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It’ll take more than Dave to beat finance Goliaths

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Backed by billionaire Mark Cuban, fintech firm Dave has agreed to a $4 billion deal with a blank-check company. Dave’s goal of taking on overdraft fees is noble but this space is crowded with many slingshots aimed at the mega-banks, jennifersaba says.

Online financial startup Dave said on June 7 it agreed to go public through a merger with special purpose acquisition company Victory Park Capital at an equity value of $4 billion. The transaction includes a $210 million concurrent private placement led by Tiger Global Management.

Dave is a financial app that helps its some 10 million customers avoid overdraft fees. The company, launched in 2017, is backed by billionaire Mark Cuban, The Kraft Group and The Chernin Group.Mark Cuban, owner of the NBA Dallas Mavericks, speaks during the Wall Street Journal Digital Live conference at the Montage hotel in Laguna Beach, California October 20, 2015.

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Source: CNBC - 🏆 12. / 72 Read more »