Dave Inc. (Nasdaq: DAVE), a leading neobank, has appointed Kevin Frisch as its new Chief Marketing Officer. Frisch will oversee all aspects of Dave’s marketing strategy, including brand, content, product marketing, acquisition, cross-sell, retention, and overall go-to-market.
Frisch’s appointment comes at a time when Dave is facing allegations from the Federal Trade Commission (FTC). The FTC claims that Dave has charged undisclosed fees, violating consumer protection laws. According to the lawsuit filed earlier this month, Dave advertises instant access to cash advances of up to $500 but often provides much smaller amounts.
The regulator also accuses Dave of failing to disclose an “Express Fee,” which can range from $3 to $25, for immediate access to advances. Customers who do not pay the fee face a wait of two to three business days. The FTC lawsuit argues that this fee is not disclosed until after consumers have completed the signup process and given Dave access to their bank accounts.
Dave appoints Frisch amid FTC allegations
CEO Jason Wilk addressed the suit during Dave’s earnings call last week, stating, “The FTC suit does not question our ability to charge subscription fees, optional tips, or express fees, but rather the transparency of our consumer disclosures and how we acquire consent for the fees associated with our products. We believe we have always operated within the laws.”
In response to the lawsuit, Dave has announced several changes to its practices.
The complaint highlights that regulators are tightening their scrutiny of FinTech companies, signaling issues with some of the core aspects of their business models. Frisch brings a wealth of experience in delivering transformative marketing strategies that drive team empowerment and performance, enhance customer satisfaction and loyalty, and accelerate profitable growth. Most recently, he served as Vice President of Marketing at Intuit, where he was accountable for $6B in revenue, overseeing a team of over 200 responsible for all of QuickBooks US Marketing.
“In every conversation I had with the team, I was inspired by their unwavering commitment to our mission of empowering hardworking Americans to take control of their finances,” said Frisch. “I could not be more thrilled to join this team and help bring the full potential of Dave to our customers and the market.”
Jason Wilk, Founder and CEO of Dave, added, “We are thrilled to welcome Kevin, who brings over two decades of experience with market-leading companies. His unique combination of deep customer empathy and analytical rigor is exactly what we need to drive our marketing strategy forward and fully realize Dave’s mission.
We couldn’t be more excited for him to join and help shape the next chapter of growth at Dave.”
