Fintech firm Dave Appoints Kevin Frisch as Chief Marketing Officer
Dave, one of US leading neobanks, has named Kevin Frisch as its new Chief Marketing Officer. In this role, Frisch will lead all facets of Dave’s marketing strategy, including brand, content, product marketing, acquisition, cross-sell, retention, and overall go-to-market.
Frisch, who started at Dave this week, was most recently the vice president of marketing at business software company Intuit, where he oversaw the U.S. marketing for accounting software QuickBooks. He previously served as the chief marketing officer for on-demand dog walking company Wag! Group and led marketing and customer relationship management for ride-hailing company Uber Technologies’ Rides and Eats business in the U.S. and Canada.
Frisch fills a position last held by Michael Goodbody, who left Dave in January 2023 for online brokerage firm Robinhood Markets. Chief Executive Jason Wilk had been running the marketing team since then.
Frisch’s appointment comes as the Los Angeles-based Dave, whose name is a reference to the biblical story of David’s victory over Goliath, looks to expand the way consumers see the company, Wilk said. Dave offers cash advances as well as full-service checking accounts.
“Consumers primarily view Dave as a way to get additional money for gas, groceries or rent, and we want to make sure that customers think of us more holistically as their primary bank,” Wilk said.
The company is also facing allegations from the FTC that it deceived consumers and charged undisclosed fees in violation of consumer protection laws.
The FTC said in a lawsuit this month that Dave falsely promised that customers could instantly receive up to $500 in cash advances, when “only a tiny percentage” got that much. Dave also allegedly failed to clearly disclose other charges, including fees to receive the advances “on the spot,” a 15% fee on their advances described as an “optional tip” by Dave and a $1 monthly membership fee, the agency said. The FTC said Dave reported more than $149 million in revenue from the so-called “tips” from 2022 through the first six months of 2024.
Dave said in a statement earlier this month that it had been cooperating and negotiating with the FTC for months before the suit was filed and that the allegations were incorrect.
“We believe this case is another example of regulatory overreach by the FTC, and we intend to vigorously defend ourselves,” Dave said. “We take compliance and customer transparency very seriously and believe that we have always acted within the law.”
A spokesman for the FTC declined to elaborate on the complaint.
Wilk said the suit won’t impact how the company discloses and markets its products, adding that it plans to continue its marketing strategy of acquiring customers through word-of-mouth, online advertisements, television and social media.
(Credit: WSJ)
