Banking App Dave To Become Publicly Traded Company Via Merger – Quick Facts

Banking app Dave and VPC Impact Acquisition Holdings III, Inc. (VPCC), a special purpose acquisition company sponsored by Victory Park Capital, announced Monday that they have entered into a definitive agreement for a business combination that will result in Dave becoming a publicly traded company.

Dave will be listed under the ticker symbol “DAVE,” with an expected pro forma, fully-diluted equity value of approximately $4 billion, assuming no redemptions.

Launched in 2017 as an app to help Americans avoid billions of dollars in overdraft fees charged by traditional banks, Dave is now a financial platform helping 10 million customers with banking, financial insights, overdraft protection, building credit and finding side gigs.

In December 2020, the company launched Dave Banking, a spending account and debit card with no monthly fees, which has already accumulated more than 1.3 million members.

Victory Park Capital has been a longstanding investor in Dave, most recently providing a $100 million credit facility to the company in January 2021. The acquisition vehicle VPCC completed its initial public offering in March 2021.

Dave has been backed by world-class investors including Norwest, Section 32, Capital One, Mark Cuban Companies, The Kraft Group, SV Angel and The Chernin Group.

The proposed business combination has been unanimously approved by the Boards of Directors of Dave and VPCC, and is subject to approval by VPCC’s stockholders, regulatory approvals and other customary closing conditions. The business combination is expected to close late in the third quarter or in the fourth quarter of 2021.

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