Dave and Coastal Community Bank Announce Strategic BaaS Partnership
On March 3, 2025, neobank Dave Inc. and Coastal Community Bank announced a strategic banking-as-a-service partnership, designating CCBX—the bank's BaaS division—as the sponsor bank for Dave's banking products and its new ExtraCash product. Customer onboarding under the new arrangement is planned to begin in Q2 2025. Dave CEO Jason Wilk cited the bank's customer-first approach, risk management expertise, and shared focus on serving underbanked communities as key factors in the partnership.
CCBX President Brian Hamilton emphasized the alignment between both organizations in delivering accessible financial services. Coastal Financial Corporation (Nasdaq: CCB), the bank's holding company, operates a $4.12 billion institution with 14 branches in Washington state. CCBX already supports multiple fintechs through its BaaS platform, and the addition of Dave represents a significant expansion.
The partnership underscores the continued importance of well-regulated sponsor bank relationships in the BaaS ecosystem.
- Reinforces Coastal Community Bank's CCBX as a leading BaaS sponsor bank platform for consumer fintechs
- Demonstrates continued demand for regulated sponsor bank partnerships despite increased regulatory scrutiny of BaaS arrangements