9	%
Risk-free interest rate		4.1	%
Remaining term		4.0100
Dividend yield		0	%

The Reverse Recapitalization and Related Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions	Jan. 05, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares	Aug. 17, 2021 USD ($) shares	Jun. 07, 2021 $ / shares	Dec. 31, 2020 shares	Aug. 30, 2020 $ / shares	Aug. 05, 2019 $ / shares
Share Price \| $ / shares		$ 1.727			$ 277.44
Threshold applicable common share price \| $ / shares	$ 400
Shares Issued, Price Per Share \| $ / shares							$ 31.39	$ 29.92
Number of options outstanding immediately after the business combination		904,220	1,084,586			974,430
Warrants To Purchase Class A Common Stock [Member]
Class of warrant or right, Number of securities called by warrants or rights	357,635
Public Warrants [Member]
Class of warrant or right, number of securities called by warrants or rights listed on stock exchange	198,254
Warrants outstanding		198,254
Private Placement Warrants [Member]
Warrants outstanding		159,381
Exercise price \| $ / shares		$ 368
New Dave Options [Member]
Number of options outstanding immediately after the business combination		1,002,383
Promissory Note [Member] \| Alameda Research [Member]
Principal amount \| $				$ 15.0
Business Combination Agreement [Member]
Adjustment to additional paid in capital transaction and issuance costs incurred \| $	$ 22.6
Business combination transaction costs capitalized \| $	5.1
Accrued transaction costs \| $	$ 10.7
Amendment To The Subscription Agreement [Member] \| Promissory Note [Member] \| Alameda Research [Member]
Purchase price \| $				$ 15.0
Stock issued during the period shares conversion of debt	46,875
Founder Holder Earnout Shares [Member] \| Triggering Event One [Member]
Percentage of shares immediately become vested and no longer subject to forfeiture upon occurrence of event	(60.00%)
Number of shares immediately become vested and no longer subject to forfeiture upon occurrence of event	29,737
Share Price \| $ / shares	$ 400
Founder Holder Earnout Shares [Member] \| Triggering Event Two [Member]
Number of shares immediately become vested and no longer subject to forfeiture upon occurrence of event	19,825
Share Price \| $ / shares	$ 480.00
Threshold applicable common share price \| $ / shares	$ 480.00
Conversion Of Shares Of Legacy Dave [Member]
Conversion of stock, shares issued	10,707,440
Common Class A [Member]
Shares subject to forfeiture	49,563
Period over which vesting conditions shall be met	5 years
Exercise price \| $ / shares		$ 368
Common Class A [Member] \| Original Subscription Agreement [Member]
Investor agreed to prefund its obligation under agreement to subscribe number of shares				46,875
Aggregate PIPE Financing subscription amount \| $				$ 15.0
Common Class A [Member] \| Conversion Of Shares Of Legacy Dave [Member]
Conversion of stock, shares issued	9,193,358
Common Class A [Member] \| Conversion Of Shares Of Vpcc [Member]
Conversion of stock, shares issued	168,515
Common Class A [Member] \| Conversion Of Shares Of Vpcc [Member] \| Founder Shares [Member]
Conversion of stock, shares converted	168,515
Class V Common Stock [Member] \| Conversion Of Shares Of Legacy Dave [Member]
Conversion of stock, shares issued	1,514,082
Series A, Series B1And Series B2 And Series A Redeemable Convertible Preferred Stock [Member]
Convertible preferred stock converted in to shares of common stock immediately prior to the business combination	6,395,542
Class A And Class V Common Stock [Member]
Conversion of stock, shares issued	10,707,440
Common stock shares issuable upon the exercise of options and warrants	1,002,383
Vpcc [Member]
Cash Acquired from Acquisition \| $	$ 7.0
Vpcc [Member] \| Subscription Agreement [Member] \| Private Investment In Public Equity Investors [Member]
Investor agreed to prefund its obligation under agreement to subscribe number of shares	656,247
Shares Issued, Price Per Share \| $ / shares	$ 320
Aggregate PIPE Financing subscription amount \| $	$ 210.0
Vpcc [Member] \| Common Class A [Member]
Transactions Costs \| $	22.6
Legacy Dave [Member] \| Common Class A [Member]
Shares outstanding and being excercised by the holders for redemption value \| $	$ 224.2
Number of shares converted as a result of each share of non redeemed common stock	1

Organization and Nature of Business

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

Note 1 Organization and Nature of Business

Overview

Dave Inc. (“Dave” or the “Company”), a Delaware corporation, with headquarters located in Los Angeles, California, is a financial services company. Dave was originally incorporated in the State of Delaware on January 14, 2021 as a special purpose acquisition company under the name VPC Impact Acquisition Holdings III, Inc. (“VPCC”) and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Dave offers a suite of innovative financial products aimed at helping Members improve their financial health. To help Members avoid punitive overdraft fees and access short-term liquidity, Dave offers cash advances through its flagship 0% interest ExtraCash product. Through Dave Banking, the Company provides a digital checking account experience with valuable tools for building long-term financial health. Dave also helps Members generate extra income for spending or emergencies through Dave’s Side Hustle product and Surveys, where Dave presents Members with supplemental work and income opportunities.

ExtraCash:

Many Americans are often unable to maintain a positive balance between paychecks, driving a reliance on overdraft, payday loans, auto title loans and other forms of expensive credit to put food on the table, gas in their car or pay for unexpected emergencies. For example, traditional banks charge up to $34 for access to as little as $5 of overdraft, whereas many others in the financial services sector do not allow for overdraft at all. Dave invented a short-term liquidity alternative called ExtraCash, which allows Members to advance funds to their account and avoid a fee altogether. Members may now receive an advance of up to $500 and may only have one advance outstanding at any given time.

Dave Banking:

Dave offers a full-service digital checking account through its partnership with Evolve Bank and Trust (“Evolve”). The Dave Spending Account does not have overdraft or minimum balance fees.

Budget:

Dave's automated financial management tool leverages historical bank account data to help Members understand both recurring and commonly occurring charges. Budget notifies Members when there is a chance of an overdraft, and allows Members to qualify for Dave’s ExtraCash product for up to $500 of additional liquidity. Dave charges a $1 monthly subscription for access to the Budget product.

Side Hustle:

Dave seeks to help Members improve their financial health by presenting new job opportunities to them. Through Dave’s partnership with leading employers, Members can quickly submit applications and improve their income with flexible employment.

Surveys:

Dave recently launched Surveys product allows for additional earning opportunities, allowing Members to take paid surveys anytime within the Dave mobile application. This functionality drives engagement within the Dave ecosystem and deepens the Company's relationship to its Members’ financial wellbeing.

Business Combination

On January 5, 2022 (the “Closing Date”), the Company consummated the previously announced transaction (pursuant to that certain Agreement and Plan of Merger, dated June 7, 2021 (the “Business Combination Agreement”), by and among Dave Inc. (prior to the Mergers (as defined below), hereinafter referred to as “Legacy Dave”), VPCC, Bear Merger Company I Inc., a Delaware corporation and a direct, wholly owned Subsidiaries of VPCC (“First Merger Sub”), and Bear Merger Company II LLC, a Delaware limited liability company and a direct wholly owned Subsidiaries of VPCC (“Second Merger Sub”).

On January 5, 2022, pursuant to the Business Combination Agreement, First Merger Sub merged with and into Legacy Dave (the “First Merger”), with Legacy Dave surviving the First Merger as a wholly owned subsidiary of VPCC (such company, in its capacity as the surviving corporation of the First Merger, the “Surviving Corporation”), immediately followed by the Surviving Corporation merging with and into Second Merger Sub (the “Second Merger”, the Second Merger together with the First Merger, the “Mergers” and the Mergers together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination” or the “Transactions”), with Second Merger Sub (such entity, following the Second Merger, the “Surviving Entity”) surviving the Second Merger as a wholly owned subsidiary of VPCC. Following the Mergers, “VPC Impact Acquisition Holdings III, Inc.” was renamed “Dave Inc.” and the Surviving Entity was renamed “Dave Operating LLC”.

On January 5, 2022, the holders of (a) Legacy Dave capital stock and (b) Legacy Dave’s options to purchase Legacy Dave capital stock pursuant to Legacy Dave’s stock plan (the “Legacy Dave Options”), received aggregate merger consideration, consisting of 10,226,738 shares of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”) and 1,514,082 shares of Class V common stock of the Company, par value $0.0001 per share (the “Class V Common Stock”, and together with the Class A Common Stock, the “Common Stock”).

The Company’s Class A Common Stock is now listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “DAVE”, and warrants to purchase the Class A Common Stock at an exercise price of $368 per share are listed on Nasdaq under the symbol “DAVEW.” The audited consolidated financial statements included in Dave’s Annual Report on Form 10-K filed with the SEC on March 25, 2022 are those of VPCC prior to the consummation of the Business Combination and the name change. The audited consolidated financial statements of Legacy Dave are included in Form 8-K/A filed with the SEC on August 22, 2022 prior to the consummation of the Business Combination and the name change. Prior to the Business Combination, VPCC neither engaged in any operations nor generated any revenue. Until the Business Combination, based on VPCC’s business activities, VPCC was a “shell company” as defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The audited Consolidated Financial Statements as of and for the years ended December 31, 2021 and 2020 for Legacy Dave were included in Exhibit 99.3 of Amendment No. 1 to the Current Report on Form 8-K (the “Form 8-K/A”) filed with the Securities and Exchange Commission (“SEC”) on August 22, 2022.

Stock-Based Compensation - Additional information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) Tranche $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-based payment arrangement, expense		$ 7,400,000
Stock options granted during period \| shares	0	563,639
Option Strike Price \| $ / shares	$ 23.18
Recorded stock-based compensation		$ 2,100,000
Weighted-average grant-date fair-value \| $ / shares	23.11
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 0	$ 39.10
Share based compensation by share award non vested options subject to forfeiture \| shares	5,555	16,665
Share based compensation by share based award non vested options subject to forfeiture weighted average exercise price \| $ / shares	$ 22.09	$ 22.09
Chief Executive Officer [Member]
Share-based payment arrangement, expense	$ 1.9
Granted, Shares \| shares	358,001
Fair value of the options on the grant date	$ 10,500,000
Chief Executive Officer [Member] \| Minimum [Member]
Derived service periods	3 years
Chief Executive Officer [Member] \| Maximum [Member]
Derived service periods	7 years
Employee Stock Option [Member]
Share-based payment arrangement, expense	$ 40,600,000	$ 7,400,000
Stock options granted during period \| shares	0
Employee Stock Option [Member] \| Chief Executive Officer [Member]
Share based payment arrangement number of tranches \| Tranche	9
Restricted Stock [Member]
Granted, Shares \| shares	754,196	0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 58,300,000
Unrecognized stock-based compensation cost period for recognition	2 years 9 months 18 days
Restricted Stock [Member] \| Employees [Member]
Granted, Shares \| shares		0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0
Restricted stock issued to employees \| shares	0	0
Restricted Stock [Member] \| Non-Employee [Member]
Share-based payment arrangement, expense	$ 0	$ 100,000
Granted, Shares \| shares		0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	0
Stock Compensation Plan [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 12,500,000
Unrecognized stock-based compensation cost period for recognition	3 years 7 months 6 days
Stock Compensation Plan [Member] \| Dave Two Thousand and Seventeen Plan [Member]
Expiration period	10 years
Vesting period	4 years

Income Taxes - Schedule of Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 456	$ 111
Increases to prior positions	0	204
Decreases to prior positions	0	0
Increases for current year positions	393	141
Balance at end of year	$ 849	$ 456

Debt and Credit Facility - Additional Information (Detail) - Victory Park Management, LLC $ in Thousands				12 Months Ended
	Nov. 11, 2022 USD ($)	Nov. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Senior Secured Loan Facility
Line of credit facility, maximum borrowing capacity			$ 100,000
Debt instrument maturity month and year				2025-01
Proceeds from sale of productive assets				$ 250
Percentage of prepayment of loans from proceeds				100
Proceeds from lines of credit				$ 75,000	$ 35,000
Amended Senior Secured Loan Facility
Proceeds from lines of credit		$ 10,000		0	$ 20,000
Line of credit facility, additional borrowing capacity		$ 20,000
Lines of credit paid off	$ 20,000
Line of Credit \| Senior Secured Loan Facility
Debt instrument, description of variable rate basis			6.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%
Debt instrument, basis spread on variable rate description			three-month LIBOR
Debt instrument, basis spread on variable rate			2.55%
Debt instrument covenant amount				$ 8,000
Line of Credit \| Amended Senior Secured Loan Facility
Debt instrument, description of variable rate basis		8.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%
Debt instrument, basis spread on variable rate description		three-month LIBOR
Debt instrument, basis spread on variable rate		2.55%
Base Rate \| Senior Secured Loan Facility
Line of credit facility, interest rate during period			6.95%
Base Rate \| Amended Senior Secured Loan Facility
Line of credit facility, interest rate during period		8.95%

401(k) Savings Plan

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

401(k) Savings Plan

Note 21 401(k) Savings Plan

The Company maintains a 401(k) savings plan for the benefit of its employees. Employees can defer up to 90% of their compensation subject to fixed annual limits. All current employees are eligible to participate in the 401(k) savings plan. Beginning January 2021, the Company began matching contributions to the 401(k) savings plan equal to 100% of the first 4% of wages deferred by each participating employee. The Company incurred expenses for employer matching contributions of $2.1 million and $1.1 million for the years ended December 31, 2022 and 2021, respectively.

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 05, 2022	Dec. 31, 2022	Dec. 31, 2021	Oct. 06, 2021	Jun. 07, 2021	Aug. 30, 2020	Aug. 05, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments			$ 0
Share price		$ 1.727			$ 277.44
Fair value of call option		$ 0	35,300,000
Exercise of call options on loans to stockholders		29,700,000
Contra equity loan to stockholders settled		15,200,000
Changes in fair value of public and private warrant liabilities		(14,192,000)	3,620,000
Debt securities loss		10,000.00
Gain on change in fair value of earnout shares		9,600,000
Shares issued, price per share						$ 31.39	$ 29.92
Estimation of Valuation [Member] \| Common stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share price				$ 345.60
Class A common stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares subject to forfeiture	49,563
Period over which vesting conditions shall be met	5 years
Warrant Liability Related To Debt Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of public and private warrant liabilities		400,000
Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of public and private warrant liabilities		7,400,000
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of public and private warrant liabilities		$ 6,400,000
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share price		$ 104.731
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share price		$ 109.565
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)		$ 0	$ 0

Significant Accounting Policies - Summary Of Computation Of Diluted Net Loss (Income) Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,725,226	7,526,349
Stock Options and RSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,412,726	1,084,586
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	312,500
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		6,371,318
Series B-1 warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		70,445

The Reverse Recapitalization and Related Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Reverse Recapitalization And Related Transactions [Abstract]

Summary of net assets of VPCC

The net assets of VPCC were recognized at their carrying value immediately prior to the closing with no goodwill or other intangible assets recorded and were as follows, net of transaction costs (in millions):


Cash	$	202.0
Other assets		0.7
Other current liabilities		(3.2	)
Accrued expenses		(0.2	)
Earned liabilities		(9.7	)
Warrant liability - public		(7.6	)
Warrant liability - private		(6.7	)
Net assets acquired	$	175.3

Summary of common stock issued

The number of shares of Common Stock issued immediately following the consummation of the Business Combination were as follows:


	Class A			Class V
Common stock outstanding on December 31, 2021		2,888,634			1,514,082
Common stock activity between December 31, 2021 and January 5, 2022
Exercise of derivative asset and paydown of stockholder loans		(187,945	)		-
Issuance of Class A common stock for stock option exercises		82,203			-
Repurchase of Class A common stock		(6,203	)		-
Common stock outstanding prior to the Business Combination		2,776,689			1,514,082
Conversion of preferred stock to Class A common stock		6,395,542			-
Common stock attributable to VPCC		92,463			-
Adjustment related to Reverse Recapitalization*		6,488,005			-
Founder Holder shares		118,953			-
Conversion of 2019 convertible notes and accrued interest to Class A common stock		7,040			-
Exercise of Series B-1 preferred stock warrants, net of settlement		14,087			-
Issuance of Class A common stock pursuant to the PIPE financing		656,247			-
Total shares of common stock as of closing of Business Combination and related transactions		10,061,021			1,514,082

Accrued Expenses and Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Deferred transaction costs	$ 3,150	$ 0
Others	1,161	1,153
Total	$ 4,311	$ 1,153

Warrant Liabilities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrant Liabilities

Note 12 Warrant Liabilities

As of December 31, 2022, there were 198,254 public warrants (“Public Warrants”) outstanding and 159,381 private placement warrants (“Private Warrants”) outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants were issued upon separation of the units into their component parts upon the closing of the Business Combination and only whole Public Warrants trade. The Public Warrants are exercisable, provided that the Company continues to have an effective registration statement under the Securities Act covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act).

The Company filed a registration statement covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants and the Private Warrants. If the Company’s shares of Class A Common Stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The Public Warrants and the Private Warrants have an exercise price of $368.00 per share, subject to adjustments and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation.

Redemption of Public Warrants when the price per share of Class A Common Stock equals or exceeds $576.00:

Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants for cash:

• in whole and not in part;

• at a price of $0.32 per warrant;

• upon a minimum of 30 days prior written notice of redemption; and if, and only if, the closing price of Class A Common Stock equals or exceeds $576.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the Public Warrants as described above unless an effective registration statement under the Securities Act covering the Class A Common Stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A Common Stock is available throughout the 30-day redemption period.

Redemption of Public Warrants for when the price per share of Class A Common Stock equals or exceeds $320.00:

Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:

• in whole and not in part;

• at $3.20 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of the Class A Common Stock; and

• if, and only if, the closing price of Class A Common Stock equals or exceeds $320.00 per Public Share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends notice of redemption to the warrant holders.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuance of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants.

The Private Warrants are identical to the Public Warrants, except that the Private Placement Warrants will be non-redeemable so long as they are held by VPC Impact Acquisition Holdings Sponsor III, LLC, which was the sponsor of VPCC and an affiliate of certain of VPCC’s officers and directors prior to the Business Combination, (the “Sponsor”) or its permitted transferees. If the Private Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Contemporaneously with the execution of the Debt Facility, the Company issued warrants to the Lenders as consideration for entering into the Debt Facility, representing a loan commitment fee. The warrants vest and become exercisable based on the Company’s aggregated draw on the Debt Facility in incremental $10.0 million tranches and terminate upon the earliest to occur of (i) the fifth anniversary of the occurrence of a qualified financing event and (ii) the consummation of a liquidity event. The holders of the warrants have the ability to exercise their right to acquire a number of common shares equal to 0.2% of the fully diluted equity of the Company as of the closing date (“Equity Closing Date”) of the Company’s next equity financing with proceeds of at least $40.0 million (“Qualified Financing Event”) or immediately prior to the consummation of a liquidity event. The exercise price of the warrants is the greater of (i) 80% of the fair market value of each share of Common Stock at the Equity Closing Date and (ii) $120.0656 per share, subject to certain down-round adjustments. The warrants meet the definition of a derivative under ASC 815 and will be accounted for as a liability at fair value and subsequently remeasured to fair value at the end of each reporting period with the changes in fair value recorded in the consolidated statement of operations. The

initial offsetting entry to the warrant liability was an asset recorded to reflect the loan commitment fee. The loan commitment fee asset will be amortized to interest expense over the commitment period of four years. The Company estimated the fair value of the warrants at the issuance date to be $0.1 million using the Black-Scholes option-pricing model. Determining the fair value of these warrants under this model requires subjective assumptions. These estimates involve inherent uncertainties and the application of management’s judgment.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 22,889	$ 32,009
Marketable securities	285	8,226
Member advances, eligible receivables net of allowance for unrecoverable advances	104,183	49,013
Short-term investments	168,789	0
Prepaid income taxes	831	1,381
Deferred issuance costs	0	5,131
Prepaid expenses and other current assets	11,591	4,443
Total current assets	308,568	100,203
Property and equipment, net	1,026	685
Lease right-of-use assets (related-party of $735 and $970 as of December 31, 2022 and December 31, 2021, respectively)	735	2,702
Intangible assets, net	10,163	7,849
Derivative asset on loans to stockholders	0	35,253
Debt facility commitment fee, long-term	75	131
Restricted cash	788	363
Other non-current assets	137	0
Total assets	321,492	147,186
Current liabilities:
Accounts payable	11,418	13,044
Accrued expenses	10,965	13,045
Lease liabilities, short-term (related-party of $273 and $243 as of December 31, 2022 and December 31, 2021, respectively)	273	1,920
Legal settlement accrual	9,450	3,701
Note payable	0	15,051
Credit facility	0	20,000
Convertible debt, current	0	695
Interest payable, convertible notes, current	0	25
Other current liabilities	4,311	1,153
Total current liabilities	36,417	68,634
Lease liabilities, long-term (related-party of $550 and $822 as of December 31, 2022 and December 31, 2021, respectively)	550	970
Debt facility, long-term	75,000	35,000
Convertible debt, long-term	102,325	0
Warrant liabilities	463	3,726
Earnout liabilities	53	0
Other non-current liabilities	124	119
Total liabilities	214,932	108,449
Commitments and contingencies (Note 14)
Stockholders' deficit:
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2022 and 2021	0	0
Treasury stock	0	(5)
Additional paid-in capital	270,037	86,830
Accumulated other comprehensive loss	(1,675)	0
Loans to stockholders	0	(15,192)
Accumulated deficit	(161,803)	(32,897)
Total stockholders' deficit	106,560	38,737
Total liabilities, and stockholders' equity	321,492	147,186
Dave OD Funding I, LLC
Current assets:
Cash and cash equivalents	12,030	26,239
Member advances, eligible receivables net of allowance for unrecoverable advances	71,545	35,835
Debt facility commitment fee, current	62	470
Debt facility commitment fee, long-term	75	131
Total assets	83,712	62,675
Current liabilities:
Accounts payable	531	411
Current portion of debt facility	0	20,000
Other current liabilities	0	400
Debt facility, long-term	75,000	35,000
Warrant liabilities	0	3,726
Total liabilities	75,531	59,537
Class A common stock [Member]
Stockholders' deficit:
Common stock	1	1
Class V common stock [Member]
Stockholders' deficit:
Common stock	$ 0	$ 0

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Accrued charitable contributions	$ 3,067	$ 7,164
Accrued compensation	1,534	1,522
Sales tax payable	1,357	1,208
Accrued professional and program fees	4,008	2,163
Other	999	988
Total	$ 10,965	$ 13,045

Leases - Schedule of Leasing Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,140	$ 1,424
Short-term lease cost	39	4
Variable lease cost	0	0
Total lease cost	2,179	1,428
Cash paid for operating leases	1,554	1,347
Right-of-use assets obtained in exchange for new operating lease liability	$ 0	$ 2,514
Weighted-average remaining lease term—operating lease	2 years 10 months 6 days	2 years 25 days
Weighted-average discount rate—operating lease	10.00%	10.00%

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of operating revenues

Below is detail of operating revenues (in thousands):


	For the Year Ended
	December 31,
	2022		2021
Service based revenue, net
Processing fees, net	$	106,664	$	79,101
Tips		61,951		45,106
Subscriptions		19,146		17,203
Other		1,099		772
Transaction based revenue, net		15,978		10,831
Total	$	204,838	$	153,013

Summary of assets and liabilities measured at fair value on a recurring basis


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	285	$	—	$	—	$	285
Short-term investments		—		168,789		—		168,789
Total assets	$	285	$	168,789	$	—	$	169,074
Liabilities
Warrant liabilities - public warrants	$	209	$	—	$	—	$	209
Warrant liabilities - private warrants		-		—		254		254
Earnout liabilities		-		—		53		53
Total liabilities	$	209	$	—	$	307	$	516


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	8,226	$	—	$	—	$	8,226
Derivative asset on loans to stockholders		—		—		35,253		35,253
Total assets	$	8,226	$	—	$	35,253	$	43,479
Liabilities
Warrant liabilities	$	-	$	—	$	3,726	$	3,726
Note payable		-		—		15,051		15,051
Total liabilities	$	—	$	—	$	18,777	$	18,777

Summary of roll-forward of the Level 3 private warrant liability

A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2022	$	-
Initial fair value at the merger date		6,681
Change in fair value during the year		(6,428	)
Ending value at December 31, 2022	$	253

Schedule of Earnings Per Share Basic And Diluted

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to holders of common stock (in thousands, except share data):


	For the Year Ended December 31,
		2022			2021
Numerator
Net loss	$	(128,906	)	$	(19,993	)
Less: noncumulative dividend to convertible preferred stockholders		-			-
Less: undistributed earnings to participating securities		-			-
Net loss attributed to common stockholders—basic		(128,906	)		(19,993	)
Add: undistributed earnings reallocated to common stockholders		-			-
Net loss attributed to common stockholders—diluted	$	(128,906	)	$	(19,993	)

Denominator
Weighted-average shares of common stock—basic		11,587,901			4,266,839
Dilutive effect of convertible preferred stock		-			-
Dilutive effect of equity incentive awards		-			-
Weighted-average shares of common stock—diluted		11,587,901			4,266,839

Net loss per share
Basic	$	(11.12	)	$	(4.69	)
Diluted	$	(11.12	)	$	(4.69	)

Summary of computation of diluted net loss (income) per share

The following potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	For the Year Ended December 31,
		2022	2021
Stock options and RSU awards		1,412,726	1,084,586
Convertible debt		312,500	-
Convertible preferred stock		-	6,371,318
Series B-1 warrants		-	70,445
Total		1,725,226	7,526,349

Black Scholes Option Pricing Model [Member]

Summary of roll-forward of the Level 3 private warrant liability

The following table presents the assumptions used to value the private warrant liability for the year ended December 31, 2022:



Exercise price	$	368.00
Expected volatility		106.8	%
Risk-free interest rate		4.1	%
Remaining term	4.01 years
Dividend yield		0	%

Derivative Asset [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (in thousands):


Opening value at January 1, 2021	$	457
Amendment to loan to stockholder		5
Change in fair value during the year		34,791
Ending value at December 31, 2021		35,253
Change in fair value during the year		(5,572	)
Exercise of call option		(29,681	)
Ending value at December 31, 2022	$	-

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the call options for the year ended December 31, 2021:


Expected volatility		57.0	%
Risk-free interest rate	0.1 - 0.6%
Remaining term	0.0 - 1.5 Years

Derivative Liability [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 warrant liability is as follows (in thousands):


Opening value at January 1, 2021	$	-
Initial fair value at the original issuance date		106
Change in fair value during the year		3,620
Ending value at December 31, 2021		3,726
Change in fair value during the year		(361	)
Exercise of warrant		(3,365	)
Ending value at December 31, 2022	$	-

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the warrant liability for the year ended December 31, 2021:


Expected volatility		57.0	%
Risk-free interest rate	0.1 - 0.6%
Remaining term	0.0 - 1.5 Years

Promissory Note [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans


Opening value at January 1, 2021	$	-
Fair value at issuance		14,608
Change in fair value during the year		443
Ending value at December 31, 2021		15,051
Change in fair value during the year		(51	)
Discharge of obligation through the issuance of Common Stock		(15,000	)
Ending value at December 31, 2022	$	-

Earnout Shares Liability [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (dollars in thousands):


Opening value at January 1, 2022	$	-
Initial fair value at the merger date		9,682
Change in fair value during the year		(9,629	)
Ending value at December 31, 2022	$	53

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the year ended December 31, 2022:


Exercise price	$	400.00
Expected volatility		83.9	%
Risk-free interest rate		4.1	%
Remaining term		4.0100
Dividend yield		0	%

Intangible Assets, Net - Summary of Estimated Amortization Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
2023	$ 4,637
2024	3,665
2025	1,811
2026	8
2027	8
Thereafter	34
Intangible Assets, net	$ 10,163	$ 7,849

Significant Accounting Policies - Schedule of Earnings Per Share Basic And Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net loss	$ (128,906)	$ (19,993)
Less: noncumulative dividend to convertible preferred stockholders	0	0
Less: undistributed earnings to participating securities	0	0
Net loss attributed to common stockholders—basic	(128,906)	(19,993)
Add: undistributed earnings reallocated to common stockholders	0	0
Net loss attributed to common stockholders—diluted	$ (128,906)	$ (19,993)
Denominator
Weighted-average shares of common stock—basic	11,587,901	4,266,839
Dilutive effect of convertible preferred stock	0	0
Dilutive effect of equity incentive awards	0	0
Weighted-average shares of common stock—diluted	11,587,901	4,266,839
Net (loss) income per share
Basic	$ (11.12)	$ (4.69)
Diluted	$ (11.12)	$ (4.69)

Debt and Credit Facility

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt and Credit Facility

Note 13 Debt and Credit Facility

In January 2021, Dave OD Funding I, LLC (“Borrower”) entered into a delayed draw senior secured loan facility (the “Debt Facility”) with Victory Park Management, LLC (“Agent”), allowing the Borrower to draw up to $100 million from various lenders associated with Victory Park Management, LLC (the “Lenders”). The Debt Facility has an interest rate of 6.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%. Interest is payable monthly in arrears. The Debt Facility has certain financial covenants, including a requirement to maintain a minimum cash, cash equivalents, or marketable securities balance of $8.0 million as of December 31, 2022, the Company was in compliance with all covenants. Payments of the loan draws are due at the following dates: (i) within five business days after the date of receipt by the Borrower and the Company (each, a “Credit Party”) or any of their subsidiaries of any net cash proceeds in excess of $250 thousand in the aggregate during any fiscal year from any asset sales (other than certain permitted dispositions), the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; (ii) within five business days after the date of receipt by any Credit Party or any of their subsidiaries, or the Agent as loss payee, of any net cash proceeds from any destruction or taking, the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; (iii) within three business days after the date of receipt by any Credit Party or any of their subsidiaries of any net cash proceeds from the incurrence of any indebtedness of any Credit Party or any of their subsidiaries (other than with respect to permitted indebtedness), the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; and (iv) (a) if extraordinary receipts are received by any Credit Party in the aggregate amount in any fiscal year in excess of $250 thousand or (b) if an event of default has occurred and is continuing at any time when any extraordinary receipts are received by any Credit Party, then within five business days of the receipt by any Credit Party of any such extraordinary receipts, the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to (x) 100% of such extraordinary receipts in excess of $250 thousand in respect of clause (a) above and (y) 100% of such extraordinary receipts in respect of clause (b) above. As of December 31, 2022 and December 31, 2021, respectively, the Company had drawn $75.0 million and $35.0 million on the Debt Facility and had made no repayments. The debt facility matures in January 2025.

In November 2021, Dave OD entered into an amendment of the Debt Facility which added a $20 million credit line (as amended, the “Credit Facility”) which has an interest rate of 8.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%. As of December 31, 2022 and 2021, the Company had $0 million and $20 million outstanding on the Credit Facility, respectively. The Company paid off the $20 million credit line on November 11, 2022 when the debt matured.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax (benefit) expense for the years ended December 31, 2022 and 2021, were as follows (dollars in thousands):


	2022			2021
Current:
Federal	$	(6	)	$	41
State		(61	)		115
Total current		(67	)		156
Deferred:
Federal		-			(59	)
State		-			-
Total deferred		-			(59	)
Provision for income taxes	$	(67	)	$	97

Schedule of Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rate

A reconciliation between the Company’s federal statutory tax rate and its effective tax rate for the years ended December 31, 2022 and 2021, is as follows:


	2022			2021
Federal statutory tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		1.3	%		22.2	%
Derivative asset		-0.9	%		36.7	%
Warrant liability		2.3	%		-3.8	%
Earnout liability		1.6	%		0.0	%
Stock-based compensation		-4.7	%		-2.7	%
Other		-0.7	%		-0.5	%
Research and development tax credit - federal		1.7	%		5.9	%
Change in valuation allowance		-21.5	%		-79.3	%
Effective tax rate		0.1	%		-0.5	%

Components of Deferred Tax Assets and Liabilities

The major components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021, consists of the following (dollars in thousands):


	2022			2021
Deferred tax assets:
Net operating loss carryforward	$	22,858		$	14,232
Allowance for Member advances		5,911			3,488
Research and development tax credit		5,410			2,117
Accrued expenses		2,726			1,249
Accrued compensation		282			356
Lease liability		198			840
Stock-based compensation		1,535			355
Excess interest expense carryforward		1,806			497
Section 174 R&E expenditures		7,411			-
Other		663			146
Total deferred tax assets		48,800			23,280
Deferred tax liabilities:					-
Property and equipment		(101	)		(2,354	)
Right of use asset		(177	)		(785	)
Other		(491	)		(235	)
Total deferred tax liabilities		(769	)		(3,374	)
Total net deferred tax assets before valuation allowance		48,031			19,906
Less: valuation allowance		(48,031	)		(19,906	)
Total net deferred taxes	$	-		$	-

Schedule of Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the Company’s gross unrecognized tax benefits as of December 31, 2022 and 2021 is as follows (dollars in thousands):


	2022		2021
Balance at beginning of year	$	456	$	111
Increases to prior positions		-		204
Decreases to prior positions		-		(0	)
Increases for current year positions		393		141
Balance at end of year	$	849	$	456

Fair Value of Financial Instruments - Summary Of Fair Value Of The Derivative Asset And Liability (Details)	Dec. 31, 2021 yr
Derivative Asset [Member] \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	57.0
Derivative Asset [Member] \| Minimum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	0.1
Derivative Asset [Member] \| Minimum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	0.0
Derivative Asset [Member] \| Maximum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	0.6
Derivative Asset [Member] \| Maximum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	1.5
Derivative Liability [Member] \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	57.0
Derivative Liability [Member] \| Minimum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.1
Derivative Liability [Member] \| Minimum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.0
Derivative Liability [Member] \| Maximum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.6
Derivative Liability [Member] \| Maximum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	1.5

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 20 Income Taxes

The components of income tax (benefit) expense for the years ended December 31, 2022 and 2021, were as follows (dollars in thousands):


	2022			2021
Current:
Federal	$	(6	)	$	41
State		(61	)		115
Total current		(67	)		156
Deferred:
Federal		-			(59	)
State		-			-
Total deferred		-			(59	)
Provision for income taxes	$	(67	)	$	97

A reconciliation between the Company’s federal statutory tax rate and its effective tax rate for the years ended December 31, 2022 and 2021, is as follows:


	2022			2021
Federal statutory tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		1.3	%		22.2	%
Derivative asset		-0.9	%		36.7	%
Warrant liability		2.3	%		-3.8	%
Earnout liability		1.6	%		0.0	%
Stock-based compensation		-4.7	%		-2.7	%
Other		-0.7	%		-0.5	%
Research and development tax credit - federal		1.7	%		5.9	%
Change in valuation allowance		-21.5	%		-79.3	%
Effective tax rate		0.1	%		-0.5	%

The major components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021, consists of the following (dollars in thousands):


	2022			2021
Deferred tax assets:
Net operating loss carryforward	$	22,858		$	14,232
Allowance for Member advances		5,911			3,488
Research and development tax credit		5,410			2,117
Accrued expenses		2,726			1,249
Accrued compensation		282			356
Lease liability		198			840
Stock-based compensation		1,535			355
Excess interest expense carryforward		1,806			497
Section 174 R&E expenditures		7,411			-
Other		663			146
Total deferred tax assets		48,800			23,280
Deferred tax liabilities:					-
Property and equipment		(101	)		(2,354	)
Right of use asset		(177	)		(785	)
Other		(491	)		(235	)
Total deferred tax liabilities		(769	)		(3,374	)
Total net deferred tax assets before valuation allowance		48,031			19,906
Less: valuation allowance		(48,031	)		(19,906	)
Total net deferred taxes	$	-		$	-

As of December 31, 2022, the Company had $94.8 million of federal and $56.7 million of combined state net operating loss (“NOL”) carryforwards available to offset future taxable income. The federal NOLs do not expire; however, they are subject to a utilization limit of 80% of taxable income in any given year. The State NOLs begin to expire in 2031, except for $13.9 million of state NOLs that do not expire. Internal Revenue Code Section 382 imposes limitations on the utilization of NOLs in the event of certain changes in ownership of the Company. The Company has not yet completed a comprehensive analysis of its past ownership changes. Depending upon the degree of those past ownership changes, and any future ownership changes, annual limits may impair the Company’s ability to utilize NOLs and could cause federal and state income taxes to be due sooner than if no such limitations applied.

The realization of deferred tax assets is dependent upon future sources of taxable income. Available positive and negative evidence is considered in making this determination. Due to a history of losses and uncertainty as to future taxable income, realization of the deferred tax assets is limited to the anticipated reversal of certain deferred tax liabilities. Management determined that there were insufficient federal and state deferred tax liabilities to offset all of the federal and state deferred tax assets at December 31, 2022 and 2021. Therefore, management believes it is more-likely-than-not that the net federal and state deferred assets will not be fully realized and has recorded valuation allowances in the amounts of $48.0 million and $19.9 million, as of December 31, 2022 and 2021, respectively.

A reconciliation of the Company’s gross unrecognized tax benefits as of December 31, 2022 and 2021 is as follows (dollars in thousands):


	2022		2021
Balance at beginning of year	$	456	$	111
Increases to prior positions		-		204
Decreases to prior positions		-		(0	)
Increases for current year positions		393		141
Balance at end of year	$	849	$	456

As of December 31, 2022, the Company had $0.9 million of gross unrecognized tax benefits related to state income taxes and federal and state R&D tax credits. The unrecognized tax benefits of $0.1 million as of December 31, 2022, would, if recognized, affect the effective tax rate. Although it is possible that the amount of unrecognized tax benefits with respect to the uncertain tax positions will increase or decrease in the next 12 months, the Company does not expect material changes.

The Company recognized insignificant amounts of interest expense as a component of income tax expense during the years ended December 31, 2022 and 2021. The income tax related accrued interest amounts were also insignificant as of December 31, 2022 and 2021, respectively.

On August 16, 2022, the President signed into law the Inflation Reduction Act of 2022 which contained provisions effective January 1, 2023, including a 15% corporate minimum tax and a 1% excise tax on stock buybacks, both of which we expect to be immaterial to our financial results, financial position and cash flows.

The Company is subject to examination by taxing authorities in the jurisdictions in which it files tax returns, including federal, California, and various other state jurisdictions. The federal statute of limitations remains open for the tax periods December 31, 2019 and thereafter. The California statute of limitations remains open for the tax periods December 31, 2018 and thereafter. The statute of limitations for the various other state jurisdictions remains open for the tax periods December 31, 2019, the initial filing period in the other jurisdictions, and thereafter.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating revenues:
Revenues	$ 204,838	$ 153,013
Operating expenses:
Provision for unrecoverable advances	66,266	32,174
Processing and servicing costs	31,946	23,459
Advertising and marketing	69,038	51,454
Compensation and benefits	103,432	49,544
Other operating expenses	68,551	43,260
Total operating expenses	339,233	199,891
Other (income) expenses:
Interest income	(2,953)	(287)
Interest expense	9,197	2,545
Legal settlement and litigation expenses	6,282	1,667
Other strategic financing and transactional expenses	4,591	264
Gain on extinguishment of liability	(4,290)	0
Changes in fair value of earnout liabilities	(9,629)	0
Changes in fair value of derivative asset on loans to stockholders	5,572	(34,791)
Changes in fair value of public and private warrant liabilities	(14,192)	3,620
Total other income, net	(5,422)	(26,982)
Net loss before (benefit from) provision for income taxes	(128,973)	(19,896)
(Benefit from) provision for income taxes	(67)	97
Net loss	$ (128,906)	$ (19,993)
Net (loss) income per share
Basic	$ (11.12)	$ (4.69)
Diluted	$ (11.12)	$ (4.69)
Weighted-average shares used to compute net loss per share
Basic	11,587,901	4,266,839
Diluted	11,587,901	4,266,839
Service based revenue, net [Member]
Operating revenues:
Revenues	$ 188,860	$ 142,182
Transaction based revenue, net [Member]
Operating revenues:
Revenues	$ 15,978	$ 10,831

Accrued Expenses and Other Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Asset Pledged as Collateral [Member]
Debt Instrument, Collateral Fee	$ 3.2	$ 4.7

The Reverse Recapitalization and Related Transactions - Summary of Net Assets of VPCC (Detail) - VPCC Acquisiton [Member] $ in Millions	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Cash	$ 202.0
Other assets	0.7
Other current liabilities	(3.2)
Accrued expenses	(0.2)
Earned liabilities	(9.7)
Net assets acquired	175.3
Warrant [Member] \| Public Warrant [Member]
Business Acquisition [Line Items]
Warrant liability	(7.6)
Warrant [Member] \| Private Warrant [Member]
Business Acquisition [Line Items]
Warrant liability	$ (6.7)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options

The following table presents the weighted-average assumptions used to value options granted during the year ended December 31, 2021:


Expected term	6.0 years
Risk-free interest rate		0.9	%
Expected dividend yield		0.0	%
Expected volatility		60.7	%

The Company had no stock options granted for the year ended December 31, 2022.

Summary of Stock Option Activity

Activity with respect to stock options is summarized as follows:


	Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2021		974,430		$	17.49		8.7	$	5,548
Granted		563,639		$	23.17
Exercised		(162,285	)	$	11.01
Forfeited		(277,727	)	$	21.49
Expired		(13,471	)	$	20.30
Options outstanding, December 31, 2021		1,084,586		$	20.35		8.5	$	288,784
Granted		-		$	-
Exercised		(115,113	)	$	14.10
Forfeited		(44,517	)	$	21.76
Expired		(20,736	)	$	22.28
Options outstanding, December 31, 2022		904,220		$	21.04		7.3	$	655
Nonvested options, December 31, 2022		546,351		$	23.11		7.9	$	1
Vested and exercisable, December 31, 2022		357,869		$	17.87		6.4	$	654

Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Restricted Stock Activity

Activity with respect to Restricted Stock Issued to Employees is summarized as follows:



	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2021		74,218		$	29.76
Granted		-		$	-
Vested		(74,218	)	$	29.76
Forfeited		-		$	-
Nonvested shares at December 31, 2021		-		$	-

Non-Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Restricted Stock Activity

Activity with respect to Restricted Stock Issued to Non-Employee is summarized as follows:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2021		162		$	29.76
Granted		-		$	-
Vested		(162	)	$	29.76
Forfeited		-		$	-
Nonvested shares at December 31, 2021		-		$	-

Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options

The following table presents the key inputs and assumptions used to value the options granted to the Chief Executive Officer on the grant date:


Remaining term	10.0 years
Risk-free interest rate		1.5	%
Expected dividend yield		0.0	%
Expected volatility		40.0	%

Summary of Restricted Stock Activity

Activity with respect to RSUs is summarized as follows:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2022		-		$	-
Granted		754,196		$	146.14
Vested		(149,277	)	$	196.60
Forfeited		(96,413	)	$	193.91
Nonvested shares at December 31, 2022		508,506		$	122.27

The Reverse Recapitalization and Related Transactions - Summary of Common Stock Issued (Parenthetical) (Detail) - Adjustment To APIC Related To The Reverse Recapitalization [Member] $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 175.3
Dave Class A Common Stock [Member]
Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Business Combination [Line Items]
Conversion Of Convertible Preferred Stock Into Common Stock In Connection With Reverse Recapitalization	$ 72.2