Home » FinTech » Banking App Dave Set for $4bn Spac Deal

Banking App Dave Set for $4bn Spac Deal



Banking app Dave is set to go public through a $4 billion merger with a blank-check firm sponsored by investment firm Victory Park Capital.

Launched in 2017 as a personal finance assistant, Dave is now a financial platform helping 10 million customers with banking, financial insights, overdraft protection, building credit and finding side gigs.

Late last year, the company launched Dave Banking, a spending account and debit card with no monthly fees, which has already accumulated more than 1.3 million members.

The Spac deal includes $210 million investment from Tiger Global Management, with participation from Wellington Management and Corbin Capital Partners.

READ ALSO: South African Cybersecurity Sendmarc Raises Funding from Endeavor South Africa 

Jason Wilk, CEO, Dave, says: “This transaction and continued support from our longstanding investors signify confidence in our strategy, vision and the significant growth opportunities ahead.”