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.
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.”