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Dave, banking app backed by Mark Cuban, will go public via a SPAC

Mark Cuban

Dave, a banking app backed by Mark Cuban, is going public.

Photo: Michael Reaves/Getty Images

Dave, the banking app backed by Mark Cuban, is going public through a SPAC merger that values the company at $4 billion.

Dave, which has 10 million customers, said it will become a publicly-traded company through a merger with Victory Park Capital Impact Acquisition Holdings.

The transaction includes a $210 million investment from other investors, including Tiger Global Management, Wellington Management and Corpin Capital Partners.

Launched in 2017, the Dave app aims to help customers avoid overdraft fees.
 Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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