digital dave 100m ftx ftx

Crypto exchange FTX via its venture capital arm FTX Ventures has invested $100 million into Dave, a mobile banking company. This goes along with the ongoing payment industry’s wave towards a focus on systems that support crypto products.

Even firms such as MasterCard and Visa that have previously dealt with legacy payment systems have launched initiatives to facilitate payments via crypto assets. PayPal and its Venmo platform added support for crypto last year, while JackDorsey’s Cash App allows US users (bar New York) to send BTC via the Lightning Network.

FTX.US will help Dave enter the digital asset space

According to a news release by Dave, a strategic partnership will be formed between the parent company of FTX.US, West Real Shires Services, and the banking platform following the investment.


The note bears an annual interest rate of 3.00% (compounded semi-annually).

FTX US will be the exclusive cryptocurrency partner of the Dave platform and will introduce digital assets to the Dave trading platform.

Dave’s went public in January through a special purpose acquisition company (SPAC) merger with VPC Impact Acquisition Holdings III, valued at up to $4 billion.

Brett Harrison, President of FTX USA, expressed his delight at the investment and stated that both parties share the same vision, commenting:

“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. Dave is a great fit as they check all three boxes.


The payments platform said it would use the fresh resources to improve the user’s experience by investing in future endeavours, including inroads into crypto.

FTX.US will be Dave’s exclusive crypto partner, facilitating the banking app’s introduction of virtual assets to customers on the platform. This will go a long way in reducing the distance between the US-based fintech app and competitors offering an array of crypto-related services such as SoFi.

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 a position to enter the digital asset arena, explore new growth opportunities, and improve the member experience.

West Realm Shires Services, Inc., the U.S.-based owner and operator of the FTX crypto exchange, has invested $100 million in a strategic partnership with banking app Dave.

The company received a $100 million investment from the exchange of a $2 billion venture capital fund- FTX Ventures.

Dave CEO Jason Wilk said about the partnership:

“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.”

The investment was made through unsecured convertible notes, a type of short-term debt, from FTX Ventures, a venture fund with over $2 billion.

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.


FTX US will serve as the Company’s exclusive partner for cryptocurrencies, and the parties are currently exploring ways to introduce digital asset payments into Dave’s platform, while continuing to improve the customer experience for Dave members.

“This is an exciting milestone for our Company, our shareholders and all Dave members,” said Jason Wilk, Chief Executive Officer of Dave. “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 commented, “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. Dave is a great fit as they check all three boxes. We see significant growth opportunities ahead for both of our companies and are excited to be working with Dave.”

The $100 million investment was made pursuant to an unsecured convertible note (the “Note”), which bears interest at a rate of 3.00% per year (compounded semi-annually).

Interest may be paid in-kind or in cash, at the Company’s option.

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.

We look forward to working with them long-term to enhance stakeholder value through digital assets, ” said Jason Wilk, the CEO of Dave.

FTX exchange keeps on growing

The financial services app already has some heavy-weight investors, including FTX CEO Sam Bankman-Fried, whose Alameda Research invested in Dave’s pre-IPO. Dallas Maverick’s owner Mark Cuban and venture capital firm Capital One are also on the investors” list in the company.

FTX remains one of the fastest-evolving exchanges in the world today.

After gaining approval in Dubai last week, the multi-billion valued firm launched an Australian subsidiary – FTX Australia – yesterday.

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.

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”).

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