Dave Stock Soars 150% in a Year as Newly Disclosed $7 Million Buy Signals Confidence in Fintech Upstart

2026-03-12 21:55:12

On February 17, 2026, Findell Capital Management disclosed a buy of 32,000 shares of Dave (DAVE 2.43%) in the fourth quarter, with the estimated transaction value at $6.88 million based on the quarterly average price.

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Findell Capital Management increased its position in Dave (DAVE 2.43%) by 32,000 shares. The estimated transaction value was $6.88 million based on the mean unadjusted close for the quarter ended December 31, 2025. Meanwhile, the fund’s quarter-end valuation for its Dave stake rose by $7.92 million, a figure that includes both share purchases and price movements.

What else to know

Dave accounts for 4.9% of Findell Capital Management LLC’s reportable equity AUM as of December 31, 2025.
Top holdings after the filing:
- NASDAQ: LQDA: $98.35 million (32.7% of AUM)
- NASDAQ: ESTA: $82.39 million (27.4% of AUM)
- NASDAQ: ROOT: $16.97 million (5.6% of AUM)
- NASDAQ: DAVE: $15.50 million (4.9% of AUM)
- NYSE: TPB: $13.77 million (4.6% of AUM)
As of Thursday, shares of Dave have surged about 150% over the past year to $218.56, far outperforming the S&P 500’s roughly 21% gain in the same period.

Company overview

Metric	Value
Revenue (TTM)	$554.2 million
Net income (TTM)	$195.9 million
Price (as of Thursday)	$218.56

Company snapshot

Dave provides digital banking services, including personal financial management tools, overdraft alternatives, and a job application portal.
The company operates a technology-driven financial platform focused on accessible banking and personal finance solutions.
It emphasizes a digital-first strategy to serve customers seeking alternatives to conventional banking, with a focus on transparency and user empowerment.

Dave leverages its digital platform to deliver a suite of financial products aimed at users who want more control and flexibility than traditional banks offer. Its business model centers on technology-enabled services that address everyday financial needs.

What this transaction means for investors

It’s been a rough year for many fintechs, but Dave has managed to buck the trend. While the Global X FinTech ETF (which does not count Dave as a holding) has fallen about 5% over the past year, Dave has instead skyrocketed 150%. The digital banking platform has been scaling rapidly, with revenue climbing 60% to $554.2 million in 2025 while net income jumped to $195.9 million. The momentum carried into the fourth quarter, with revenue rising 62% year over year to $163.7 million, and adjusted EBITDA climbing 118% to $72.9 million.

Operationally, the company is also showing signs of improving economics. Monthly transacting members reached 2.93 million, while its ExtraCash lending product generated $2.2 billion in originations during the quarter. Plus, customer acquisition costs remained relatively low at roughly $20 per new member, suggesting the platform can still grow efficiently.

Against that backdrop, the position now represents roughly 4.9% of the fund’s equity portfolio, placing Dave among its larger holdings but still well below its biggest bets in Liquidia and Establishment Labs. In other words, that sizing does seem to reflect conviction, though not overconcentration.

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