Banking app Dave scores $100m alongside new partnership

Dave, a banking app that aims to democratise the financial ecosystem, has bagged $100m as part of a new strategic partnership with West Realm Shires Services, which owns FTX US.

The capital came from FTX Ventures, a $2bn venture fund. With the capital, Dave claims to have experienced a “significantly” enhanced balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related.

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.

Dave CEO Jason Wilk said, “This is an exciting milestone for our Company, our shareholders and all Dave members.

“We believe blockchain technology has the potential to level the financial playing field across the globe. By aligning with a world-class leader such as FTX US, we are in position to enter the digital asset arena, explore new growth opportunities, and improve the member experience. FTX US is a pioneer in the cryptocurrency ecosystem, and we look forward to working with them long-term to enhance stakeholder value through digital assets.”

The $100m was an unsecured convertible note with an interest rate of 3% per year.

Dave is a banking app that aims to create financial opportunity for all Americans. Users can get paid up to two days early, build credit history and get up to $250 advances without a fee.

The company went held its IPO in January 2022 at a market cap of around $3bn.

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