Let me give you a scenario: you try and purchase something on your debit card, but you don’t have enough money in your account instead of declining the purchase, your bank instead allows it to go through and charges you $35 for the “convenience” Overdraft fees accounted for $5.8 billion dollars of bank revenue in the first 3 quarters of 2022. These fees harm millions of Americans every year and can trap people in a cycle of debt. Jason Wilk, the founder of Dave, also struggled with these fees. What frustrated him the most was that if the bank just looked at his transaction history, they would be able to see a scheduled paycheck coming in only a couple of days. And in that frustration, Dave was born. Dave is an online bank offering no-interest loans based on your transaction history to avoid overdraft fees. In today’s episode, we discuss with Jason about:
🏦 How Mark Cuban invested in his first company only to cap his salary at $30,000/year
🏦 Going from the euphoria of an IPO to watching the stock price tumble a few days later
🏦 What it was like to transition from the CEO of a private company to a publicly traded one
