"The U.S. Justice Department filed a complaint and announced a civil enforcement action on Monday against financial technology company Dave Inc and its CEO Jason Wilk for alleged violations of federal law. The Justice Department and the Federal Trade Commission alleged the company lured users to its personal finance app by advertising cash advances of up to $500 that many never receive."

"Santa Monica-based financial technology company Dave is cutting its net losses, but the newly-public company has a ways to go before it’s profitable – a struggle that many “neobanks,” are facing. In its recent first quarter earnings, Dave reported revenue of $58.9 million, against a net loss of $14 million. Though Dave has been steadily cutting its net loss over the last year in consecutive quarters, it’s still not profitable."