The U.S. Justice Department has filed a civil enforcement action against fintech company Dave (DAVE.O) and its CEO Jason Wilk, alleging violations of federal law. The case, supported by the Federal Trade Commission (FTC), accuses the company of deceptive practices tied to its personal finance app.
According to the complaint, Dave attracted users with promises of cash advances up to $500, which many customers reportedly did not receive. The government also claims the company misled consumers by charging hidden fees, misrepresenting how customer tips were used, and imposing recurring monthly fees without an easy cancellation process.
The Justice Department is seeking monetary civil penalties, consumer redress, and a permanent injunction to prevent future violations. The complaint filed on Monday replaces an earlier one filed by the FTC in November, which had only targeted Dave and did not seek civil penalties.
Dave has denied the allegations, stating that many claims are inaccurate. The company highlighted its recent changes, including a streamlined fee structure eliminating tips and “express fees” that were criticized by regulators. New customers onboarded after December 4 have been transitioned to the revised fee system, and existing customers are gradually being shifted as well.
Dave has pledged to defend itself against the allegations and emphasized its commitment to providing transparency and fairness to its users. WASHINGTON, Dec 31 (Reuters)
Fintech App Awards 2024 is celebrating the best fintech apps in Nigeria. After extensive analysis, testing, and reviews conducted on both the main channel and the secondary channel, Personal Finance Circle, the team has curated a list of top-performing apps across various categories. Femi Olaniyan Productions aims to recognize outstanding innovation, functionality, and impact within the Nigerian fintech industry.
If your company has been honored with an award, congratulations! Please reach out via email at hi@femiolaniyan.com or send a direct message on Instagram to @thefemiolaniyan to claim your prize.Their team values your feedback and would love to hear your thoughts on the winners.
Bench Accounting, once a leader in online bookkeeping services, shocked the small business community with its sudden closure on December 27, 2024. The Vancouver-based company had been a trusted partner for thousands of entrepreneurs, offering a blend of proprietary software and human expertise to manage bookkeeping and tax preparation. Despite raising over $100 million in funding, Bench’s abrupt shutdown has left many scrambling to find alternative solutions during a critical time in the financial calendar. Clients are advised to retrieve their financial data promptly and explore other platforms, such as Kick, which Bench has recommended as a transition option.
For small business owners, this serves as a reminder to diversify reliance on service providers and regularly back up crucial data. The closure also underscores the volatile nature of the fintech industry, where rapid growth is often accompanied by significant operational challenges. To gain deeper insights into Bench’s sudden shutdown and its implications for your business, check out this insightful YouTube video. This video explores the reasons behind the closure and offers guidance on navigating this unexpected disruption.
The fintech industry is reaching a pivotal moment. In this webinar, Pedro Batista (VP of Payments, Payhawk), Kamran Hedjri (CEO, PXP Financial), and Jeff Parker (CEO, Paymentology) come together to explore the game-changing trends shaping finance in 2024 and share bold predictions for 2025.
From AI-driven innovation and embedded finance to sustainability initiatives and blockchain advancements, this panel unpacks the critical areas businesses must prioritize to stay ahead in a rapidly evolving landscape.
The digital banking revolution is reshaping the financial landscape, challenging traditional models, and paving the way for a new era of innovation. In a compelling panel discussion, industry leaders came together to explore the transformative forces driving this change and to provide insights into the strategies shaping the future of financial services.
Moderated by the esteemed Dr. Maya Hajjehagain, the discussion brought together some of the brightest minds in the field. Ahmed Ali, Head of IT Demand & Delivery at Emkan Finance; Ali Alqaraawi, Chief Operating Officer at Aljazira Capital; Ahmed Aledreessi, Head of Digital Factory at Jeel; and Karim Mostafa, Product Growth Manager at KnowledgeNet, shared their unique perspectives and expertise.
One of the central themes of the discussion was the impact of digital banking innovations on traditional financial institutions. Panelists delved into how advancements in technology are disrupting long-established practices, forcing banks to adapt and embrace new strategies to stay relevant in an increasingly digital world. The shift, while challenging, presents immense opportunities for institutions willing to evolve.
Another key focus was the growing adoption of digital banking solutions by both consumers and businesses. The panelists highlighted how user-friendly interfaces, convenience, and enhanced security features are driving a widespread embrace of digital platforms. This transition is not just reshaping how people manage their finances but is also fostering a deeper connection between banks and their customers.
The discussion also emphasized the role of emerging technologies in transforming the financial ecosystem, particularly in Saudi Arabia. Panelists explored how innovations such as artificial intelligence, blockchain, and biometrics are being integrated into digital banking systems to enhance efficiency, security, and customer experience. These technologies are not only streamlining operations but are also creating opportunities for entirely new financial products and services, positioning Saudi Arabia as a hub for fintech growth in the region.
Africa continues to solidify its position as the world’s fastest-growing fintech market, driven by South Africa, Nigeria, Egypt, and Kenya. With an annual growth rate of 32%, the sector is projected to reach $65 billion by 2030. This episode of Focus On highlights strategies for strengthening the continent’s economy through financial inclusion, digital payments, and initiatives such as the African Fintech Accelerator Programme. Aida Diarra, Senior Vice President of Visa Sub-Saharan Africa, shares her insights with CNBC Africa.