LOS ANGELES - Dave Inc. (NASDAQ:DAVE), a prominent U.S. neobank, announced the appointment of Kevin Frisch as the new Chief Marketing Officer (CMO), effective immediately. Frisch, with over twenty years of marketing experience, will oversee Dave's comprehensive marketing strategy and operations, aiming to bolster the company's market presence and customer engagement.
Frisch's previous role was Vice President of Marketing at Intuit (NASDAQ:INTU), where he managed a significant portfolio, including all aspects of QuickBooks US Marketing, contributing to $6 billion in revenue. His career also includes senior positions at Uber (NYSE:UBER), Wag, and GSN, where he developed marketing strategies that significantly improved customer satisfaction and loyalty.
In his new role at Dave, Frisch will be responsible for brand development, content, product marketing, customer acquisition, cross-sell, retention, and executing go-to-market strategies. His appointment is part of Dave's effort to enhance its financial services and expand its customer base.
Jason Wilk, Founder and CEO of Dave, expressed enthusiasm about Frisch joining the team, highlighting his deep understanding of customer needs and his analytical approach as key assets that will drive the company's marketing strategy and help fulfill Dave's mission.
Dave Inc. operates as a neobank, offering banking services that leverage disruptive technologies to serve millions of Americans, aiming to provide more accessible and affordable financial services compared to traditional banking institutions. The company partners with Evolve Bank & Trust, ensuring FDIC membership for its customers' deposits.
This announcement is based on a press release statement from Dave Operating LLC.
In other recent news, Dave Inc. recorded a robust financial performance in Q3 of 2024, with a 41% year-over-year revenue increase to nearly $93 million. This marked the fourth consecutive quarter of revenue acceleration, leading the company to raise its full-year 2024 revenue and adjusted EBITDA guidance. Key takeaways from the earnings call include a 23% rise in monthly transacting members, a 14% increase in average revenue per user, and a 63% sequential increase in adjusted EBITDA. Despite a decrease in the company's cash balance, Dave Inc. remains optimistic about continued growth and profitability. The company is planning to introduce new credit products and enhance member engagement through product innovation. A strategic partnership with a sponsor bank is also in progress to improve credit and banking products. These recent developments reflect Dave Inc.'s confidence in its growth strategy and operational leverage.
InvestingPro Insights
The appointment of Kevin Frisch as Dave Inc.'s new CMO comes at a time of significant growth for the neobank. According to InvestingPro data, Dave has experienced impressive revenue growth, with a 30% increase over the last twelve months and a notable 40.54% jump in the most recent quarter. This robust growth trajectory aligns well with Frisch's track record of driving revenue at his previous positions.
InvestingPro Tips highlight that Dave's net income is expected to grow this year, and analysts predict the company will be profitable. This positive outlook suggests that Frisch's marketing expertise could play a crucial role in capitalizing on the company's momentum and translating it into sustained financial success.
The company's strong financial performance is further reflected in its market performance. InvestingPro data shows that Dave has delivered a staggering 1201.96% return over the past year, with an 850.27% return year-to-date. This exceptional growth underscores the potential impact of Frisch's appointment on the company's future market positioning and customer acquisition strategies.
For investors seeking a deeper understanding of Dave's potential, InvestingPro offers 15 additional tips, providing a comprehensive analysis of the company's financial health and market position. These insights could prove valuable in assessing the long-term implications of this strategic hire.
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