FTX Invests $100M in Banking App Dave, Forms Partnership for Crypto Payments

Dave (DAVE), a publicly traded banking app, has made a strategic partnership with FTX US, the stateside arm of cryptocurrency exchange giant FTX. The company also received a $100 million investment from FTX Ventures, the exchange’s $2 billion venture capital fund.

• FTX US and Dave are currently exploring how to introduce digital asset payments onto Dave’s platform. FTX US will serve as the exclusive partner for any crypto offerings.
• The $100 million investment from FTX Ventures was through a convertible note, a type of short-term debt.
• “We consistently look to align with companies that share our vision, have unique and disruptive business models, and can help drive widespread adoption of digital assets. Dave is a great fit as they check all three boxes,” said FTX US President Brett Harrison in a press release.
• Dave, which counts billionaire Mark Cuban among its backers, went public in January through a $4 billion merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III.
• Earlier this year, FTX US raised $400 million at an $8 billion valuation in one of the crypto industry’s largest Series A rounds.
• Shares of Dave closed up 4.85% in Monday’s trading, and were up about 3% in after-hours trading. The company also reported fourth-quarter earnings after the close on Monday.