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Banking app Dave raises USD 100 mln

Tuesday 22 March 2022 14:51 CET | News

US-based banking app Dave has raised USD 100 million as part of a new strategic partnership with West Realm Shires Services, which owns FTX US.

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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Keywords: funding, digital banking, mobile banking, IPO
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech






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