digital 100m ftx ventures ftx

LOS ANGELES, March 21, 2022 (GLOBE NEWSWIRE) — Dave Inc. (Nasdaq: DAVE) (“Dave” or the “Company”), a banking app on a mission to build products that level the financial playing field, today announced a strategic partnership with West Realm Shires Services, Inc., owner and operator of FTX US (“FTX US”), whereby the companies will work together to expand the digital assets ecosystem. FTX Ventures, a $2B venture fund, has also invested $100 million in Dave.

With this investment, Dave has significantly enhanced its balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related.


Dave members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings; the effects of the COVID-19 pandemic on Dave’s business; the possibility that Dave may be adversely affected by other economic, business, and/or competitive factors; and those factors discussed in Dave’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on January 11, 2022 and subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC.
Dave’s financial tools, including its debit card and spending account, help millions of customers bank, budget, access ExtraCash before payday, find work and build credit. For more information, visit www.dave.com.

Forward-Looking Statements This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding Dave’s future performance and other future events that involve risks and uncertainties.


Maturity Date, if the closing price of the Common Stock equals or exceeds 175% of the Conversion Price for 20 out of the 30 consecutive trading days ending immediately preceding the delivery of the notice of the Company’s election to convert the Note, the Note will be convertible into shares of Common Stock at the option of the Company, upon delivery of a written notice to the FTX Ventures electing to convert the Note or all or any portion of the outstanding principal amount of the Note. At any time prior to the Maturity Date, the Company may, in its sole discretion and upon delivery of a written notice to the FTX Ventures electing to prepay the Note, prepay the Note without penalty by paying the FTX Ventures 100% of the Redemption Price.

About Dave Dave is a banking app on a mission to build products that level the financial playing field.

Under the tie-up, FTX US will act as Dave’s exclusive partner for cryptocurrencies and the firms are working to add digital asset payments into Dave’s platform.

Dave CEO Jason Wilk said: “We believe blockchain technology has the potential to level the financial playing field across the globe. 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.”

FTX US president Brett Harrison said: “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.

Forty-eight months (the “Maturity Date”) after the date of the initial issuance of the Note (the “Issuance Date”), the Company will pay the FTX Ventures the sum of (i) the outstanding principal amount of the Note, plus (ii) all accrued but unpaid interest thereon, plus (iii) all expenses incurred by the FTX Ventures (the “Redemption Price”). Payment of the Redemption Price on the Maturity Date will constitute a redemption of the Note in whole. During the term of the Note, the Note will be convertible into shares of the Company’s Class A Common Stock, par value $0.0001 per share (the “Common Stock”) at the option of the FTX Ventures.

The initial conversion price of the Note is $10.00 per share of Common Stock, subject to customary adjustments (the “Conversion Price”).
LOS ANGELES, March 21, 2022 (GLOBE NEWSWIRE) — Dave Inc. (Nasdaq: DAVE) (“Dave” or the “Company”), a banking app on a mission to build products that level the financial playing field, today announced a strategic partnership with West Realm Shires Services, Inc., owner and operator of FTX US (“FTX US”), whereby the companies will work together to expand the digital assets ecosystem. FTX Ventures, a $2B venture fund, has also invested $100 million in Dave.

With this investment, Dave has significantly enhanced its balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related.

FTX_Official to lead FTX Ventures, gaming, and commercial initiatives reporting to @SBF_FTX, in the company’s next chapter as a leading global financial services and web3 company.https://t.co/02uSg9e7g1

— Amy Wu (@amytongwu) January 14, 2022

FTX — which has long made investments alongside its sister company Alameda — said in a press release that FTX Ventures aims to “advance global blockchain and web3 adoption, with a broad investment mandate across social, gaming, fintech, software, and healthcare.”

The fund will invest in multi-stage companies and projects, providing flexible funding and strategic support from FTX and its network of global partners.

An official post in FTX blog says: “We are excited to back builders who share our values: move fast, make the impossible possible, do right by users, follow-through, and improve the world.

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Concurrently, the digital banking platform also received a $100m investment from FTX Ventures, a $2bn venture fund.

At FTX, we are transforming the future of financial services and building towards a future of web3. FTX Ventures is launching today to accelerate this vision, for builders, by builders. We believe doing right by our users starts by building great products.
In this ethos, FTX Ventures is looking to back great teams building great products, across sectors.

We are excited to back builders who share our values: move fast, make the impossible possible, do right by users, follow-through, and improve the world. We will do right by the teams we invest in, by adding strategic value and leveraging our resources, technical and operational expertise across FTX and network of global partners.

We want to make things easy for builders. Our first $2B fund will be flexible capital where we can invest in equity and/or tokens, at any check size and stage.

US-based digital banking app Dave has formed a strategic partnership with West Realm Shires Services, the parent firm of crypto exchange FTX US. Free Report

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion.

The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals.
Maturity Date, if the closing price of the Common Stock equals or exceeds 175% of the Conversion Price for 20 out of the 30 consecutive trading days ending immediately preceding the delivery of the notice of the Company’s election to convert the Note, the Note will be convertible into shares of Common Stock at the option of the Company, upon delivery of a written notice to the FTX Ventures electing to convert the Note or all or any portion of the outstanding principal amount of the Note. At any time prior to the Maturity Date, the Company may, in its sole discretion and upon delivery of a written notice to the FTX Ventures electing to prepay the Note, prepay the Note without penalty by paying the FTX Ventures 100% of the Redemption Price.

About Dave Dave is a banking app on a mission to build products that level the financial playing field.

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