Dave, an LA-based banking app backed by Mark Cuban, announced Monday that it raised $100 million in fresh financing. The massive raise came courtesy of VC giant FTX Ventures and will be used to help the company continue to scale.
The new investment couldn’t have come at a better time for Dave. Business has been booming throughout the pandemic and less than a year ago the company went public via a SPAC merger. At the time, the tech unicorn also announced the close of a $210 million investment that sent its valuation soaring to $4 billion.
“We believe the legacy financial system has failed to deliver and, today, more than 150 million people need our help to build financial stability,” Jason Wilk, CEO of Dave, said in a statement at the time. “Dave is upending the banking industry with our suite of breakthrough financial products and making a meaningful impact on our customers’ lives.”
The company initially got its start in 2017 with a mission to help its users avoid overdraft fees. Now Dave operates as a full-fledged financial advisement platform, helping users with things like finding side gigs and building their credit.
Following the latest raise though, the fintech giant is looking to dip its toes into the ever-expanding world of cryptocurrency.
“We believe blockchain technology has the potential to level the financial playing field across the globe,” Wilk said in a statement. “We are in position to enter the digital asset arena, explore new growth opportunities and improve the member experience.”
In addition to its foray into the world of digital assets, Dave also plans to explore new growth opportunities and invest in product development. As the company’s service footprint continues to grow, its team plans to follow suit. Dave is now hiring for more than 20 roles across multiple departments including engineering, product and design.
Dave has raised $486.3 million in venture capital financing to date, according to Crunchbase.
