The capital came from FTX Ventures, a USD 2 billion venture fund. With the capital, Dave claims to have experienced an enhanced balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related, explains Fintech Global.
FTX US, which operates a cryptocurrency exchange, will serve as Dave’s exclusive partner for cryptos and the parties are exploring ways to introduce digital asset payments into Dave’s platform. The USD 100 million was an unsecured convertible note with an interest rate of 3% per year.
The company held its IPO in January 2022 at a market cap of around USD 3 billion. Dave was launched in 2017 with a suite of banking tools like overdraft protection and a gig-economy job board. The company said it now has a userbase of more than 11 million.
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