0000950170-24-026024 | 10-K | XBRL Viewer

Leases (Tables)

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31
	2023		2022
Operating lease cost	$	331	$	2,140
Short-term lease cost		-		39
Total lease cost	$	331	$	2,179


	Year Ended December 31
	2023		2022
Other information:
Cash paid for operating leases	$	351	$	1,554
Weighted-average remaining lease term - operating lease		298		2.85
Weighted-average discount rate - operating lease				10	%

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease payments as of December 31, 2023, were as follows (in thousands):


Year	Related-Party Commitment
2024	$	366
2025		383
2026		76
Thereafter		148
Total minimum lease payments	$	973
Less: imputed interest		(132	)
Total lease liabilities	$	841

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares \| shares	508,506
Granted, Shares \| shares	1,980,437
Vested, Shares \| shares	(336,417)
Forfeited, Shares \| shares	(425,887)
Ending Balance, Shares \| shares	1,726,639
Beginning Balance, Weighted Average Grant-Date Fair Value \| $ / shares	$ 122.27
Granted, Weighted Average Grant-Date Fair Value \| $ / shares	4.94
Vested, Weighted Average Grant-Date Fair Value \| $ / shares	62.25
Forfeited, Weighted Average Grant-Date Fair Value \| $ / shares	26.11
Ending Balance, Weighted Average Grant-Date Fair Value \| $ / shares	$ 23.10

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2023
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	$ 6.0
Legal Settlement Expense [Member] \| July 2020 Data Breach [Member]
Commitments And Contingencies [Line Items]
Loss contingency estimate of possible loss	4.1
Legal settlement expense	3.9
Remaining legal settlement amount	$ 0.2	$ 0.2

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net loss	$ (48,517)	$ (128,906)
Unrealized gain (loss) on available-for-sale securities	2,324	(1,675)
Comprehensive loss	$ (46,193)	$ (130,581)

- Definition

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

+ References

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+ Details

Member Advances, Net

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Member Advances, Net

Note 5 Member Advances, Net

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

Below is a detail of Member advances, net as of December 31, 2023 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	98,553	$	(2,676	)	$	95,877
11-30		16,442		(4,020	)		12,422
31-60		7,038		(4,576	)		2,462
61-90		5,719		(4,470	)		1,249
91-120		5,404		(4,568	)		836
Total	$	133,156	$	(20,310	)	$	112,846

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


Days From Origination	Gross Member Advances		Allowance for Credit Losses			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

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


Opening allowance balance at January 1, 2023	$	24,501
Plus: provision for credit losses		58,386
Plus: amounts recovered		12,685
Less: amounts written-off		(75,262	)
Ending allowance balance at December 31, 2023	$	20,310

Opening allowance balance at January 1, 2022	$	11,995
Plus: provision for credit losses		66,266
Plus: amounts recovered		9,494
Less: amounts written-off		(63,254	)
Ending allowance balance at December 31, 2022	$	24,501

The provision for credit losses for the year ended December 31, 2023 was lower compared the year ended December 31, 2022, due primarily to improved collections performance throughout the year and lower amounts outstanding 31 days to 120 days from origination. The increase in amounts written-off for the year ended December 31, 2023 compared to the year ended December 31, 2022, was primarily as result of higher member advance disbursements, which increased from $2,709 million to $3,629 million, offset by improved collections performance year over year.

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Options outstanding	904,220	1,084,586
Granted	335,502
Exercised	(13,099)	(115,113)
Forfeited	(143,068)	(44,517)
Expired	(316,726)	(20,736)
Ending Options outstanding	766,829	904,220	1,084,586
Nonvested options, Shares	410,075
Vested and exercisable, Shares	356,754
Beginning Weighted- Average Exercise Price Options outstanding	$ 21.04	$ 20.35
Weighted- Average Exercise Price Granted	6.41
Weighted- Average Exercise Price Exercised	2.13	14.1
Weighted- Average Exercise Price Forfeited	21.67	21.76
Weighted- Average Exercise Price Expired	22.84	22.28
Ending Weighted- Average Exercise Price Options outstanding	14.1	$ 21.04	$ 20.35
Nonvested options, Weighted- Average Exercise Price	21.03
Vested and exercisable, Weighted- Average Exercise Price	$ 6.12
Weighted- Average Remaining Contractual Term (years)	6 years 3 months 18 days	7 years 3 months 18 days	8 years 6 months
Nonvested options, Weighted- Average Remaining Contractual Term (years)	7 years 2 months 12 days
Vested and exercisable, Weighted- Average Remaining Contractual Term (years)	5 years 3 months 18 days
Aggregate Intrinsic Value	$ 1,148	$ 655	$ 288,784
Nonvested options, Aggregate Intrinsic Value	100
Vested and exercisable, Aggregate Intrinsic Value	$ 1,047

Income Taxes - Schedule of Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%
State taxes, net of federal benefit	23.30%	1.30%
Non-deductible excess compensation	(2.40%)	0.00%
Warrant liability	0.10%	2.30%
Earnout liability	0.00%	1.60%
Stock-based compensation	(9.10%)	(4.70%)
Other	(1.00%)	(2.00%)
Research and development tax credit - federal	5.60%	1.70%
Return to provision	3.90%	0.40%
Change in valuation allowance	(41.60%)	(21.50%)
Effective tax rate	(0.20%)	0.10%

401(k) Savings Plan - Additional Information (Detail) - 401(k) Savings Plan [Member] - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2023	Dec. 31, 2022
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		$ 2.2	$ 2.1

Stockholders' Equity - Additional Information (Detail)	12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Preferred stock shares outstanding	0	0
Common Class A [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	10,683,736	10,334,220
Common Stock, Shares, Outstanding	10,634,173	10,284,657
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]
Class of Stock [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

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of operating revenues

Below is detail of operating revenues (in thousands):


	For the Year Ended December 31,
	2023		2022
Service based revenue, net
Processing fees, net	$	152,490	$	106,664
Tips		56,945		61,951
Subscriptions		21,483		19,146
Other		1,323		1,099
Transaction based revenue, net
Interchange revenue, net		17,004		10,792
ATM revenue, net		2,605		2,929
Other		7,243		2,257
Total operating revenues, net	$	259,093	$	204,838

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,
		2023			2022
Numerator
Net loss	$	(48,517	)	$	(128,906	)
Net loss attributed to common stockholders—basic		(48,517	)		(128,906	)
Add: undistributed earnings reallocated to common stock		-			-
Net loss attributed to common stockholders—diluted	$	(48,517	)	$	(128,906	)

Denominator
Weighted-average shares of common stock—basic		11,934,699			11,587,901
Dilutive effect of equity incentive awards		-			-
Weighted-average shares of common stock—diluted		11,934,699			11,587,901

Net loss per share
Basic	$	(4.07	)	$	(11.12	)
Diluted	$	(4.07	)	$	(11.12	)

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,
		2023	2022
Equity incentive awards		2,493,468	1,412,726
Convertible debt		312,500	312,500
Total		2,805,968	1,725,226

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforward	$ 32,616	$ 22,858
Allowance for credit losses	5,839	5,911
Research and development tax credit	9,453	5,410
Accrued expenses	1,777	2,726
Accrued compensation	891	282
Lease liability	242	198
Stock-based compensation	926	1,535
Excess interest expense carryforward	3,304	1,806
Section 174 R&E expenditures	11,664	7,411
Other	1,863	663
Total deferred tax assets	68,575	48,800
Deferred tax liabilities
Property and equipment	(120)	(101)
Right of use asset	(222)	(177)
Other	(716)	(491)
Total deferred tax liabilities	(1,058)	(769)
Total net deferred tax assets before valuation allowance	67,517	48,031
Less: valuation allowance	(67,517)	(48,031)
Total net deferred taxes	$ 0	$ 0

Member Advances, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Increase in write-offs due to increase in higher member advances disbursements	$ 3,629	$ 2,709
Minimum [Member]
Financing Receivable, Past Due [Line Items]
Finance receivable, outstanding from origination, term	31 days
Maximum [Member]
Financing Receivable, Past Due [Line Items]
Finance receivable, outstanding from origination, term	120 days

Organization and Nature of Business - Additional Information (Detail) - USD ($)		12 Months Ended
	Jan. 05, 2022	Dec. 31, 2023	Dec. 31, 2022
Bank Charges		$ 35
Bank Overdrafts		5
Daves Advance Service [Member]
Due to Related Parties		$ 500,000
Common stock Class A [Member]
Common stock par value per share		$ 0.0001	$ 0.0001
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

Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 952	$ 285

Related-Party Transactions - Summary of Future Minimum Rental Payments (Detail) - PCJW Properties LLC [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Related Party Lessee Operating Lease Liability Maturity [Line Items]
2024	$ 366
2025	76
2026	383
Thereafter	148
Total minimum lease payments	973
Less: imputed interest	(132)
Total lease liabilities	$ 841

Investments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Accrued interest	$ 0.8	$ 1.4
Interest Income [Member]
Debt Securities, Available-for-Sale [Line Items]
Gain (loss) in investments	$ 1.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 16, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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
Valuation allowance		$ 67,517	$ 48,031
Unrecognized tax benefits		1,325	$ 849	$ 456
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		1,300
Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 106,800
Percentage of subject to utilization limit of taxable income		80.00%
State [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 144,300
Net operating loss carryforwards, expire year		2031
Net operating lease carryforwards not subject to expiration		$ 20,900

Leases - Additional information (Detail) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2020	Jan. 31, 2019	Dec. 31, 2018
PCJW Properties LLC [Member]
Lessee, Lease, Description [Line Items]
Initial lease term of contract		7 years	5 years
Lease rental expense		$ 20	$ 6
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

Subsequent Events - Additional Information (Details) - Purchase Agreement - USD ($) $ in Millions	Mar. 21, 2022	Jan. 29, 2024	Jan. 04, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Convertible promissory note consideration in cash	$ 71.0
Debt Instrument repurchase face amount				$ 71.0
Subsequent Events [Member]
Subsequent Event [Line Items]
Debt instrument principal amount			$ 100.0
Debt Instrument repurchase face amount		$ 71.0

The Reverse Recapitalization and Related Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions	Jan. 05, 2022 USD ($) $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares	Aug. 17, 2021 USD ($) shares
Threshold applicable common share price \| $ / shares	$ 400
Number of options outstanding immediately after the business combination		766,829	904,220	1,084,586
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		6,344,021
Private Placement Warrants [Member]
Warrants outstanding		5,100,214	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
Threshold applicable common share price \| $ / shares	$ 480
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
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

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

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


		December 31, 2023							December 31, 2022
	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	$	21,601	$	(8,461	)	$	13,140	$	21,694	$	(11,605	)	$	10,089
Domain name	15.0 Years		121		(55	)		66		121		(47	)		74
Intangible assets, net		$	21,722	$	(8,516	)	$	13,206	$	21,815	$	(11,652	)	$	10,163

Summary of Estimated Amortization Expenses

The future estimated amortization expenses as of December 31, 2023, were as follows (in thousands):


2024		6,184
2025		4,383
2026		2,597
2027		8
Thereafter		34
Total future amortization	$	13,206

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.6	$ 0.4

Member Advances, Net - Summary of Allowance for Unrecoverable Advances (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
Beginning balance	$ 24,501	$ 11,995
Plus: provision for credit losses	58,386	66,266
Plus: amounts recovered	12,685	9,494
Less: amounts written-off	(75,262)	(63,254)
Ending balance	$ 20,310	$ 24,501

Investments - Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Investment Securities that were in Unrealized Loss Positions (Detail) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	$ 13,084	$ 140,573
Less Than 12 Months, Unrealized Loss	(63)	(1,815)
12 Months or More, Fair Value	15,263	0
12 Months or More, Unrealized Loss	(296)	0
Total, Fair Value	28,348	140,573
Total, Unrealized Loss	(359)	(1,815)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	9,271	129,573
Less Than 12 Months, Unrealized Loss	(50)	(1,769)
12 Months or More, Fair Value	14,989	0
12 Months or More, Unrealized Loss	(295)	0
Total, Fair Value	24,261	129,573
Total, Unrealized Loss	(345)	(1,769)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	0	11,000
Less Than 12 Months, Unrealized Loss	0	(46)
12 Months or More, Fair Value	274	0
12 Months or More, Unrealized Loss	(1)	0
Total, Fair Value	274	11,000
Total, Unrealized Loss	(1)	(46)
Government securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	3,813	0
Less Than 12 Months, Unrealized Loss	(13)	0
12 Months or More, Fair Value	0	0
12 Months or More, Unrealized Loss	0	0
Total, Fair Value	3,813	0
Total, Unrealized Loss	$ (13)	$ 0

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 6 Property and Equipment, Net

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


	December 31, 2023			December 31, 2022
Computer equipment	$	1,133		$	1,027
Leasehold improvements		1,178			707
Furniture and fixtures		93			18
Total property and equipment		2,404			1,752
Less: accumulated depreciation		(1,286	)		(726	)
Property and equipment, net	$	1,118		$	1,026

Depreciation expense for the years ended December 31, 2023 and 2022, was approximately $0.6 million and $0.4 million, respectively.

The Reverse Recapitalization and Related Transactions (Tables)

12 Months Ended

Dec. 31, 2023

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

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 13 Leases

In January 2019, the Company entered into a lease agreement with PCJW Properties LLC (“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 $0.02 million, subject to an annual escalation of 5%.

In December 2018, the Company entered into a sublease agreement with PCJW, controlled by Company’s founders (including the Company’s CEO), for general office space next to the aforementioned leased property in Los Angeles, California. The lease term was five years subject to early termination by either party, beginning November 2018 and ending October 2023. In November 2023, the Company extended the sublease for five more years ending October 2028. Under the terms of the sublease, the current monthly rent is $0.006 million, subject to an annual escalation of 4%.

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
	2023		2022
Operating lease cost	$	331	$	2,140
Short-term lease cost		-		39
Total lease cost	$	331	$	2,179


	Year Ended December 31
	2023		2022
Other information:
Cash paid for operating leases	$	351	$	1,554
Weighted-average remaining lease term - operating lease		298		2.85
Weighted-average discount rate - operating lease				10	%

The future minimum lease payments as of December 31, 2023, were as follows (in thousands):


Year	Related-Party Commitment
2024	$	366
2025		383
2026		76
Thereafter		148
Total minimum lease payments	$	973
Less: imputed interest		(132	)
Total lease liabilities	$	841

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (48,517)	$ (128,906)

- Definition

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

+ References

+ Details

Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Financing receivable weighted average maturity	40 days	48 days
Marketable securities, gain	$ 0.4	$ 0.4

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Below is a summary of investments, which are measured at fair value as of December 31, 2023 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	69,087	$	670	$	(345	)	$	69,412
Asset-backed securities		313		-		(1	)		312
Government securities		43,177		338		(13	)		43,502
Total	$	112,577	$	1,008	$	(359	)	$	113,226

Below is a summary of 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	$	100	$	(1,769	)	$	149,576
Asset-backed securities		16,269		31		(46	)		16,254
Government securities		2,950		9		-			2,959
Total	$	170,464	$	140	$	(1,815	)	$	168,789

Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Investment Securities that were in Unrealized Loss Positions

The gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows (in thousands):


	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2023
Corporate bonds	$	9,271	$	(50	)	$	14,989	$	(295	)	$	24,261	$	(345	)
Asset-backed securities		-		-			274		(1	)		274		(1	)
Government securities		3,813		(13	)		-		-			3,813		(13	)
Total	$	13,084	$	(63	)	$	15,263	$	(296	)	$	28,348	$	(359	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2022
Corporate bonds	$	129,573	$	(1,769	)	$	-	$	-		$	129,573	$	(1,769	)
Asset-backed securities		11,000		(46	)		-		-			11,000		(46	)
Government securities		-		-			-		-			-		-
Total	$	140,573	$	(1,815	)	$	-	$	-		$	140,573	$	(1,815	)

Schedule of Contractual Maturities of Available-for-sale Investment Securities

As of December 31, 2023, the contractual maturities of available-for-sale investment securities were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	85,697	$	86,338
Due after one year through five years	$	26,880	$	26,888
Total	$	112,577	$	113,226

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Leases - Schedule of Leasing Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 331	$ 2,140
Short-term lease cost		39
Total lease cost	331	2,179
Cash paid for operating leases	$ 351	$ 1,554
Weighted-average remaining lease term—operating lease	298 years	2 years 10 months 6 days
Weighted-average discount rate—operating lease		10.00%

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 5, 2023, Dan Preston, a member of our Board of Directors, entered into a pre-arranged stock trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act. Mr. Preston’s plan provides for (i) the potential exercise of vested stock options and the associated sale of up to 24,125 shares of Dave Class A Common Stock and (ii) the potential sale of up to an additional 31,405 shares of Dave Class A Common Stock. Mr. Preston’s plan commences on January 1, 2024 and expires on December 31, 2024, subject to the plan's earlier expiration or completion in accordance with its terms.
Name	Dan Preston
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	January 1, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 31, 2024
Aggregate Available	24,125
Additional shares [Member]
Trading Arrangements, by Individual
Aggregate Available	31,405

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

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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”).

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 may only be used to settle obligations of Dave OD.

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 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) Allowance for credit losses; and

(ii) 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,
	2023		2022
Service based revenue, net
Processing fees, net	$	152,490	$	106,664
Tips		56,945		61,951
Subscriptions		21,483		19,146
Other		1,323		1,099
Transaction based revenue, net
Interchange revenue, net		17,004		10,792
ATM revenue, net		2,605		2,929
Other		7,243		2,257
Total operating revenues, net	$	259,093	$	204,838

Service Based Revenue, Net:

Service based revenue, net primarily consists of optional tips, optional 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 of the advance approval, as opposed to the customary two or three business days. 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, 2023 and 2022, were $3.3 million and $5.5 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.

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 monthly contract period.

Price concessions granted to Members who have insufficient funds when subscription fees are due and not collected 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 amounts collected from Members.

Other service based revenue consists of lead generation fees from the Company’s Side Hustle advertising partners and revenue share from its survey 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 funding and withdrawal-related transactions, volume support from a certain co-branded agreement, fees earned related to the Rewards Product for Members who make debit card spending transactions at participating merchants, 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 represents a percentage of the underlying transaction value processed through a payment network. ATM fees earned from the Member’s usage of out-of-network reduced by related ATM transaction costs during the years ended December 31, 2023 and 2022, were $2.6 million and $2.9 million, respectively. ATM-related fees recognized as a reduction of transaction based revenue during the years ended December 31, 2023 and 2022, were $1.8 million and $0.7 million, respectively.

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.

Investments

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 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 loss. 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 credit losses. 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 Credit Losses

Member advances from contracts with Members as of the balance sheet dates are recorded at their original advance amounts, inclusive of outstanding processing fees and tips, and reduced by an allowance for expected credit losses. The Company pools its Member advances, all of which are short-term (average term of approximately 11 days) in nature and arise from contracts with Members, based on shared risk characteristics to assess their risk of loss, even when that risk is remote. The Company uses an aging method and historical loss rates as a basis for estimating the percentage of current and delinquent Member advances balances that will result in credit losses to derive the allowance for credit losses. The Company considers whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions warrant an adjustment to its historical loss experience. In assessing such adjustments, the Company primarily evaluates current economic conditions, expectations of near-term economic trends and changes in customer payment terms, collection trends and cash collections subsequent to the balance sheet date. For the measurement dates presented herein, given its methods of collecting funds, and that the Company has not observed meaningful changes in its customers’ payment behavior, it determined that its historical loss rates remained most indicative of its lifetime expected losses. The Company immediately recognizes an allowance for expected credit losses upon the origination of the advance. Adjustments to the allowance each period for changes in the estimate of lifetime

expected credit losses are recognized in operating expenses—provision for credit losses in the consolidated statements of operations.

When the Company determines that a Member advance is not collectible, or after 120 days from origination has passed, the uncollectible amount is written-off as a reduction to both the allowance and the gross asset balance. Based on the average advance outstanding Member advance term of approximately 11 days, advances outstanding 12 or more days from origination may be considered past due. Subsequent recoveries are recorded when received and are recorded as a recovery of the allowance for expected credit losses. Any change in circumstances related to a specific Member advance may result in an additional allowance for expected credit losses being recognized in the period in which the change occurs.

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, 2023 and 2022, were $7.6 million and $8.6 million, respectively. Additionally, $7.7 million related to the Company's legacy advance application software asset has been fully amortized and written off as of June 2023.

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 advances, and accounts receivable. The Company’s cash and cash equivalents and restricted cash in excess of the Federal Deposit Insurance Corporation insured limits were approximately $40.9 million and $20.7 million at December 31, 2023 and 2022, 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 advances balances as of December 31, 2023 and December 31, 2022.

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.

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. Subsequent modifications to outstanding awards result in incremental cost if the fair value is increased as a result of the modification.

Restricted Stock Unit Awards:

Restricted stock units (“RSUs”) are valued on the grant date. The fair value of the RSUs that vest based solely on a service condition is equal to the estimated fair value of the Company’s Common Stock on the grant date. This compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For RSUs that contain both a market condition and a service condition, market volatility and other factors are taken into consideration in determining the grant date fair value and the related compensation expense is recognized on a straight-line basis over the requisite service period of each separately vesting tranche, regardless of whether the market condition is satisfied, provided that the requisite service has been provided. These costs are 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. 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.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2023 and 2022, were $48.4 million and $69.0 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 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 $1.3 million and $0.9 million of uncertain tax positions as of December 31, 2023 and 2022, 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 $0.005 million of interest expense and penalties as a component of income tax expense during the year ended December 31, 2023 and 2022, respectively. There were $0.016 million and $0.012 million of accrued interest expense and penalties as of December 31, 2023 and 2022, 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 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, 2023.

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 17, 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,
		2023			2022
Numerator
Net loss	$	(48,517	)	$	(128,906	)
Net loss attributed to common stockholders—basic		(48,517	)		(128,906	)
Add: undistributed earnings reallocated to common stock		-			-
Net loss attributed to common stockholders—diluted	$	(48,517	)	$	(128,906	)

Denominator
Weighted-average shares of common stock—basic		11,934,699			11,587,901
Dilutive effect of equity incentive awards		-			-
Weighted-average shares of common stock—diluted		11,934,699			11,587,901

Net loss per share
Basic	$	(4.07	)	$	(11.12	)
Diluted	$	(4.07	)	$	(11.12	)

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,
		2023	2022
Equity incentive awards		2,493,468	1,412,726
Convertible debt		312,500	312,500
Total		2,805,968	1,725,226

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The amendments require disclosure of incremental segment information on an annual and interim basis. The amendments also require companies with a single reportable segment to provide all disclosures required by this amendment and all existing segment disclosures in Accounting Standards Codification 280, Segment Reporting. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company expects the adoption of the standard to result in additional segment footnote disclosures.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The amendments require enhanced disclosures in connection with an entity's effective tax rate reconciliation, income taxes paid disaggregated by jurisdiction, and clarification on uncertain tax positions and related financial statement impacts. The amendments are effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its financial statements.

Recently Adopted Accounting Pronouncements:

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. The Company adopted this ASU on January 1, 2023 and determined that ASU 2016-13 had no material impact on the Company’s consolidated financial statements and related disclosures.

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 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.

Related-Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 17 Related-Party Transactions

Leasing Arrangements:

For each of the years ended December 31, 2023 and 2022, the Company paid $0.3 million under lease agreements with PCJW, which is controlled by the Company's founders (including the Company's CEO) for general office space in Los Angeles, California.

The following is a schedule of future minimum rental payments as of December 31, 2023, under Company’s sublease for the properties located in Los Angeles, California signed with PCJW (in thousands):


Year	Related-Party Commitment
2024	$	366
2025	$	383
2026	$	76
Thereafter		148
Total minimum lease payments	$	973
Less: imputed interest		(132	)
Total lease liabilities	$	841

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:

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.

Debt Facility

Brendan Carroll, a Senior Partner at Victory Park Capital Advisors, LLC ("VPC") joined the board of directors of the Company upon closing of the Business Combination. Interest expense related to the Debt Facility totaled $8.6 million for the year ended December 31, 2023. For more information about the Debt Facility with VPC, refer to Note 11, Debt Facility.

Legal Services

The law firm of Mitchell Sandler LLC, of which the Company's director Andrea Mitchell is a partner, provided legal services to the Company, which totaled $0.8 million for the year ended December 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

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


	December 31, 2023		December 31, 2022
Marketable securities	$	952	$	285
Total	$	952	$	285

Fair Value of Financial Instruments - Summary of Roll-Forward of the Level 1 Public Warrant Liability (Detail) (Details) (Details) - Public Placement Warrants [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 209
Change in fair value during the period	(112)
Ending value	$ 97

Income Taxes - Schedule of Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 849	$ 456
Increases to prior positions	0	0
Decreases to prior positions	0	0
Increases for current year positions	476	393
Balance at end of year	$ 1,325	$ 849

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax (benefit) expense for the years ended December 31, 2023, and 2022 were as follows (dollars in thousands):


	2023		2022
Current:
Federal	$	-	$	(6	)
State		120		(61	)
Total current		120		(67	)
Deferred:
Federal		-		-
State		-		-
Total deferred		-		-
Provision for (benefit from) income taxes	$	120	$	(67	)

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, 2023 and 2022 is as follows:


	2023			2022
Federal statutory tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		23.3	%		1.3	%
Non-deductible excess compensation		-2.4	%		0.0	%
Warrant liability		0.1	%		2.3	%
Earnout liability		0.0	%		1.6	%
Stock-based compensation		-9.1	%		-4.7	%
Other		-1.0	%		-2.0	%
Research and development tax credit - federal		5.6	%		1.7	%
Return to provision		3.9	%		0.4	%
Change in valuation allowance		-41.6	%		-21.5	%
Effective tax rate		-0.2	%		0.1	%

Components of Deferred Tax Assets and Liabilities

The major components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022, consists of the following (dollars in thousands):


	2023			2022
Deferred tax assets:
Net operating loss carryforward	$	32,616		$	22,858
Allowance for credit losses		5,839			5,911
Research and development tax credit		9,453			5,410
Accrued expenses		1,777			2,726
Accrued compensation		891			282
Lease liability		242			198
Stock-based compensation		926			1,535
Excess interest expense carryforward		3,304			1,806
Section 174 R&E expenditures		11,664			7,411
Other		1,863			663
Total deferred tax assets		68,575			48,800
Deferred tax liabilities:
Property and equipment		(120	)		(101	)
Right of use asset		(222	)		(177	)
Other		(716	)		(491	)
Total deferred tax liabilities		(1,058	)		(769	)
Total net deferred tax assets before valuation allowance		67,517			48,031
Less: valuation allowance		(67,517	)		(48,031	)
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, 2023 and 2022 is as follows (dollars in thousands):


	2023		2022
Balance at beginning of year	$	849	$	456
Increases to prior positions		-		-
Decreases to prior positions		-		-
Increases for current year positions		476		393
Balance at end of year	$	1,325	$	849

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Note 8 Accrued Expenses and Other Current Liabilities

Accrued Expenses

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


	December 31, 2023		December 31, 2022
Accrued charitable contributions	$	2,212	$	3,067
Accrued compensation		3,605		1,534
Sales tax payable		1,442		1,357
Accrued professional and program fees		4,208		4,008
Other		1,159		999
Total	$	12,626	$	10,965

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, 2023 and 2022, the Company pledged $5.1 million and $3.2 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, 2023		December 31, 2022
Deferred transaction costs	$	3,150	$	3,150
Other		715		1,161
Total	$	3,865	$	4,311

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 - Additional information (Detail) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 13, 2023 USD ($) $ / shares shares	Jun. 09, 2023 USD ($) $ / shares shares	Oct. 31, 2023 USD ($) Tranche shares	Mar. 31, 2023 USD ($) Tranche shares	Dec. 31, 2023 USD ($) Tranche $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021
Share-based payment arrangement, expense					$ 26,700	$ 40,600
Option Strike Price \| $ / shares					$ 23.18
Weighted-average vesting period					6 years 3 months 18 days	7 years 3 months 18 days	8 years 6 months
Share based compensation by share award non vested options subject to forfeiture \| shares					0	5,555
Share based compensation by share based award non vested options subject to forfeiture weighted average exercise price \| $ / shares					$ 22.09
Chief Executive Officer [Member]
Share-based payment arrangement, expense					$ 1,900
Granted, Shares \| shares					358,001
Fair value of the options on the grant date					$ 10,500
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 \| Chief Executive Officer [Member]
Share based payment arrangement number of tranches \| Tranche					9
Restricted Stock [Member]
Granted, Shares \| shares					1,980,437
Stock Compensation Plan [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount					$ 6,500
Unrecognized stock-based compensation cost period for recognition					3 years 1 month 6 days
Stock Compensation Plan [Member] \| Dave Two Thousand and Seventeen Plan [Member]
Expiration period					10 years
Vesting period					4 years
Stock Option Repricing [Member]
Share-based payment arrangement, expense	$ 200	$ 200
Repricing vested and unvested stock options outstanding \| shares	200,571	134,931
Minimum exercise price for repriced options \| $ / shares	$ 22.09	$ 22.09
Maximum exercise price for repriced options \| $ / shares	$ 23.18	$ 23.18
Incremental stock compensation expense for option repricing for vested stock option	$ 170	$ 140
Incremental stock compensation expense for option repricing for unvested stock options	$ 70	$ 60
Weighted-average vesting period	1 year	1 year 3 months 18 days
Stock Option Repricing [Member] \| Dave Two Thousand and Seventeen Plan [Member]
Excercise price for repriced options \| $ / shares	$ 7.23	$ 5.18
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount					$ 38,100
Unrecognized stock-based compensation cost period for recognition					2 years
Restricted Stock Units (RSUs) [Member] \| January 2023 [Member]
Share based payment arrangement number of tranches \| Tranche				6
Granted, Shares \| shares				629,454
Fair value of the options on the grant date				$ 3,000
Restricted Stock Units (RSUs) [Member] \| October 2023 [Member]
Share based payment arrangement number of tranches \| Tranche			6
Granted, Shares \| shares			71,844
Fair value of the options on the grant date			$ 200
Restricted Stock Units (RSUs) [Member] \| Minimum [Member] \| January 2023 [Member]
Derived service periods					2 years
Restricted Stock Units (RSUs) [Member] \| Minimum [Member] \| October 2023 [Member]
Derived service periods					2 years
Restricted Stock Units (RSUs) [Member] \| Maximum [Member] \| January 2023 [Member]
Derived service periods					3 years
Restricted Stock Units (RSUs) [Member] \| Maximum [Member] \| October 2023 [Member]
Derived service periods					3 years

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Summary of future minimum rental payments


Year	Related-Party Commitment
2024	$	366
2025	$	383
2026	$	76
Thereafter		148
Total minimum lease payments	$	973
Less: imputed interest		(132	)
Total lease liabilities	$	841

Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,404	$ 1,752
Less: Accumulated depreciation	(1,286)	(726)
Property and equipment, net	1,118	1,026
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,133	1,027
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,178	707
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 93	$ 18

Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) - Related-Party Commitment [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2024	$ 366
2025	383
2026	76
Thereafter	148
Total minimum lease payments	973
Less: imputed interest	(132)
Total lease liabilities	$ 841

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 41,759	$ 22,889
Marketable securities	952	285
Member advances, net of allowance for credit losses	112,846	104,183
Investments	113,226	168,789
Prepaid income taxes	148	831
Prepaid expenses and other current assets	7,955	11,591
Total current assets	276,886	308,568
Property and equipment, net	1,118	1,026
Lease right-of-use assets (related-party of $773 and $735 as of December 31, 2023 and December 31, 2022, respectively)	773	735
Intangible assets, net	13,206	10,163
Debt facility commitment fee, long-term	318	75
Restricted cash	1,319	788
Other non-current assets	403	137
Total assets	294,023	321,492
Current liabilities:
Accounts payable	5,485	11,418
Accrued expenses	12,626	10,965
Lease liabilities, short-term (related-party of $298 and $273 as of December 31, 2023 and December 31, 2022, respectively)	298	273
Legal settlement accrual	3,330	9,450
Other current liabilities	3,865	4,311
Total current liabilities	25,604	36,417
Lease liabilities, long-term (related-party of $543 and $550 as of December 31, 2023 and December 31, 2022, respectively)	543	550
Debt facility, long-term	75,000	75,000
Convertible debt, long-term	105,451	102,325
Warrant and earnout liabilities	233	516
Other non-current liabilities	129	124
Total liabilities	206,960	214,932
Commitments and contingencies (Note 12)
Stockholders' deficit:
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2023 and December 31, 2022		0
Additional paid-in capital	296,733	270,037
Accumulated other comprehensive gain (loss)	649	(1,675)
Accumulated deficit	(210,320)	(161,803)
Total stockholders' deficit	87,063	106,560
Total liabilities, and stockholders' equity	294,023	321,492
Dave OD Funding I, LLC
Current assets:
Cash and cash equivalents	37,684	12,030
Member advances, net of allowance for credit losses	95,812	71,545
Investments	21,264	0
Debt facility commitment fee, current	139	62
Debt facility commitment fee, long-term	318	75
Total assets	155,217	83,712
Current liabilities:
Accounts payable	661	531
Debt facility, long-term	75,000	75,000
Total liabilities	75,661	75,531
Class A common stock [Member]
Stockholders' deficit:
Common stock	1	1
Class V common stock [Member]
Stockholders' deficit:
Common stock	$ 0	$ 0

Convertible Note Payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Convertible Note Payable

Note 9 Convertible Note Payable

On March 21, 2022, the Company entered into a Convertible Note Purchase Agreement (“Note 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, 2023 was 3.01%. As of December 31, 2023, the outstanding balance of the Note, including paid in-kind interest, was $105.5 million.

On January 29, 2024, the Company repurchased the $105.5 million outstanding balance of the Note as of December 31, 2023 for $71.0 million. For more information on the Purchase Agreement with FTX Ventures, see Note 21, Subsequent Events.

Fair Value of Financial Instruments - Summary of Unobservable Inputs in Measurement of Private Warrants (Detail)	Dec. 31, 2023
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	368
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	107.7
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.01
Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term	3 years 3 days
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0

Accrued Expenses and Other Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Pledged as Collateral [Member]
Debt Instrument, Collateral Fee	$ 5.1	$ 3.2

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]
Fair value of the consideration transferred	$ 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 the convertible preferred stock	$ 72.2

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jan. 03, 2022	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Payment for the repurchase of shares		$ 0	$ 536
Senior Secured Loan Facility \| Victory Park Management, LLC \| Closing of Business Combination [Member]
Related Party Transaction [Line Items]
Interest expense		8,600
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
PCJW Properties LLC [Member] \| Leasing Arrangements [Member]
Related Party Transaction [Line Items]
Operating lease expense		300	$ 300
Mitchell Sandler LLC,
Related Party Transaction [Line Items]
Legal service charges		$ 800

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 16 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 $26.7 million and $40.6 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, 2023 and 2022, respectively.

Stock Option Repricing:

In April 2023, the Company’s Board of Directors approved a repricing of certain previously granted and still outstanding vested and unvested stock option awards held by eligible employees, which was approved by stockholders on June 9, 2023. As a result, the exercise price for these awards was lowered to $5.18 per share, which was the average per share closing price of the Company’s Class A Common Stock as reported on the Nasdaq Global Stock Market for the 30 trading days ending on and including June 9, 2023. No other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing, 134,931 vested and unvested stock options outstanding as of June 9, 2023, with original exercise prices ranging from $22.09 to $23.18, were repriced.

The repricing on June 9, 2023 resulted in incremental stock-based compensation expense of $0.2 million, of which $0.14 million related to vested stock option awards was expensed on the repricing date. The remaining $0.06 million related to unvested stock option awards is being amortized on a straight-line basis over the weighted-average vesting period of those awards of approximately 1.3 years as of June 9, 2023.

In September 2023, the Company’s Board of Directors approved a repricing of certain previously granted and still outstanding vested and unvested stock option awards held by eight remaining eligible employees excluded from the aforementioned June 9 repricing. As a result, the exercise price for these awards was lowered to $7.23 per share, which was the average per share closing price of the Company’s Class A Common Stock as reported on the Nasdaq Global Stock Market for the 30 trading days ending on and including September 13, 2023. No other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing, 200,571 vested and unvested stock options outstanding as of September 13, 2023, with original exercise prices ranging from $22.09 to $23.18, were repriced.

The repricing on September 13, 2023 resulted in incremental stock-based compensation expense of $0.2 million, of which $0.17 million related to vested stock option awards was expensed on the repricing date. The remaining $0.07 million related to unvested stock option awards is being amortized on a straight-line basis over the weighted-average vesting period of those awards of approximately 1.0 years as of September 13, 2023.

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.

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, 2022		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
Granted		335,502		$	6.41
Exercised		(13,099	)	$	2.13
Forfeited		(143,068	)	$	21.67
Expired		(316,726	)	$	22.84
Options outstanding, December 31, 2023		766,829		$	14.10		6.3	$	1,148
Nonvested options, December 31, 2023		410,075		$	21.03		7.2	$	100
Vested and exercisable, December 31, 2023		356,754		$	6.12		5.3	$	1,047

At December 31, 2023, total estimated unrecognized stock-based compensation cost related to unvested stock options prior to that date was $6.5 million, which is expected to be recognized over a weighted-average remaining period of 3.1 years.

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, 2023 and 2022, 0 and 5,555 shares of Common Stock were subject to repurchase at weighted-average prices of $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, 2023		508,506		$	122.27
Granted		1,980,437		$	4.94
Vested		(336,417	)	$	62.25
Forfeited		(425,887	)	$	26.11
Nonvested shares at December 31, 2023		1,726,639		$	23.10

At December 31, 2023, total estimated unrecognized stock-based compensation cost related to nonvested RSUs was $38.1 million, which is expected to be recognized over a weighted-average period of 2.0 years.

During the quarter ended March 31, 2023, the Company granted 629,454 RSUs to certain employees in six tranches. Each of the six tranches contain service and market conditions. The market conditions relate to the achievement of certain specified price targets. Vesting commences on the grant date and the Company determined the fair value of the RSUs on the grant date to be approximately $3.0 million using a Monte Carlo simulation with key inputs and assumptions such as stock price, term, risk-free interest rate, and volatility. The derived service periods determined by the valuation for each of the six tranches range from approximately two years to approximately three 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 RSUs granted during January 2023 that contain service and market conditions on the grant date:


Remaining term	5.0 years
Risk-free interest rate		3.5	%
Expected volatility		79.7	%

During October 2023, the Company granted 71,844 RSUs to certain employees in six tranches. Each of the six tranches contain service and market conditions. The market conditions relate to the achievement of certain specified price targets. Vesting commences on the grant date and the Company determined the fair value of the RSUs on the grant date to be approximately $0.2 million using a Monte Carlo simulation with key inputs and assumptions such as stock price, term, risk-free interest rate, and volatility. The derived service periods determined by the valuation ranges from approximately two years to approximately three years. Each grant will be expensed monthly over the derived service period unless vesting conditions for a particular grant are met, at which point all remaining compensation charges related to that particular grant 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 RSUs granted during October 2023 that contain service and market conditions on the grant date:


Remaining term	4.2 years
Risk-free interest rate		4.9	%
Expected volatility		87.6	%

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 income (loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 38,737	$ 1		$ 86,830	$ (15,192)	$ (5)		$ (32,897)
Beginning balance, Shares at Dec. 31, 2021		9,283,010	1,514,082
Issuance of Class A common stock in connection with stock plans (Value)	1,658			1,658
Issuance of Class A common stock in connection with stock plans (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) gain on available-for-sale securities	(1,675)						$ (1,675)
Net Income (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
Issuance of Class A common stock in connection with stock plans (Value)	34			34
Issuance of Class A common stock in connection with stock plans (Shares)		349,516
Payment for fractional shares on reverse stock split	(12)			(12)
Stock-based compensation	26,674			26,674
Unrealized (loss) gain on available-for-sale securities	2,324						2,324
Net Income (Loss)	(48,517)							(48,517)
Ending balance at Dec. 31, 2023	$ 87,063	$ 1		$ 296,733			$ 649	$ (210,320)
Ending balance, Shares at Dec. 31, 2023		10,634,173	1,514,082

Accrued Expenses and Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Deferred transaction costs	$ 3,150	$ 3,150
Other	715	1,161
Total	$ 3,865	$ 4,311

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating revenues:
Revenues	$ 259,093	$ 204,838
Operating expenses:
Provision for credit losses	58,386	66,266
Processing and servicing costs	28,926	31,946
Advertising and marketing	48,392	69,038
Compensation and benefits	94,910	103,432
Other operating expenses	70,679	68,551
Total operating expenses	301,293	339,233
Other (income) expenses:
Interest income	(5,295)	(2,953)
Interest expense	11,774	9,197
Legal settlement and litigation expenses	0	6,282
Other strategic financing and transactional expenses	0	4,591
Gain on extinguishment of liability	0	(4,290)
Changes in fair value of earnout liabilities	(22)	(9,629)
Changes in fair value of derivative asset on loans to stockholders	0	5,572
Changes in fair value of public and private warrant liabilities	(260)	(14,192)
Total other expense (income), net	6,197	(5,422)
Net loss before provision for (benefit from) income taxes	(48,397)	(128,973)
Provision for (benefit from) income taxes	120	(67)
Net loss	$ (48,517)	$ (128,906)
Net loss per share:
Basic	$ (4.07)	$ (11.12)
Diluted	$ (4.07)	$ (11.12)
Weighted-average shares used to compute net loss per share
Basic	11,934,699	11,587,901
Diluted	11,934,699	11,587,901
Service based revenue, net [Member]
Operating revenues:
Revenues	$ 232,241	$ 188,860
Transaction based revenue, net [Member]
Operating revenues:
Revenues	$ 26,852	$ 15,978

Member Advances, Net (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Summary of Member Advances, Net

Below is a detail of Member advances, net as of December 31, 2023 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	98,553	$	(2,676	)	$	95,877
11-30		16,442		(4,020	)		12,422
31-60		7,038		(4,576	)		2,462
61-90		5,719		(4,470	)		1,249
91-120		5,404		(4,568	)		836
Total	$	133,156	$	(20,310	)	$	112,846

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


Days From Origination	Gross Member Advances		Allowance for Credit Losses			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

Summary of Allowance for Unrecoverable Advances

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


Opening allowance balance at January 1, 2023	$	24,501
Plus: provision for credit losses		58,386
Plus: amounts recovered		12,685
Less: amounts written-off		(75,262	)
Ending allowance balance at December 31, 2023	$	20,310

Opening allowance balance at January 1, 2022	$	11,995
Plus: provision for credit losses		66,266
Plus: amounts recovered		9,494
Less: amounts written-off		(63,254	)
Ending allowance balance at December 31, 2022	$	24,501

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12 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.

1. 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 which is included in the Legal settlement accrual within the consolidated balance sheet for the year ended December 31, 2022.

2. 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, asserting consumer protection and contract claims and seeking compensatory damages, punitive damages, injunctive relief and attorney's fees on behalf of a California class. The Company is in the process of settling this matter on a classwide basis, and the estimated settlement amount of approximately $3.2 million is included in the Legal settlement accrual within the consolidated balance sheets for the years ended December 31, 2023 and December 31, 2022.

The Company has recorded an estimated legal settlement expense of $4.1 million relating to individual claims arising from the July 2020 data breach. During 2023, the Company paid $3.9 million of the estimated $4.1 million in legal settlement expense. The Company plans on settling the remaining amounts in Q1 2024. Legal settlement amounts of approximately $0.2 million are included in the Legal settlement accrual within the consolidated balance sheets for the years ended December 31, 2023 and 2022.

Convertible Note Payable - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 21, 2022	Dec. 31, 2023	Jan. 29, 2024
Debt Instrument [Line Items]
Debt instrument interest rate		3.01%
Conversion price	$ 320
Redemption price percentage	100.00%
Paid-in-Kind Interest		$ 105.5
Purchase Agreement [Member]
Debt Instrument [Line Items]
Debt instrument repurchase amount			$ 105.5
Debt Instrument repurchase face amount		$ 71.0
Note 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%

Organization and Nature of Business

12 Months Ended

Dec. 31, 2023

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. On January 5, 2022, the Company consummated the transactions contemplated by that certain Agreement and Plan of Merger, dated as of June 7, 2021 among VPCC, Dave Inc., a Delaware corporation (“Legacy Dave”), and other entities. In connection with the closing of the transactions, the Company changed its name from “VPC Impact Acquisition Holdings III, Inc.” to “Dave Inc.”

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 high APY savings rates as well as Dave’s Side Hustle product and Surveys, where Dave presents Members with supplemental work and income opportunities, respectively.

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 $35 for access to as little as $5 of overdraft, and 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 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 also notifies Members when there is a chance of an overdraft.

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's Surveys product allows for additional income 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 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”).

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, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 53
Change in fair value during the period	(22)
Ending value	$ 31

Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Amortization of Intangible Assets	$ 4.9	$ 6.3
Impairment charges	0.0	0.0
Intangible Assets, Amortization Period [Member]
Amortization of Intangible Assets	$ 0.3	$ 2.7

Warrant Liabilities

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrant Liabilities

Note 10 Warrant Liabilities

As of December 31, 2023, there were 6,344,021 public warrants (“Public Warrants”) outstanding and 5,100,214 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 $0.01 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 $0.10 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.

Immediately prior to the close of the Business Combination, all, or 1,664,394 of the vested warrants were exercised and net settled for 14,087 shares of Legacy Dave’s Class A Common Stock after applying the Exchange Ratio.

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 15 Stockholders’ Equity

As of December 31, 2023, 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, 2023, the Company had 10,683,736 and 1,514,082 of Class A Common Stock and Class V Common Stock issued, respectively. As of December 31, 2023, the Company had 10,634,173 and 1,514,082 of Class A Common Stock and Class V Common Stock outstanding, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ 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, 2023	Dec. 31, 2022
Operating activities
Member advances, service revenue	$ (4,082)	$ (6,842)
Net cash (used in) operating activities	33,754	(44,883)
Investing activities
Net disbursements and collections of Member advances	(62,967)	(114,323)
Net cash (used in) investing activities	$ (14,375)	$ (285,579)

Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	$ 21,722	$ 21,815
Accumulated Amortization	(8,516)	(11,652)
Intangible Assets, net	13,206	10,163
Internally developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	21,601	21,694
Accumulated Amortization	(8,461)	(11,605)
Intangible Assets, net	$ 13,140	10,089
Weighted Average Useful Lives	3 years
Domain name [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	$ 121	121
Accumulated Amortization	(55)	(47)
Intangible Assets, net	$ 66	$ 74
Weighted Average Useful Lives	15 years

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Note 7 Intangible Assets, Net

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


		December 31, 2023							December 31, 2022
	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	$	21,601	$	(8,461	)	$	13,140	$	21,694	$	(11,605	)	$	10,089
Domain name	15.0 Years		121		(55	)		66		121		(47	)		74
Intangible assets, net		$	21,722	$	(8,516	)	$	13,206	$	21,815	$	(11,652	)	$	10,163

The future estimated amortization expenses as of December 31, 2023, were as follows (in thousands):


2024		6,184
2025		4,383
2026		2,597
2027		8
Thereafter		34
Total future amortization	$	13,206

Amortization expense for the years ended December 31, 2023 and 2022, was $4.9 million and $6.3 million, respectively. No impairment charges were recognized related to long-lived assets for the years ended December 31, 2023 and 2022.

Amortization expense related to change in useful life of a certain definite-lived intangible asset for the year ended December 31, 2023 was $0.3 million, respectively. 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.

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 05, 2022	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of public and private warrant liabilities		$ (260,000)	$ (14,192,000)
Gain on change in fair value of earnout shares		20,000.00
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
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		100,000
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		100,000
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)		$ 0	$ 0

Member Advances, Net - Summary of Member Advances, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Gross Member Advances	$ 133,156	$ 128,684
Allowance for Credit Losses	(20,310)	(24,501)	$ (11,995)
Member Advances, Net	112,846	104,183
1-10 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	98,553	91,121
Allowance for Credit Losses	(2,676)	(2,224)
Member Advances, Net	95,877	88,897
11-30 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	16,442	10,683
Allowance for Credit Losses	(4,020)	(2,582)
Member Advances, Net	12,422	8,101
31-60 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	7,038	9,022
Allowance for Credit Losses	(4,576)	(5,529)
Member Advances, Net	2,462	3,493
61-90 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	5,719	8,865
Allowance for Credit Losses	(4,470)	(6,702)
Member Advances, Net	1,249	2,163
91-120 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	5,404	8,993
Allowance for Credit Losses	(4,568)	(7,464)
Member Advances, Net	$ 836	$ 1,529

Debt and Credit Facility - Additional Information (Detail) $ in Thousands				12 Months Ended
	Sep. 13, 2023 USD ($)	Nov. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Senior Secured Loan Facility \| Third Amendment
Debt Instrument [Line Items]
Debt instruments gurantied by assets	$ 25,000
Victory Park Management, LLC \| Senior Secured Loan Facility
Debt Instrument [Line Items]
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	$ 75,000
Victory Park Management, LLC \| Senior Secured Loan Facility \| Third Amendment
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	150,000
Increase in borrwing capacity	$ 50,000
Debt instrument maturity month and year	2026-12
Debt modification, financing costs capitalized				400
Gain or loss of debt instrument modification				$ 0
Victory Park Management, LLC \| Amended Senior Secured Loan Facility
Debt Instrument [Line Items]
Proceeds from lines of credit		$ 10,000
Line of Credit \| Victory Park Management, LLC \| Senior Secured Loan Facility
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis			6.95% annually plus a base rate defined as the greater of the three-month London interbank offered rate ("LIBOR") as of the last business day of each calendar month and 2.55%
Debt instrument, basis spread on variable rate description			three-month London interbank offered rate ("LIBOR")
Debt instrument, basis spread on variable rate			2.55%
Debt instrument covenant amount			$ 8,000
Line of Credit \| Victory Park Management, LLC \| Senior Secured Loan Facility \| Third Amendment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate description	SOFR for such date for a 3-month tenor
Debt instrument, basis spread on variable rate	3.00%
Debt instrument covenant amount	$ 15,000
When Aggregate Outstanding Principal Balance Less Than or Equal to $75 Million \| Victory Park Management, LLC \| Senior Secured Loan Facility \| Third Amendment
Debt Instrument [Line Items]
Debt instrument, interest rate addition to variable rate	5.00%
When Aggregate Outstanding Principal Balance Greater than $75 Million \| Victory Park Management, LLC \| Senior Secured Loan Facility \| Third Amendment
Debt Instrument [Line Items]
Debt instrument, interest rate addition to variable rate	4.50%
Base Rate \| Victory Park Management, LLC \| Senior Secured Loan Facility
Debt Instrument [Line Items]
Line of credit facility, interest rate during period			6.95%

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, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 253
Change in fair value during the period	$ (148)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants
Ending value	$ 105

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

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


	December 31, 2023			December 31, 2022
Computer equipment	$	1,133		$	1,027
Leasehold improvements		1,178			707
Furniture and fixtures		93			18
Total property and equipment		2,404			1,752
Less: accumulated depreciation		(1,286	)		(726	)
Property and equipment, net	$	1,118		$	1,026

Investments - Schedule of Contractual Maturities of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 85,697
Due after one year through five years	26,880
Total	112,577	$ 170,464
Fair Value
Due in one year or less	86,338
Due after one year through five years	26,888
Total	$ 113,226	$ 168,789

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 14 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, 2023 and 2022, 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, 2023	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	952	$	—	$	—	$	952
Investments		—		113,226		—		113,226
Total assets	$	952	$	113,226	$	—	$	114,178
Liabilities
Warrant liabilities - public warrants	$	97	$	—	$	—	$	97
Warrant liabilities - private warrants		-		—		105		105
Earnout liabilities		-		—		31		31
Total liabilities	$	97	$	—	$	136	$	233

The Company had no assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2023 and 2022.

The Company also has financial instruments not measured at fair value. The Company has evaluated cash (Level 1), restricted cash (Level 1), accounts payable (Level 2), accrued expenses (Level 2) and Member advances (Level 3) 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 markets 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.

Investments:

The following describes the valuation techniques used by the Company to measure the fair value of investments held as of December 31, 2023 and December 31, 2022.

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.

Public Warrants:

As discussed further in Note 10, 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, 2023, was $0.1 million, which is presented within changes in fair value of public warrant liability in the consolidated statements of operations.

A roll-forward of the Level 1 public warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	209
Change in fair value during the period		(112	)
Ending value at December 31, 2023	$	97

Private Warrants:

As discussed further in Note 10, 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, 2023 was $0.1 million, 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 (in thousands):


Opening value at January 1, 2023	$	253
Change in fair value during the period		(148	)
Ending value at December 31, 2023	$	105

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, 2023:


Exercise price	$	368.00
Expected volatility		107.7	%
Risk-free interest rate		4.01	%
Remaining term	3.01 years
Dividend yield		0	%

Earnout Shares Liability:

As discussed further in Note 20, 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 gain related to the change in fair value of the Founder Holder Earnout Shares liabilities for year ended December 31, 2023, was $0.02 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 (in thousands):


Opening value at January 1, 2023	$	53
Change in fair value during the period		(22	)
Ending value at December 31, 2023	$	31

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, 2023:


Exercise price	$400-$480
Expected volatility		92.5	%
Risk-free interest rate		4.0	%
Remaining term	3.01 years
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, 2023 and December 31, 2022.

- 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

Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 0	$ (6)
State	120	(61)
Total current	120	(67)
Deferred:
Federal	0	0
State	0	0
Total deferred	0	0
Provision for (benefit from) income taxes	$ 120	$ (67)

- Definition

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

+ References + Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
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 credit losses	$ 20,310	$ 24,501
Related party lease right of use assets	773	735
Related Party Short term lease liabilities	298	273
Related Party long term lease liabilities	$ 543	$ 550
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	10,683,736	10,334,220
Common Stock, Shares, Outstanding	10,634,173	10,284,657
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

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
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	Non-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
Document Financial Statement Error Correction	false
Entity Public Float			$ 53.1
Auditor Name	Deloitte & Touche LLP
Auditor Location	Los Angeles, California
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 2024. 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		10,724,868
Class V common stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,514,082

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Summary of Accrued Expenses

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


	December 31, 2023		December 31, 2022
Accrued charitable contributions	$	2,212	$	3,067
Accrued compensation		3,605		1,534
Sales tax payable		1,442		1,357
Accrued professional and program fees		4,208		4,008
Other		1,159		999
Total	$	12,626	$	10,965

Summary of Other Current Liabilities

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


	December 31, 2023		December 31, 2022
Deferred transaction costs	$	3,150	$	3,150
Other		715		1,161
Total	$	3,865	$	4,311

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, 2023
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining term	10 years
Risk-free interest rate	1.50%
Expected dividend yield	0.00%
Expected volatility	40.00%
Restricted Stock Units (RSUs) [Member] \| January 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining term	5 years
Risk-free interest rate	3.50%
Expected volatility	79.70%
Restricted Stock Units (RSUs) [Member] \| October 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining term	4 years 2 months 12 days
Risk-free interest rate	4.90%
Expected volatility	87.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4 Investments

Below is a summary of investments, which are measured at fair value as of December 31, 2023 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	69,087	$	670	$	(345	)	$	69,412
Asset-backed securities		313		-		(1	)		312
Government securities		43,177		338		(13	)		43,502
Total	$	112,577	$	1,008	$	(359	)	$	113,226

Below is a summary of 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	$	100	$	(1,769	)	$	149,576
Asset-backed securities		16,269		31		(46	)		16,254
Government securities		2,950		9		-			2,959
Total	$	170,464	$	140	$	(1,815	)	$	168,789

The gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows (in thousands):


	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2023
Corporate bonds	$	9,271	$	(50	)	$	14,989	$	(295	)	$	24,261	$	(345	)
Asset-backed securities		-		-			274		(1	)		274		(1	)
Government securities		3,813		(13	)		-		-			3,813		(13	)
Total	$	13,084	$	(63	)	$	15,263	$	(296	)	$	28,348	$	(359	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2022
Corporate bonds	$	129,573	$	(1,769	)	$	-	$	-		$	129,573	$	(1,769	)
Asset-backed securities		11,000		(46	)		-		-			11,000		(46	)
Government securities		-		-			-		-			-		-
Total	$	140,573	$	(1,815	)	$	-	$	-		$	140,573	$	(1,815	)

The gain recorded in connection with investments for the year ended December 31, 2023, was $1.0 million, and was recorded as a component of interest income in the consolidated statements of operations. The loss in connection with the investment in investments for the year ended December 31, 2022 was insignificant and was recorded as a component of interest income in the consolidated statements of operations. Accrued interest of $0.8 million and $1.4 million is included in investments within the consolidated balance sheets for the period ended December 31, 2023 and December 31, 2022, respectively.

Unrealized losses on the available-for-sale investment securities as of December 31, 2023 and December 31, 2022 are primarily the result of increases in interest rates as a significant portion of the investments were purchased prior to the Federal reserve commenced interest rate increases in 2022. The Company does not intend to sell nor anticipate that it will be required to sell these investments before recovery of the amortized cost basis. As such, unrealized losses were determined not to be related to credit losses and the Company did not record any credit-related impairment losses on the available-for-sale investment securities during the year ended December 31, 2023 and 2022.

As of December 31, 2023, the contractual maturities of available-for-sale investment securities were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	85,697	$	86,338
Due after one year through five years	$	26,880	$	26,888
Total	$	112,577	$	113,226

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 112,577	$ 170,464
Gross Unrealized Gains	1,008	140
Gross Unrealized Losses	(359)	(1,815)
Fair Value	113,226	168,789
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	69,087	151,245
Gross Unrealized Gains	670	100
Gross Unrealized Losses	(345)	(1,769)
Fair Value	69,412	149,576
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	313	16,269
Gross Unrealized Gains	0	31
Gross Unrealized Losses	(1)	(46)
Fair Value	312	16,254
Government securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	43,177	2,950
Gross Unrealized Gains	338	9
Gross Unrealized Losses	(13)	0
Fair Value	$ 43,502	$ 2,959

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

401(k) Savings Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

401(k) Savings Plan

Note 19 401(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 $2.2 million and $2.1 million for the years ended December 31, 2023 and 2022, respectively.

Fair Value of Financial Instruments - Schedule of Earnout Shares liability (Detail) - Founder Holder Earnout Shares Liability [Member]	Dec. 31, 2023
Exercise price \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	400
Exercise price \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	480
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	92.5
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	4
Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term	3 years 3 days
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net loss	$ (48,517)	$ (128,906)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,544	7,133
Provision for credit losses	58,386	66,266
Changes in fair value of derivative asset on loans to stockholders	0	5,572
Changes in fair value of earnout liabilities	(22)	(9,629)
Changes in fair value of public and private warrant liabilities	(260)	(14,192)
Gain on extinguishment of liability	0	(4,290)
Stock-based compensation	26,674	40,639
Non-cash interest	3,114	2,304
Non-cash lease expense	(20)	(100)
Changes in fair value of marketable securities and investments	44	(578)
Changes in operating assets and liabilities:
Member advances, service revenue	(4,082)	(6,842)
Prepaid income taxes	683	550
Prepaid expenses and other current assets	3,311	(6,805)
Accounts payable	(5,935)	330
Accrued expenses	1,661	(1,684)
Legal settlement accrual	(6,120)	5,749
Other current liabilities	(446)	(263)
Other non-current liabilities	5	0
Other non-current assets	(266)	(137)
Net cash provided by (used in) operating activities	33,754	(44,883)
Investing activities
Payments for internally developed software costs	(7,895)	(8,584)
Purchase of property and equipment	(688)	(728)
Net disbursements and collections of Member advances	(62,967)	(114,323)
Purchase of investments	(120,016)	(202,091)
Sale and maturity of investments	177,863	32,228
Purchase of marketable securities	(34,399)	(317,675)
Sale of marketable securities	33,727	325,594
Net cash used in investing activities	(14,375)	(285,579)
Financing activities
Proceeds from PIPE offering	0	195,000
Proceeds from escrow account	0	29,688
Payment of issuance costs	0	(23,005)
Payment for fractional shares on reverse stock split	(12)	0
Proceeds from issuance of common stock for stock option exercises	34	620
Repurchase of common stock	0	(536)
Proceeds from borrowings on convertible debt	0	100,000
Proceeds from borrowings on debt and credit facilities		40,000
Repayment of borrowings on credit facility	0	(20,000)
Net cash provided by financing activities	22	321,767
Net increase (decrease) in cash and cash equivalents and restricted cash	19,401	(8,695)
Cash and cash equivalents and restricted cash, beginning of the period	23,677	32,372
Cash and cash equivalents and restricted cash, end of the period	43,078	23,677
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases in accounts payable and accrued liabilities	2	3
Operating lease right of use assets recognized	298	0
Operating lease liabilities recognized	298	0
Conversion of convertible preferred stock to Class A common stock in connection with the reverse recapitalization	0	72,173
Recapitalization transaction costs liability incurred	0	10,650
Conversion of convertible notes and accrued interest to Class A common stock in connection with the reverse recapitalization	0	720
Conversion of B-1 warrants to Class A common stock in connection with the reverse recapitalization	0	3,365
Discharge of PIPE promissory note in connection with the reverse recapitalization	0	15,000
Supplemental disclosure of cash (received) paid for:
Income taxes	(586)	(622)
Interest	8,630	5,677
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheets with the same as shown in the consolidated statement of cash flows
Cash and cash equivalents	41,759	22,889
Restricted cash	1,319	788
Total cash, cash equivalents, and restricted cash, end of the period	$ 43,078	$ 23,677

Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 3 Marketable Securities

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


	December 31, 2023		December 31, 2022
Marketable securities	$	952	$	285
Total	$	952	$	285

At December 31, 2023 and 2022, the Company’s marketable securities consisted of investments in a publicly traded money market mutual fund. The underlying money market instruments were primarily comprised of certificates of deposit and financial company asset backed commercial paper. At December 31, 2023 and 2022, the investment portfolio had a weighted-average maturity of 40 days and 48 days, respectively. The gain recognized in connection with the investment in marketable securities for the year ended December 31, 2023, was approximately $0.4 million and recorded as a component of interest income in the consolidated statements of operations. The gain recognized in connection with the investment in marketable securities for the year ended December 31, 2022, was $0.4 million and was recorded as a component of interest income in the consolidated statements of operations.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 18 Income Taxes

The components of income tax (benefit) expense for the years ended December 31, 2023, and 2022 were as follows (dollars in thousands):


	2023		2022
Current:
Federal	$	-	$	(6	)
State		120		(61	)
Total current		120		(67	)
Deferred:
Federal		-		-
State		-		-
Total deferred		-		-
Provision for (benefit from) income taxes	$	120	$	(67	)

A reconciliation between the Company’s federal statutory tax rate and its effective tax rate for the years ended December 31, 2023 and 2022 is as follows:


	2023			2022
Federal statutory tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		23.3	%		1.3	%
Non-deductible excess compensation		-2.4	%		0.0	%
Warrant liability		0.1	%		2.3	%
Earnout liability		0.0	%		1.6	%
Stock-based compensation		-9.1	%		-4.7	%
Other		-1.0	%		-2.0	%
Research and development tax credit - federal		5.6	%		1.7	%
Return to provision		3.9	%		0.4	%
Change in valuation allowance		-41.6	%		-21.5	%
Effective tax rate		-0.2	%		0.1	%

The major components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022, consists of the following (dollars in thousands):


	2023			2022
Deferred tax assets:
Net operating loss carryforward	$	32,616		$	22,858
Allowance for credit losses		5,839			5,911
Research and development tax credit		9,453			5,410
Accrued expenses		1,777			2,726
Accrued compensation		891			282
Lease liability		242			198
Stock-based compensation		926			1,535
Excess interest expense carryforward		3,304			1,806
Section 174 R&E expenditures		11,664			7,411
Other		1,863			663
Total deferred tax assets		68,575			48,800
Deferred tax liabilities:
Property and equipment		(120	)		(101	)
Right of use asset		(222	)		(177	)
Other		(716	)		(491	)
Total deferred tax liabilities		(1,058	)		(769	)
Total net deferred tax assets before valuation allowance		67,517			48,031
Less: valuation allowance		(67,517	)		(48,031	)
Total net deferred taxes	$	-		$	-

As of December 31, 2023, the Company had $106.8 million of federal and $144.3 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 $20.9 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 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, 2023 and 2022. 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 $67.5 million and $48.0 million, as of December 31, 2023 and 2022, respectively.

A reconciliation of the Company’s gross unrecognized tax benefits as of December 31, 2023 and 2022 is as follows (dollars in thousands):


	2023		2022
Balance at beginning of year	$	849	$	456
Increases to prior positions		-		-
Decreases to prior positions		-		-
Increases for current year positions		476		393
Balance at end of year	$	1,325	$	849

As of December 31, 2023, the Company had $1.3 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, 2023, 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, 2023 and 2022. The income tax related accrued interest amounts were also insignificant as of December 31, 2023 and 2022, 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, 2020 and thereafter. The statute of limitations for California and various other state jurisdictions remains open for the tax periods December 31, 2019 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Warrant Liabilities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
Subsidiary or Equity Method Investee [Line Items]
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
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		5,100,214	159,381
Exercise price			$ 368
Public Warrants [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of Warrants outstanding		6,344,021
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
Triggering Share Price One [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price		$ 576
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 One [Member] \| Minimum [Member] \| Warrant Redemption Price One [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price		$ 0.01
Triggering Share Price Two [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price		$ 320
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		$ 0.10

Intangible Assets, Net - Summary of Estimated Amortization Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2024	$ 6,184
2025	4,383
2026	2,597
2027	8
Thereafter	34
Intangible Assets, net	$ 13,206	$ 10,163

Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Jan. 04, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Reverse stock split, description	1-for-32 reverse stock split effective January 5, 2023
Reverse stock split, conversion ratio	0.03125
Allowance for credit losses average term		11 days
Accounts Receivable, Noncurrent, Threshold Period Past Due, Writeoff		120 days
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued		$ 1,300,000	$ 900,000
Interest expense and penalties		5,000.000	5,000.000
Accrued interest expense and penalties		16,000.000	12,000.000
FDIC Insured Amount		40,900,000	20,700,000
Loan origination costs		3,300,000	5,500,000
Subscription fees Received		1
Capitalized costs for internally developed software		7,600,000	8,600,000
Legacy application software asset fully amortized and written off				$ 7,700,000
Advertising expense		$ 48,400,000	69,000,000
Effective Income Tax Rate		50.00%
Transaction Based Revenue [Member]
ATM-related fees		$ 1,800,000	700,000
Member's Usage of Out-of-Network [Member]
ATM-related fees		$ 2,600,000	$ 2,900,000
Minimum [Member]
Accounts Receivable, Noncurrent, Threshold Period Past Due		12 days
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

The Reverse Recapitalization and Related Transactions

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization And Related Transactions [Abstract]

The Reverse Recapitalization and Related Transactions

Note 20 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)

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.

Debt and Credit Facility

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt and Credit Facility

Note 11 Debt 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”), and allowed the Borrower to draw up to $100 million from various lenders (the “Lenders”) associated with Victory Park Management, LLC. The Debt Facility had an interest rate of 6.95% annually plus a base rate defined as the greater of the three-month London interbank offered rate ("LIBOR") as of the last business day of each calendar month and 2.55%. Interest is payable monthly in arrears. The Debt Facility contained certain financial covenants, including a requirement to maintain a minimum cash, cash equivalents, or marketable securities balance of $8.0 million.

On September 13, 2023, the Company executed the Third Amendment to the Debt Facility with the existing Lenders. The Third Amendment, among other things: (i) increases the secured loan facility commitment amount by $50 million to a total of $150 million; (ii) extends the maturity date of the Debt Facility from January 2025 to December 2026; (iii) adds a liquidity trigger threshold, measured as of the last day of any calendar month, equal to the lesser of (a) the trailing six-month EBITDA as of such date, (b) the product of (A) the trailing three-month EBITDA as of such date, multiplied by (B) two (2), and (c) zero ($0); (iv) increases the minimum liquidity threshold, a requirement to maintain a minimum cash, cash equivalents, or marketable securities balance, from $8.0 million to $15 million (v) replaces LIBOR with the secured overnight financing rate ("SOFR") and updates interest rates to the base rate (or if greater, SOFR for such date for a 3-month tenor and 3.00%) plus 5.00% per annum on that portion of the aggregate outstanding principal balance that is less than or equal to $75 million, plus the base rate plus 4.50% per annum on that portion of the aggregate outstanding principal balance, if any, that is greater than $75 million; (vi) updates prepayment premiums for early or voluntary principal repayments and (vii) the Company's guaranty (the limited guaranty was secured by a first-priority lien against substantially all of the Company's assets) of up to $25 million of the Borrower's obligations under the Debt Facility has been terminated.

Payments of the loan draws are due at the following dates: (i) within five business days after the date of receipt by the Borrower of any net cash proceeds in excess of $0.25 million in the aggregate during any fiscal year from any asset sales (other than certain permitted dispositions), Borrower must 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 Borrower, or the Agent as loss payee, of any net cash proceeds from any destruction or taking, the Borrower must 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 Borrower of any net cash proceeds from the incurrence of any indebtedness of Borrower (other than with respect to permitted borrower indebtedness), the Borrower will 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 Borrower in the aggregate amount in any fiscal year in excess of $0.25 million or (b) if an event of default has occurred and is continuing at any time when any extraordinary receipts are received by Borrower, then within five business days of the receipt by Borrower of any such extraordinary receipts, the Borrower must prepay the loans or remit such net cash proceeds in an aggregate amount equal to (x) 100% of such extraordinary receipts in excess of $0.25 million in respect of clause (a) above and (y) 100% of such extraordinary receipts in respect of clause (b) above.

As of December 31, 2023 and December 31, 2022, the Company had drawn $75.0 million on the Debt Facility and had made no repayments.

The Third Amendment was accounted for as a debt modification and, accordingly, the Company capitalized $0.4 million of financing costs, which will be recognized within the statement of operations evenly through maturity date of the Debt Facility, and no gain or loss was recognized. As of December 31, 2023, the Company was in compliance with all covenants.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Significant Accounting Policies - Summary of Operating Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition [Line Items]
Revenues	$ 259,093	$ 204,838
Processing fees, net
Revenue Recognition [Line Items]
Revenues	152,490	106,664
Tips [Member]
Revenue Recognition [Line Items]
Revenues	56,945	61,951
Subscriptions [Member]
Revenue Recognition [Line Items]
Revenues	21,483	19,146
Other [Member]
Revenue Recognition [Line Items]
Revenues	1,323	1,099
ATM revenue, net [Member]
Revenue Recognition [Line Items]
Revenues	2,605	2,929
Transaction based revenue, net [Member]
Revenue Recognition [Line Items]
Revenues	26,852	15,978
Interchange revenue, net [Member]
Revenue Recognition [Line Items]
Revenues	17,004	10,792
Transaction based revenue Other, net [Member]
Revenue Recognition [Line Items]
Revenues	$ 7,243	$ 2,257

Significant Accounting Policies - Summary Of Computation Of Diluted Net Loss (Income) Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,805,968	1,725,226
Equity incentive awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,493,468	1,412,726
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	312,500	312,500

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Note 21 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, 2024, the Company entered into a purchase and sale agreement (the “Purchase Agreement”), pursuant to which the Company agreed to purchase a convertible promissory note in the original principal amount of $100.0 million previously issued by the Company to FTX Ventures Ltd. (“FTX”) on March 21, 2022 (the “Note”) for consideration of $71.0 million in cash, subject to potential adjustments pursuant to certain change in control provisions specified in the Purchase Agreement (the “Transaction”). The closing of the Transaction was conditioned upon the Bankruptcy Court’s approval of the Purchase Agreement and upon FTX not entering into an alternative transaction for the sale of the Note. The Bankruptcy Court approved this transaction on January 26, 2024 and the Transaction was closed for consideration of $71 million in cash on January 29, 2024.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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

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, 2022		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
Granted		335,502		$	6.41
Exercised		(13,099	)	$	2.13
Forfeited		(143,068	)	$	21.67
Expired		(316,726	)	$	22.84
Options outstanding, December 31, 2023		766,829		$	14.10		6.3	$	1,148
Nonvested options, December 31, 2023		410,075		$	21.03		7.2	$	100
Vested and exercisable, December 31, 2023		356,754		$	6.12		5.3	$	1,047

January 2023 [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 RSUs granted during January 2023 that contain service and market conditions on the grant date:


Remaining term	5.0 years
Risk-free interest rate		3.5	%
Expected volatility		79.7	%

October 2023 [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 RSUs granted during October 2023 that contain service and market conditions on the grant date:


Remaining term	4.2 years
Risk-free interest rate		4.9	%
Expected volatility		87.6	%

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, 2023		508,506		$	122.27
Granted		1,980,437		$	4.94
Vested		(336,417	)	$	62.25
Forfeited		(425,887	)	$	26.11
Nonvested shares at December 31, 2023		1,726,639		$	23.10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

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

Use of Estimates

(i) Allowance for credit losses; and

(ii) 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,
	2023		2022
Service based revenue, net
Processing fees, net	$	152,490	$	106,664
Tips		56,945		61,951
Subscriptions		21,483		19,146
Other		1,323		1,099
Transaction based revenue, net
Interchange revenue, net		17,004		10,792
ATM revenue, net		2,605		2,929
Other		7,243		2,257
Total operating revenues, net	$	259,093	$	204,838

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 and revenue share from its survey partners.

Transaction Based Revenue, Net:

Processing and Servicing Fees

Processing and Servicing Costs

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

Investments

Member Advances

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

Allowance for Credit Losses

expected credit losses are recognized in operating expenses—provision for credit losses in the consolidated statements of operations.

Internally Developed Software

Property and Equipment

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 advances balances as of December 31, 2023 and December 31, 2022.

Leases

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.

Stock-Based Compensation

Stock Option Awards:

Restricted Stock Unit Awards:

Restricted Stock Awards:

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, 2023.

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,
		2023			2022
Numerator
Net loss	$	(48,517	)	$	(128,906	)
Net loss attributed to common stockholders—basic		(48,517	)		(128,906	)
Add: undistributed earnings reallocated to common stock		-			-
Net loss attributed to common stockholders—diluted	$	(48,517	)	$	(128,906	)

Denominator
Weighted-average shares of common stock—basic		11,934,699			11,587,901
Dilutive effect of equity incentive awards		-			-
Weighted-average shares of common stock—diluted		11,934,699			11,587,901

Net loss per share
Basic	$	(4.07	)	$	(11.12	)
Diluted	$	(4.07	)	$	(11.12	)

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,
		2023	2022
Equity incentive awards		2,493,468	1,412,726
Convertible debt		312,500	312,500
Total		2,805,968	1,725,226

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

Recently Adopted Accounting Pronouncements:

Significant Accounting Policies - Schedule of Earnings Per Share Basic And Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net loss	$ (48,517)	$ (128,906)
Net loss attributed to common stockholders—basic	(48,517)	(128,906)
Add: undistributed earnings reallocated to common stock	0	0
Net loss attributed to common stockholders—diluted	$ (48,517)	$ (128,906)
Denominator
Weighted-average shares of common stock—basic	11,934,699	11,587,901
Dilutive effect of equity incentive awards	0	0
Weighted-average shares of common stock—diluted	11,934,699	11,587,901
Net loss per share:
Basic	$ (4.07)	$ (11.12)
Diluted	$ (4.07)	$ (11.12)

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	952	$	—	$	—	$	952
Investments		—		113,226		—		113,226
Total assets	$	952	$	113,226	$	—	$	114,178
Liabilities
Warrant liabilities - public warrants	$	97	$	—	$	—	$	97
Warrant liabilities - private warrants		-		—		105		105
Earnout liabilities		-		—		31		31
Total liabilities	$	97	$	—	$	136	$	233

Summary of roll-forward of the Level 1 public warrant liability

A roll-forward of the Level 1 public warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	209
Change in fair value during the period		(112	)
Ending value at December 31, 2023	$	97

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

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


Opening value at January 1, 2023	$	253
Change in fair value during the period		(148	)
Ending value at December 31, 2023	$	105

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, 2023:


Exercise price	$	368.00
Expected volatility		107.7	%
Risk-free interest rate		4.01	%
Remaining term	3.01 years
Dividend yield		0	%

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 (in thousands):


Opening value at January 1, 2023	$	53
Change in fair value during the period		(22	)
Ending value at December 31, 2023	$	31

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, 2023:


Exercise price	$400-$480
Expected volatility		92.5	%
Risk-free interest rate		4.0	%
Remaining term	3.01 years
Dividend yield		0	%

The Reverse Recapitalization and Related Transactions - Summary of Net Assets of VPCC (Detail) - VPCC Acquisiton [Member] $ in Millions	Dec. 31, 2023 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)

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued charitable contributions	$ 2,212	$ 3,067
Accrued compensation	3,605	1,534
Sales tax payable	1,442	1,357
Accrued professional and program fees	4,208	4,008
Other	1,159	999
Total	$ 12,626	$ 10,965

Fair Value of Financial Instruments - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - Fair Value, Recurring [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Assets
Marketable securities	$ 952
Investments	113,226
Total assets	114,178
Liabilities
Earnout liabilities	31
Total liabilities	233
Public Warrants [Member]
Liabilities
Warrant Liability	97
Private Placement Warrants [Member]
Liabilities
Warrant Liability	105
Level 1
Assets
Marketable securities	952
Total assets	952
Liabilities
Total liabilities	97
Level 1 \| Public Warrants [Member]
Liabilities
Warrant Liability	97
Level 2
Assets
Investments	113,226
Total assets	113,226
Level 3
Liabilities
Earnout liabilities	31
Total liabilities	136
Level 3 \| Private Placement Warrants [Member]
Liabilities
Warrant Liability	$ 105