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      "text": "CAC Comparison³ $500 97% Lower $15 Legacy Banks Dave",
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      "text": "Cost to Serve Comparison1,2 $300 84% Lower $48 Legacy Banks Dave",
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      "text": "1) Legacy Banks Cost to Serve reflects discussions with money center bank executives; corroborated by proprietary research findings from a leading consulting firm. 2) Dave Cost to Serve reflects Non-GAAP Variable Operating Expenses per MTM annualized based on Dave's 3Q24 financial results. 3) Legacy bank company presentations and https://www.glassbox.com/blog/customer-acquisition-in-banking/ (figure provided is an average).",
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      "text": "Legacy Banks Dave Technology • Antiquated tech stacks e.g. mainframe • Scalable best-in-class cloud-native Underwriting • Antiquated models based on heavily lagged FICO • Scalable CashAI underwriting engine uses real-time transaction data Headcount • Hundreds of thousands of employees • ~300 Employees Facilities • Expensive, labor-intensive brick and mortar branches • Highly scalable branchless model Operations • Heavy maintenance burdens; entrenched legacy vendors • Cutting edge SaaS vendors connected via API Interchange Revenue • Significantly limited by Durbin • Durbin-Exempt",
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      "text": "...Due to legacy banks' higher cost to serve, inefficient CACs, and limited interchange revenue",
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