1 00:00:08,300 --> 00:00:11,500 One. And welcome everybody to another 2 00:00:11,500 --> 00:00:14,100 smart money Circle show. I'm Adam sarhan with me. 3 00:00:14,100 --> 00:00:18,900 Today is Jason Wilkie who's the founder and CEO of Dave.com and 4 00:00:18,900 --> 00:00:22,400 it's a public train of thought. The Ada V is a thicker Jason. 5 00:00:22,400 --> 00:00:26,400 Welcome to the show. Hey thanks for having me. 6 00:00:26,407 --> 00:00:29,100 I really appreciate it so Dave can sorry. 7 00:00:29,100 --> 00:00:31,500 Dave Jason, can you tell us a little about how you found it? 8 00:00:31,500 --> 00:00:37,600 Dave and your story and how you got to where you are today Yeah, 9 00:00:37,600 --> 00:00:40,100 well, I'm a I'm a lifelong entrepreneur. 10 00:00:40,100 --> 00:00:42,700 I started building companies when I was in my dorm room in 11 00:00:42,700 --> 00:00:47,200 college and that first business was a company called one day 12 00:00:47,200 --> 00:00:50,900 sports which would help to liquidate golf product from 13 00:00:50,900 --> 00:00:54,100 major retailers at a significantly discounted price 14 00:00:54,100 --> 00:00:58,200 in a daily deal typesetting. So we would sell last year's 15 00:00:58,200 --> 00:01:02,800 clubs for 50% off for 24 hours or until it was sold out. 16 00:01:02,900 --> 00:01:06,300 And the next deal would be that the next day or until the other 17 00:01:06,300 --> 00:01:08,800 product sold out. It was a great business model 18 00:01:09,000 --> 00:01:11,100 sort of as a senior in school and sold out. 19 00:01:11,100 --> 00:01:15,900 When I got out of college that Journey led to quite a few 20 00:01:15,900 --> 00:01:17,500 overdraft fees. While I was trying to build a 21 00:01:17,508 --> 00:01:20,900 business pay for all my expenses, traveling back from 22 00:01:20,900 --> 00:01:26,400 San Francisco and I always had in the back of my mind that my 23 00:01:26,400 --> 00:01:28,800 bank is terrible. I've been with them for 15 plus 24 00:01:28,800 --> 00:01:30,400 years. I'm getting hit with all these 25 00:01:30,400 --> 00:01:33,300 overdraft fees and there had to be a better way. 26 00:01:33,400 --> 00:01:37,400 And so Dave was really the Genesis of a lot of personal 27 00:01:37,400 --> 00:01:41,700 pain points related to Consumer Finance and love it. 28 00:01:42,200 --> 00:01:45,800 So, tell us a little about Dave, if you don't mind what you guys 29 00:01:45,800 --> 00:01:48,500 do and the value proposition, all that fun stuff. 30 00:01:49,500 --> 00:01:52,700 Yeah. So today, Dave is a company with 31 00:01:52,700 --> 00:01:58,200 over 8 million members, we are an app that is specialized in, 32 00:01:58,200 --> 00:02:02,000 in next-generation, banking services, for our customers to 33 00:02:02,000 --> 00:02:05,600 avoid overdraft, fees minimum balance fees, and have a much 34 00:02:05,600 --> 00:02:09,300 better platform. Is powered by Rai underwriting 35 00:02:09,300 --> 00:02:13,500 engine and our anchor, feature of our checking account, we 36 00:02:13,500 --> 00:02:18,200 offer to customers is called extra cash and that is a five 37 00:02:18,200 --> 00:02:21,300 hundred dollar cash advance that comes with no interest. 38 00:02:21,300 --> 00:02:24,200 No credit check, which our customers can tap into at any 39 00:02:24,200 --> 00:02:28,000 time to pay for things like rent, gas, groceries. 40 00:02:28,300 --> 00:02:31,300 And we found that to be an incredible differentiator when 41 00:02:31,300 --> 00:02:34,700 it came to watching us versus the incumbents we actually 42 00:02:34,700 --> 00:02:39,500 started off as just a Insights tool and capture van solution 43 00:02:39,500 --> 00:02:43,100 for existing bank account. So you would download Dave 44 00:02:43,300 --> 00:02:46,800 connector Chaser, Wells, Fargo account as opposed to overdraft 45 00:02:46,800 --> 00:02:50,000 to your Chase account and paying them a 34 dollar fee for, as 46 00:02:50,000 --> 00:02:53,500 little as $5 of overdraft, you would come to us for hundreds of 47 00:02:53,500 --> 00:02:55,800 dollars of Interest free overdraft protection. 48 00:02:56,400 --> 00:02:58,600 It was no surprise that our number one, most requested 49 00:02:58,600 --> 00:03:01,500 feature for our members was for us to launch our own checking 50 00:03:01,500 --> 00:03:03,700 account. That was the vision from day one 51 00:03:03,700 --> 00:03:06,700 and we saw such huge customer demand. 52 00:03:07,000 --> 00:03:10,100 We finally realize that Vision last year and launched a 53 00:03:10,100 --> 00:03:13,000 checking account, I'm to all members and it's been a wild 54 00:03:13,000 --> 00:03:15,300 success for us. I love that. 55 00:03:15,400 --> 00:03:18,600 So members come to you, let's talk about the customer 56 00:03:18,600 --> 00:03:20,700 acquisition process. How do you acquire new members? 57 00:03:20,700 --> 00:03:23,500 What are some of the ways that are effective for you? 58 00:03:23,500 --> 00:03:25,300 As far as bringing new members on the platform? 59 00:03:26,200 --> 00:03:29,200 Great question. So, we found that launching a 60 00:03:29,208 --> 00:03:32,300 new checking account, would be very expensive from a cost per 61 00:03:32,300 --> 00:03:35,200 acquisition perspective, Banks. Pay hundreds of dollars about 62 00:03:35,200 --> 00:03:37,600 thousands of dollars to Market their Banks. 63 00:03:37,600 --> 00:03:40,900 They have celebrity endorsers. We never thought we would be 64 00:03:40,900 --> 00:03:45,100 able to compete without raising, billions of dollars to go pay 65 00:03:45,100 --> 00:03:48,100 that several hundred dollar account opening cost we'd seen 66 00:03:48,100 --> 00:03:52,000 many other Neo Banks launched before us and not be successful 67 00:03:52,500 --> 00:03:54,300 either. And so we really want to go to 68 00:03:54,300 --> 00:03:57,300 market with something. That was you Unique and every 69 00:03:57,300 --> 00:04:00,500 person we found this country has had a problem with overdraft at 70 00:04:00,500 --> 00:04:03,900 one point or another. What we found though, is the 71 00:04:03,900 --> 00:04:06,400 unique innovation of Dave. Where was that customers 72 00:04:06,400 --> 00:04:09,000 actually like over Jap? They just hate the idea of 73 00:04:09,000 --> 00:04:12,400 paying a $34 feet of their bank and sometimes upwards of a 74 00:04:12,400 --> 00:04:14,200 hundred dollars per day. Right? 75 00:04:14,300 --> 00:04:18,300 So that's, we basically launched a more of a trojan horse 76 00:04:18,300 --> 00:04:21,000 approach, whereas opposed A launching, the full checking 77 00:04:21,000 --> 00:04:24,000 account and spending, all this money on employees and 78 00:04:24,000 --> 00:04:27,200 infrastructure all that. Just focus on over chapter and 79 00:04:27,207 --> 00:04:31,400 Taxation as our first product. And at the time we launched 80 00:04:31,400 --> 00:04:34,100 there was this brand new technology called Platt which 81 00:04:34,100 --> 00:04:36,300 helps you to connect to people's external accounts. 82 00:04:36,700 --> 00:04:40,900 And I figured by Bank, I'm with him for 15 years, I have enough 83 00:04:40,900 --> 00:04:43,400 transactions going in there. They know I'm a low risk 84 00:04:43,400 --> 00:04:45,200 customer. Why do you have to charge me 85 00:04:45,500 --> 00:04:48,600 such a huge amount of money when they know that I'm good for it, 86 00:04:48,900 --> 00:04:50,400 right? So that was the impetus. 87 00:04:50,400 --> 00:04:52,500 We said we're going to. We're going to give you that 88 00:04:52,500 --> 00:04:55,700 overdraft protection for free. We're going to use your some 89 00:04:55,700 --> 00:04:59,800 data from your account and put that into an AI model to spit 90 00:04:59,800 --> 00:05:03,200 out, effectively a risk. Or if you're good to pay us back 91 00:05:03,500 --> 00:05:05,200 and we've had wild success with that. 92 00:05:05,200 --> 00:05:08,700 We've had over 65 million. People are sorry, 65 million, 93 00:05:08,700 --> 00:05:10,700 cash advances taken out from Dave. 94 00:05:10,700 --> 00:05:14,000 Since we launched five years ago across, our eight million 95 00:05:14,000 --> 00:05:17,800 members, and we are resonating billions of dollars per year to 96 00:05:17,800 --> 00:05:20,400 help people, and are saving customers billions of dollars in 97 00:05:20,400 --> 00:05:24,300 the meantime. That approach of focusing on 98 00:05:24,300 --> 00:05:28,100 overdraft protection, right. Led to us having a CAC of about 99 00:05:28,100 --> 00:05:31,000 fifteen to twenty dollars compared to the hundreds of 100 00:05:31,000 --> 00:05:32,700 dollars at a bank. God, yeah. 101 00:05:32,700 --> 00:05:35,300 Someone engages with our overdraft protection product, 102 00:05:35,400 --> 00:05:39,000 their likelihood of want him to open up in and use our checking 103 00:05:39,000 --> 00:05:43,600 account is very strong. So, just so that our model is so 104 00:05:43,600 --> 00:05:46,800 much more efficient than the incumbent sit at Mazda, to keep 105 00:05:46,800 --> 00:05:49,300 our cost structure low and keep our prices. 106 00:05:49,300 --> 00:05:52,700 A fraction of the incumbent Banks, which is Were being so 107 00:05:52,700 --> 00:05:54,200 successful. Yeah, no. 108 00:05:54,200 --> 00:05:57,000 That makes perfect sense. And then you also offer other 109 00:05:57,000 --> 00:05:59,600 things as well as the side hustle and things of that 110 00:05:59,600 --> 00:06:00,800 nature. Can you speak to that a little 111 00:06:00,800 --> 00:06:03,800 bit, please? Yeah, so we sensed a theme 112 00:06:03,800 --> 00:06:06,000 around the things that we were building, we are really helping 113 00:06:06,000 --> 00:06:08,700 save and put more money back in people's pockets. 114 00:06:08,700 --> 00:06:13,100 Me think about the 34-hour over Jackie's on average about four 115 00:06:13,100 --> 00:06:15,300 hundred dollars is what our customers were paying in 116 00:06:15,300 --> 00:06:16,800 overdraft fees per year to their Bank. 117 00:06:17,100 --> 00:06:19,800 Wow. Find with minimum balance, these 118 00:06:20,000 --> 00:06:23,400 it was all about really helping people do a better job between 119 00:06:23,400 --> 00:06:25,700 paychecks. So we launched a couple 120 00:06:25,700 --> 00:06:29,200 ancillary products to help people that one called side 121 00:06:29,200 --> 00:06:32,000 hustle, which helps connect our members to the gig economy. 122 00:06:32,500 --> 00:06:35,500 We found many a remembers through our data that they were 123 00:06:35,500 --> 00:06:37,700 driving for places like uber and Lyft. 124 00:06:37,700 --> 00:06:40,800 So we decided to expose all the other opportunities out there 125 00:06:40,800 --> 00:06:44,300 from doordash to instacart and it doesn't other opportunities 126 00:06:44,300 --> 00:06:46,100 out there. I think we have 35 different 127 00:06:46,100 --> 00:06:50,200 places now and that helps our members make more money, put 128 00:06:50,200 --> 00:06:53,600 more money back in their pocket and we found that to be a great. 129 00:06:53,600 --> 00:06:56,700 Great addition. Now you also in addition to 130 00:06:56,700 --> 00:07:00,300 extra cash and that the checking account, we have a goals account 131 00:07:00,300 --> 00:07:02,000 which is a savings account where you can set up multiple. 132 00:07:02,100 --> 00:07:05,300 Target's to help you achieve certain things in life like 133 00:07:05,800 --> 00:07:09,500 paying off your hospital bills or saving up for a house, you 134 00:07:09,500 --> 00:07:10,900 name it. So if we hope move that we feel 135 00:07:10,900 --> 00:07:14,500 are very full-featured now at this point, but we're still 136 00:07:14,500 --> 00:07:18,700 going to Market with that extra cash differentiator which brings 137 00:07:18,700 --> 00:07:21,200 customers in the door cheaply and get some highly engaged. 138 00:07:21,600 --> 00:07:23,200 Yeah, no that's makes perfect sense. 139 00:07:23,400 --> 00:07:26,100 So let's talk about you mentioned wrist so that's kind 140 00:07:26,100 --> 00:07:28,000 of perfect segue to my next question. 141 00:07:28,400 --> 00:07:30,600 Can you talk a little about risk management? 142 00:07:30,600 --> 00:07:33,500 What mistakes you see, people make From a business standpoint 143 00:07:33,500 --> 00:07:35,500 consumer standpoint, any direction you want to go. 144 00:07:39,200 --> 00:07:41,700 I'd say risk is very important, which is why we've spent a lot 145 00:07:41,700 --> 00:07:43,800 of time on our underwriting engine. 146 00:07:43,800 --> 00:07:46,400 When we first started the business, we had this amazing 147 00:07:46,400 --> 00:07:49,100 value prop, obviously, which is, hey, we'll give you free money 148 00:07:49,500 --> 00:07:52,800 as opposed to your bank, which is charging you like, but that 149 00:07:52,800 --> 00:07:55,600 did come with a cop's we were losing about 25 cents on the 150 00:07:55,600 --> 00:07:58,000 dollar for what we were giving out to members. 151 00:07:58,500 --> 00:08:01,800 But pretty quickly on after we started developing our engine, 152 00:08:01,800 --> 00:08:05,300 we've gotten those loss rates down onto around 2%. 153 00:08:05,500 --> 00:08:07,500 And we're doing that at massive scale. 154 00:08:07,900 --> 00:08:11,700 And we've been able to 5 x the limit, we can give out to 155 00:08:11,700 --> 00:08:13,700 customers to protect them between paychecks. 156 00:08:14,100 --> 00:08:16,800 So I would say really focusing on the underwriting to be in 157 00:08:16,800 --> 00:08:20,500 long term in an efficient is helpful and then certainly 158 00:08:20,500 --> 00:08:23,900 making sure that you're paying close attention to things like 159 00:08:24,300 --> 00:08:28,400 fraud and other parts of risk management, I love it. 160 00:08:28,700 --> 00:08:32,500 So Jason, you've started many businesses and you're now in 161 00:08:33,000 --> 00:08:36,100 running Dave, you have a really, you have a lot of experience. 162 00:08:36,100 --> 00:08:38,299 So what are some timeless? Lessons. 163 00:08:38,400 --> 00:08:39,900 You'd like to share with the audience, please. 164 00:08:43,900 --> 00:08:46,300 I think about that. So, you know, I'd say that one 165 00:08:46,300 --> 00:08:48,500 of the things, the biggest things for me is to be a really 166 00:08:48,500 --> 00:08:51,600 calm leader. And I think especially going 167 00:08:51,600 --> 00:08:54,400 through times of uncertainty we're living in a very uncertain 168 00:08:54,400 --> 00:08:58,300 world and I find that people look to you for sense of 169 00:08:58,300 --> 00:09:01,500 security. So, having a really strong 170 00:09:01,500 --> 00:09:04,300 Mission Vision strategy, which you can always point back to, 171 00:09:04,700 --> 00:09:09,400 and really not. Yeah, not getting too anxious. 172 00:09:09,400 --> 00:09:11,300 In the moment when things aren't going your way because 173 00:09:11,600 --> 00:09:14,100 entrepreneurship is such a life of ups and downs. 174 00:09:14,100 --> 00:09:16,300 You just have to be pretty calm through it. 175 00:09:16,300 --> 00:09:19,100 I find that to be one of my strengths with regards to 176 00:09:19,100 --> 00:09:20,900 leadership. I love that. 177 00:09:20,900 --> 00:09:22,200 And then what are sometimes mistakes. 178 00:09:22,200 --> 00:09:23,800 You see people make and how to avoid them. 179 00:09:26,000 --> 00:09:28,400 I mean, there are plenty of plenty of mistakes and I'd say 180 00:09:28,400 --> 00:09:30,900 the first one is really around hiring. 181 00:09:31,600 --> 00:09:34,300 I'd say, there's so many different mistakes you can make 182 00:09:34,300 --> 00:09:39,000 into hiring, using your sort of gut judgment, or using your 183 00:09:40,400 --> 00:09:42,600 being sort of trick by someone's personality. 184 00:09:42,900 --> 00:09:45,300 You really have to have a very clear job description and make 185 00:09:45,300 --> 00:09:47,400 sure you're hiring. The person that best meets that, 186 00:09:47,400 --> 00:09:49,400 that job, there are lots of things that keep people 187 00:09:49,400 --> 00:09:52,000 distracted and make the wrong decision. 188 00:09:52,500 --> 00:09:54,900 And then the second mistake on the back of that, I think. 189 00:09:55,000 --> 00:09:59,100 Is when you find, those are Misfit in a higher making a move 190 00:09:59,100 --> 00:10:02,600 faster to correct it and parting ways of that, that person when 191 00:10:02,600 --> 00:10:06,000 it might not be a fit for you, or for them the longer you, let 192 00:10:06,000 --> 00:10:09,200 it go on to be nice or you're actually, you know, actually not 193 00:10:09,200 --> 00:10:12,600 doing either either of the parties of favor, right? 194 00:10:12,700 --> 00:10:15,500 So that you see a mistake, basically it's not working fast, 195 00:10:15,500 --> 00:10:17,700 you deal with it better. So it doesn't turn into Godzilla 196 00:10:17,700 --> 00:10:20,200 and eat the whole thing. Yeah. 197 00:10:20,200 --> 00:10:22,200 And I can't tell you how many other people gave me that same 198 00:10:22,200 --> 00:10:24,000 advice as well. It's great. 199 00:10:24,000 --> 00:10:25,600 It's a really, really keep you. Lots of small. 200 00:10:25,600 --> 00:10:27,700 I mean it's just it's great advice is feeding for trading 201 00:10:27,700 --> 00:10:29,000 and investing, same thing applies. 202 00:10:29,300 --> 00:10:32,900 Yeah, Jason, let's talk about leadership. 203 00:10:33,000 --> 00:10:35,600 You mentioned staying, calm? What are some other attributes, 204 00:10:35,600 --> 00:10:39,900 that make a great leader? Well, I think it really comes 205 00:10:39,900 --> 00:10:42,900 down to building a great team and a really great team that 206 00:10:42,900 --> 00:10:47,700 cannot only execute on a plan, but is really great at planning, 207 00:10:48,200 --> 00:10:50,800 we spent a lot of time in the company, developing our okay, 208 00:10:50,800 --> 00:10:54,100 our strategy, which takes a really good amount of time to 209 00:10:54,100 --> 00:10:56,700 get set up. But once you have it going, the 210 00:10:56,700 --> 00:11:00,600 Cadence, you have of really checking back on your goals and 211 00:11:00,900 --> 00:11:04,500 giving people a framework to come up with their own ideas and 212 00:11:04,500 --> 00:11:07,300 execute on their own versus being a top-down leadership 213 00:11:07,300 --> 00:11:10,000 organization. I think a good leader can really 214 00:11:10,000 --> 00:11:13,400 set a high level strategy. A high level vision and Mission, 215 00:11:13,400 --> 00:11:17,600 but ultimately it can't be up to you to go out and build all 216 00:11:17,600 --> 00:11:19,400 these things on your own. You have to have a great team 217 00:11:19,400 --> 00:11:22,300 and feels empowered and you'd be surprised when you get people 218 00:11:22,300 --> 00:11:26,400 that the ownership, the types of great Concepts and ideas they 219 00:11:26,400 --> 00:11:28,400 come up with. Yeah I love that. 220 00:11:28,400 --> 00:11:29,600 So let's talk about that for a second. 221 00:11:29,600 --> 00:11:31,500 If you don't mind, how do you deal with the different 222 00:11:31,500 --> 00:11:33,900 personalities and building? A great team is such a huge, 223 00:11:33,900 --> 00:11:36,600 huge, huge part of winning, and part of the equation. 224 00:11:36,900 --> 00:11:38,500 How do you deal with it with person? 225 00:11:38,700 --> 00:11:41,600 At like the pot in her office politics and personality clashes 226 00:11:41,600 --> 00:11:43,500 but making sure everyone stays true to the mission. 227 00:11:43,500 --> 00:11:46,700 Like put we above I so to speak. How do you handle those 228 00:11:46,700 --> 00:11:50,100 situations? Well first we have great 229 00:11:50,100 --> 00:11:53,100 check-in, so we'll have a weekly Business Review that kind of 230 00:11:53,100 --> 00:11:56,700 goes over our Arty statistics but more important than that. 231 00:11:56,700 --> 00:11:58,800 We have a quarterly Business review or everyone kind of does 232 00:11:58,800 --> 00:12:01,500 a retro on what they learned from the quarter and also 233 00:12:01,500 --> 00:12:03,600 doesn't look forward on what they're going to do for the next 234 00:12:03,600 --> 00:12:06,600 quarter measured by their their objectives and their key 235 00:12:06,600 --> 00:12:08,600 results. I think it's important to have 236 00:12:08,600 --> 00:12:11,000 that. The second component I believe, 237 00:12:11,000 --> 00:12:15,200 is having a directly responsible individual within your 238 00:12:15,200 --> 00:12:17,500 organization and we made an important change in. 239 00:12:17,600 --> 00:12:22,400 Our company a few years ago to make the product team that the 240 00:12:22,400 --> 00:12:26,700 dri and we thought that that was very helpful to have really one 241 00:12:26,700 --> 00:12:29,600 person responsible. We previously had a GM model, 242 00:12:29,600 --> 00:12:33,600 where GM is sort of responsible for the strategy, but they have 243 00:12:33,600 --> 00:12:36,000 no ownership on the deliverability of things. 244 00:12:36,300 --> 00:12:39,900 We found that giving product the power to own things ended. 245 00:12:39,900 --> 00:12:44,300 And it was a really strong way to execute and plan and it's 246 00:12:44,300 --> 00:12:47,500 been a game changer for us or lost on a scope. 247 00:12:47,600 --> 00:12:52,100 Of Years and love it. And what is the if you can pick 248 00:12:52,100 --> 00:12:54,600 one of the best lesson you've learned about leadership or some 249 00:12:54,600 --> 00:12:59,800 of the best lessons if you want to use more than one, I'll say 250 00:12:59,800 --> 00:13:03,200 it's not a race and I think everything's ever since you're 251 00:13:03,200 --> 00:13:06,300 young, you know, you want to be the best, you want to get there. 252 00:13:06,300 --> 00:13:10,900 The fastest but really building things for longevity is 253 00:13:10,900 --> 00:13:15,300 important and the other part of it's not a raise is that you can 254 00:13:15,300 --> 00:13:18,300 often times get very distracted. By what VCS are investigating, 255 00:13:18,300 --> 00:13:22,100 what your competitors are doing. But oftentimes you find that you 256 00:13:22,108 --> 00:13:24,500 wake up in a few years of realize it, those guys are not 257 00:13:24,500 --> 00:13:27,600 even correct and you waste a time chasing something. 258 00:13:27,600 --> 00:13:30,200 And so I'd say you really have to Two can go back to that 259 00:13:30,200 --> 00:13:32,500 strategy. Find what really fits within 260 00:13:32,500 --> 00:13:36,700 that doesn't help impact your long-term vision and really ask 261 00:13:36,700 --> 00:13:38,600 yourself is this a potential distraction? 262 00:13:38,600 --> 00:13:43,800 Am I just being you know sideline by something that may 263 00:13:43,800 --> 00:13:46,900 or may not be a fad. Yeah, that's really, really 264 00:13:46,900 --> 00:13:48,600 powerful. Like bank is basically keeping 265 00:13:48,600 --> 00:13:50,700 your eye on the ball and making sure that he understands like an 266 00:13:50,700 --> 00:13:52,800 infinite game. Opposed to where's that? 267 00:13:52,800 --> 00:13:55,000 Where are we next quarter? And then staying aligned to the 268 00:13:55,000 --> 00:13:57,700 long-term goals, you know, actually Warren Buffett talks 269 00:13:57,700 --> 00:13:59,800 about that Jason and his annual Sure, he just published, he 270 00:13:59,800 --> 00:14:01,900 calls the great, a, the American tailwind. 271 00:14:02,200 --> 00:14:04,500 And he gives, you know, basically the stock market, the 272 00:14:04,500 --> 00:14:06,700 economy is up the last 50, 60 years. 273 00:14:06,700 --> 00:14:09,000 Since you've been running running a Berkshire Hathaway and 274 00:14:09,000 --> 00:14:10,600 he gives all credit to the American Tail wind. 275 00:14:10,600 --> 00:14:12,600 But most people don't even look past the next quarter. 276 00:14:12,600 --> 00:14:15,200 Let alone position themselves to the next decade or several 277 00:14:15,200 --> 00:14:17,400 decades. So, that's a really great piece 278 00:14:17,400 --> 00:14:19,200 of advice. Thank you for sharing that. 279 00:14:21,400 --> 00:14:24,100 Let's talk about adversity, I know, great leaders, great 280 00:14:24,100 --> 00:14:27,000 successful, people overcome adversity, most people do what 281 00:14:27,000 --> 00:14:28,900 they hit a wall, then they stopped because it's painful 282 00:14:28,900 --> 00:14:31,200 only they fail. But successful people like 283 00:14:31,200 --> 00:14:34,800 yourself overcome adversity, can you give us an example of some 284 00:14:34,800 --> 00:14:37,200 kind of obstacle you've overcome and how you handle adversity, 285 00:14:37,200 --> 00:14:41,300 please. Yeah, well I think going back to 286 00:14:41,300 --> 00:14:44,800 the origins of Dave. I was semi-successful founder, 287 00:14:44,800 --> 00:14:46,900 right? I just sold my most recent 288 00:14:46,900 --> 00:14:49,600 company for a great return for my shareholders. 289 00:14:50,200 --> 00:14:52,900 I was pivoting to a brand new industry that I had no 290 00:14:52,908 --> 00:14:54,600 experience with which was Vin tag. 291 00:14:55,400 --> 00:14:59,100 Having said that even after we have product Market fit with the 292 00:14:59,300 --> 00:15:03,700 with Dave, it took me over 130 meetings to close our series 293 00:15:03,700 --> 00:15:09,000 day, we had great opening stats but trying to convince investors 294 00:15:09,200 --> 00:15:11,600 who had never had an overage apathy in their life. 295 00:15:11,600 --> 00:15:14,000 That there's something important for American. 296 00:15:14,000 --> 00:15:17,200 Consumers was so painful to get done. 297 00:15:17,400 --> 00:15:21,600 And once we really started to scale significant after that and 298 00:15:21,900 --> 00:15:23,800 other competitors are popping up. 299 00:15:24,300 --> 00:15:27,900 Then all the sudden looks really smart and and so it's easy. 300 00:15:28,000 --> 00:15:31,300 It would have been pretty easy to give up at that point and 301 00:15:31,300 --> 00:15:33,900 recognize it investors. Don't care about this problem. 302 00:15:33,900 --> 00:15:37,900 But yeah, we got the business all the way and is fisa five 303 00:15:37,900 --> 00:15:40,400 billion dollar valuation. We Scale to millions of 304 00:15:40,400 --> 00:15:42,600 customers and we both have a heck of a business. 305 00:15:42,600 --> 00:15:47,200 So everybody who pass on as at that stage really regrets it. 306 00:15:47,500 --> 00:15:49,500 Yeah, for sure. I mean, it's phenomenal success 307 00:15:49,500 --> 00:15:50,700 and that you're just getting started. 308 00:15:50,700 --> 00:15:52,300 I mean you've only been public for a year now. 309 00:15:52,600 --> 00:15:54,700 So yeah, yeah. No. 310 00:15:54,700 --> 00:15:56,500 This is, it's really really, really interesting. 311 00:15:56,700 --> 00:15:59,100 And plus you have so many more offerings, you can offer these 312 00:15:59,100 --> 00:16:03,700 people not just one or two or three, you can monetize that 313 00:16:03,700 --> 00:16:07,300 many, many other ways. Yeah, I'd say that's a key 314 00:16:07,300 --> 00:16:09,300 message for us. Women with investors right now. 315 00:16:09,300 --> 00:16:14,000 We've built a really strong business and we're so we're so 316 00:16:14,000 --> 00:16:16,100 very early on in our monetization. 317 00:16:16,600 --> 00:16:19,700 As of right now mean, we still very much wine or acquisition 318 00:16:19,700 --> 00:16:22,900 engine, which is extra cash and a checking business is still 319 00:16:22,900 --> 00:16:26,000 relatively nascent. For us yet we're still north of 320 00:16:26,000 --> 00:16:28,800 200 million annual run, annual revenue business. 321 00:16:28,800 --> 00:16:33,000 Last year we are shrinking the Gap towards profitability and 322 00:16:33,500 --> 00:16:37,200 there's so many other things in In Consumer Finance, to ship, to 323 00:16:37,200 --> 00:16:38,900 our customers to help them save money. 324 00:16:39,500 --> 00:16:41,400 You would have to be living under a rock to think that we 325 00:16:41,400 --> 00:16:44,200 can grow lifetime value from here. 326 00:16:44,600 --> 00:16:47,300 Even if we didn't, we still have a great business tracking 327 00:16:47,300 --> 00:16:50,400 towards profitability giving, no credit at any future product 328 00:16:50,400 --> 00:16:53,300 opportunity. So, I'd say we are a really 329 00:16:53,300 --> 00:16:56,300 interesting company to take a look at when you think of it of 330 00:16:56,300 --> 00:16:59,000 all the ways that Banks make money, that we are not currently 331 00:16:59,000 --> 00:17:00,700 doing as a today. Yeah. 332 00:17:00,700 --> 00:17:03,400 And you're also not really impacted by the shenanigans 333 00:17:03,400 --> 00:17:07,800 that's going on right now big. Right, that's right. 334 00:17:07,800 --> 00:17:12,300 I think we're too big lesson about people who have over 250 335 00:17:12,300 --> 00:17:15,700 thousand dollars of assets and are in a bad brush to spread 336 00:17:15,700 --> 00:17:18,599 their assets across the country across different asset across 337 00:17:18,599 --> 00:17:21,300 different banks. Right, the average American 338 00:17:21,300 --> 00:17:25,099 Consumer is having a hard time coming up with four dollars for 339 00:17:25,099 --> 00:17:27,300 an emergency. So, we're very much dealing with 340 00:17:27,300 --> 00:17:32,000 like a 1% problem here. And what the average American is 341 00:17:32,000 --> 00:17:35,100 going through, they need a stable, checking account, the 342 00:17:35,100 --> 00:17:37,100 thing. They need to be most focused on 343 00:17:37,100 --> 00:17:40,500 is cutting out fees which is really hurting their overall 344 00:17:40,600 --> 00:17:44,900 cash flow position more so than any investing or putting it into 345 00:17:44,900 --> 00:17:48,800 treasuries or anything that's going on in major Publications 346 00:17:48,800 --> 00:17:50,000 right now. It's not affecting the average 347 00:17:50,000 --> 00:17:52,700 person yet leave, especially with inflation going. 348 00:17:52,700 --> 00:17:54,100 That's a really, really good point. 349 00:17:54,400 --> 00:17:58,100 So, okay. Jason, as we come here, my one 350 00:17:58,100 --> 00:18:01,000 of my favorite question is, what advice would you give your 30 351 00:18:01,000 --> 00:18:04,200 year old self or 20 year old self and that you'd like to 352 00:18:04,200 --> 00:18:08,600 share with the audience? There's a few. 353 00:18:08,600 --> 00:18:12,400 I mean I'd say, yeah, if you have to enjoy the moment as 354 00:18:13,000 --> 00:18:16,400 entrepreneur or even as in your everyday career, I think 355 00:18:16,400 --> 00:18:19,800 everything goes by very fast and you need to acknowledge when you 356 00:18:19,800 --> 00:18:22,900 have some wins because they don't last that long and pretty 357 00:18:22,900 --> 00:18:25,500 quickly up to be dealing with the next, the next issue. 358 00:18:25,500 --> 00:18:27,900 So we're up to try and enjoy the moment. 359 00:18:28,900 --> 00:18:31,000 But we talked about earlier in the call making those hiring 360 00:18:31,000 --> 00:18:34,300 changes faster when you can send something isn't right really 361 00:18:34,300 --> 00:18:37,300 doing reference checks on your your potential Partnerships. 362 00:18:37,300 --> 00:18:39,700 You're going to do I mean whatever career and I'm sure do 363 00:18:39,700 --> 00:18:42,300 come across different people. You're going to partner with 364 00:18:42,900 --> 00:18:45,300 that. Partnerships can slow you down a 365 00:18:45,300 --> 00:18:47,000 lot. And I think we could have 366 00:18:47,000 --> 00:18:50,400 ordered a mop by taking a beat, doing some extra homework, 367 00:18:50,400 --> 00:18:52,600 looking around the industry to see if we were working with 368 00:18:52,600 --> 00:18:56,100 best-in-class partners and especially within Tech, there's 369 00:18:56,100 --> 00:18:59,900 been a lot of smoke and mirrors. With regards to partnership 370 00:18:59,900 --> 00:19:02,100 opportunities. I wish we could have looked 371 00:19:02,100 --> 00:19:05,300 around a little bit further, and we would be an even bigger 372 00:19:05,300 --> 00:19:07,400 company than we are today. Gotcha. 373 00:19:07,400 --> 00:19:09,700 And with the right partner can accelerate growth, even further, 374 00:19:09,700 --> 00:19:12,200 I mean, 10 together. Yeah, it's a really really good 375 00:19:12,200 --> 00:19:14,300 point, but beautiful. Well, thank you so much Jason 376 00:19:14,300 --> 00:19:16,600 for coming on the show. The best way for people to get a 377 00:19:16,600 --> 00:19:19,200 hold of you is Dave.com and they can open up accounts there and 378 00:19:19,200 --> 00:19:22,500 learn more there or yes. Yeah, that's right. 379 00:19:22,800 --> 00:19:24,900 Excellent, the stock tickers davem82. 380 00:19:25,100 --> 00:19:26,300 You everybody. Thank you Jason. 381 00:19:26,300 --> 00:19:27,600 Hopefully, we'll have you on again soon. 382 00:19:28,100 --> 00:19:29,200 Thanks a lot. Appreciate it. 383 00:19:28,100 --> 00:19:29,200 Thanks a lot. Appreciate it.