E58: Fintech Unicorn Dave: From $4B to $60M—and Back

Jason Wilk has lived through one of the wildest round trips in public-market history.He co-founded Dave to take on the big banks and give everyday Americans a better alternative to overdraft fees and traditional short-term credit. The company went public at roughly a $4 billion valuation—then saw its market cap collapse by about 98%, at one point falling below $60 million.Jason didn't quit.He kept his team together, rebuilt the business around profitability, used AI to dramatically improve underwriting, and watched Dave stage an extraordinary comeback—roughly 100x from its bottom.In this episode of Forged in America, Jason joins Ravin Gandhi and Al Goldstein to talk candidly about what it feels like to watch nearly your entire net worth disappear, why he received bad advice at the bottom, how he kept employees from leaving, and why he still believes going public was the right decision.Jason also tells the surreal story of meeting Sam Bankman-Fried before FTX collapsed—including visiting the Bahamas, seeing the FTX penthouse, and having SBF cook him dinner. He explains how FTX ended up financing Dave and how Dave later bought back the debt at a discount.We also get into Mark Cuban backing Jason across multiple companies, the advantages and dangers of venture capital, AI replacing FICO-style underwriting, Bitcoin and crypto, founder stoicism, raising kids, and why Jason believes entrepreneurs should think very carefully before diversifying away from—or remaining completely exposed to—their own companies.One of the most revealing moments comes near the end: Jason explains that at Dave's lowest point, his stake in the company was worth less than his house—and that the collapse even cost him longtime friendships.In this episode:Dave's journey from ~$4 billion to under $60 million—and back into the billionsThe 100x rebound from Dave's bottomThe bad advice Jason received when Dave's stock collapsedHow he kept his team together through a 98% drawdownMark Cuban's early bet on JasonWhy Jason would try to avoid venture capital if starting againWhy he prefers being a public-company CEOHow AI helped Dave dramatically improve its underwritingWhy Jason believes cash-flow data can outperform traditional FICO scoresThe criticism of fintech companies serving lower-income consumersJason's firsthand experience with Sam Bankman-Fried and FTXDinner with SBF inside the Bahamas penthouseHow Dave bought back its FTX debt at a discountGolf, grit, stoicism, and the psychology of entrepreneurshipJason's surprising take on BitcoinLosing 99% of your net worth—and getting it backThe friendships that didn't survive Dave's collapseWhy Jason wishes he'd taken some money off the table at the IPOThe advice he'd give his 20-year-old selfHis perspective on Elon Musk and founder-led companiesJason's story is ultimately about something much bigger than fintech: What happens when the market tells you you're wrong, nearly everything you've built appears to disappear, and you have to decide whether you still believe in yourself. Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.