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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.

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."

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