Fintech Dave to Switch Banking Partner to Coastal From Evolve

Fintech Dave Inc. plans to use Coastal Financial Corp. as its primary banking partner and eventually drop Evolve Bancorp Inc., which has grappled with an enforcement action and other challenges.

Dave isn’t a bank, but offers bank-like products such as checking accounts and “ExtraCash,” which gives customers as much as $500 without credit checks, interest or late fees. In order to offer those products, Dave must partner with a bank, which has been Evolve Bank & Trust.

Coastal Financial’s Coastal Community Bank arm will instead serve as Dave’s sponsor bank, including for the ExtraCash product, according to a statement ...