Banking app ‘Dave’ chalks up $100M backing from FTX

FTX Ventures, the venture arm of popular cryptocurrency exchange FTX, has invested a substantial $100 million in the mobile banking app ‘Dave.’ Furthermore, the two companies have also announced a strategic alliance to fast-track development in the digital assets ecosystem.

With the latest deal, FTX’s US subsidiary will help the challenger bank in integrating cryptocurrency payments on the platform. FTX has also become the official cryptocurrency partner of Dave.

Jason Wilk, Chief Executive Officer of Dave, said in the press release:

“We believe blockchain technology has the potential to level the financial playing field across the globe. 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.”

Per the terms of the deal, FTX ventures has provided the funding in the form of an unsecured convertible note with an interest rate of 3% per annum. Dave itself will avail the funds to hasten its growth strategy through several initiatives, “including those crypto-related.”

Founded in 2016, Dave is a mobile banking app that provides several financial tools such as debit cards, overdraft protection, no-interest cash advances, and more. FTX has joined Mark Cuban, artist Diplo, and CODE Advisors founding partner Quincy Smith, in backing the app.

The app recently went public in a major $4 billion SPAC deal and began trading on Nasdaq in January. With plans to offer cryptocurrency payments, Dave has joined the list of popular US payment apps, including PayPal, Cash App, and Venmo to name a few.

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