Dave announces implementation of CashAI v5.5

Dave (DAVE) announced the full implementation of CashAI v5.5, the latest advancement in the Company’s AI-driven, cash flow underwriting engine. v5.5 nearly doubles CashAI’s feature set versus prior models and optimizes around Dave’s new fee structure. Given the rapid payback cycle of ExtraCash, v5.5 was refreshed and trained on more than 7 million recent ExtraCash originations that have reached full maturity. Early results of v5.5 demonstrate more accurate risk ranking, leading to higher average approval amounts, stronger conversion, and lower delinquency and loss rates when compared to performance in the second quarter of this year. Dave expects this latest model to deliver expanded access to ExtraCash for Dave members, as well as improvements to credit performance and gross profit expansion. Given that v5.5 was fully implemented in September, Dave anticipates a modest impact in the third quarter, with the full benefit reflected in the fourth quarter and beyond.