The news: Coastal Financial’s Coastal Community Bank will take over as fintech Dave’s sponsor bank—replacing Evolve Bancorp—with customer accounts set to transition in the second quarter, per Bloomberg.
How we got here: Evolve faced several challenges last year, including a regulatory enforcement action, enmeshment in Synapse Financial Technologies’ bankruptcy, and a data breach that exposed customer information.
Meanwhile, Dave’s CEO Jason Wilk cited Coastal’s “customer-first mission, deep knowledge across credit and banking products, strong risk management, and our shared ambition to make a difference in the communities that need it most” for the fintech’s decision.