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2021-11-05 15:59:51

Dave is a non-banking application that helps clients solve their current financial problems. The application uses an algorithm to predict the ability of users to repay loans based on their checking account and income history. The algorithm predicts when the user’s expenses may exceed his balance by sending a notification and the possibility of obtaining a loan until the user’s next paycheck. The company does not charge an overdraft fee, instead charges a monthly fee for using the application and provides a “hint” option after receiving a loan. allows users to sign up for $ 1 per month to receive a free verification, and up to $ 100 as overdraft protection with no fees or interest on use. The company claims that more than 25% of Americans have overdrapped in the past 12 months.

Dave held its Serie A seed round in 2017 and was able to raise $ 13.3 million. In 2021, the company was able to raise $ 100 million in a debt investment round. So far, the company has raised $ 176 million from institutional investors. The exact date for Dave’s IPO has yet to be determined, but it is expected to conclude in the fourth quarter of 2021. The company intends to complete the SPAC deal with its subsidiary Victory Park Capital, which is headquartered in Chicago. Subsidiary Impact Acquisition Holdings III was listed in March 2021. During the deal, Dave will receive $ 210 million in equity (PIPE) from Tiger Global Management and other investors. The deal has an indicative value of $ 4 billion. Dave is truly committed to disrupting the banking and financial services industry and is struggling to help clients avoid financial mistakes. This is the first app to help customers get real benefits. According to the company, the Side Hustle feature has already resulted in app users earning $ 200 million.

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