The fintech app, Dave announced a $100 million investment from the $2 billion venture fund FTX Ventures.
“We see significant growth opportunities ahead for both of our companies and are excited to be working with Dave” said FTX US President Brett Harrison.
Not only this, Dave also announced a strategic partnership with the cryptocurrency exchange platform, FTX US.
The two companies are working on launching digital asset payment on Dave’s platform. When it launches, FTX US will be the exclusive partner for cryptocurrencies.
“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” continued the FTX US President.
The massive $100 million investment is not in the form of equity, but of unsecured convertible notes with a 3% annual interest rate (compounded semi-annually).
Jason Wilk, CEO of Dave said, “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. FTX US is a pioneer in the cryptocurrency ecosystem, and we look forward to working with them long-term to enhance stakeholder value through digital assets”
With more than 6 million users, the Dave App went public in January via a special purpose acquisitions company (SPAC) merger.
The Amy Wu lead venture fund, FTX Venture was launched mere 2 months ago with a primary focus on blockchain and Web3 technology, with investments in “social, gaming, fintech, software, and healthcare.” The Venture fund was bankrolled completely by the FTX founder and CEO Sam Bankman-Fried.
