Dave Plans To Hit Public Markets Via SPAC
Los Angeles-based banking app developer Dave said this morning that it is going public, via a merger with VPC Impact Acquisition Holdings III, Inc., a special purpose acquisition company (SPAC) sponsred by Victory Park Capital. According to the company, the deal will take the company public under the ticker symbol DAVE, and give it a pro forma, fully-diluted equity value of approximately $4 billion. Dave offers up an app which provides help with banking, financial insights, overdraft protection, building credit and finding side gigs. The company was launched in 2017, and now says it has over 10 million customers. The company recently launched its own spending and debit card account service called Dave Banking, which it says now has more than 1.3 million members.