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FTX invests $100m in Dave as part of crypto partnership

FTX invests $100m in Dave as part of crypto partnership

The venture arm of FTX has invested $100 million in Dave as part of a wider partnership between the crypto giant's US business and the banking app to "expand the digital assets ecosystem".

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. In January it went public through a $4 billion Spac deal.

Under the new deal, FTX US will serve as Dave's exclusive partner for cryptocurrencies, with the pair currently "exploring ways" to introduce digital asset payments into Dave’s platform.

Jason Wilk, CEO, Dave, says: "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."

The investment, made through FTX's new $2 billion venture capital fund, is being made through an unsecured convertible note.

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