Total amount raised
$646.3 Million
Latest funding date
09/01/2023
Location
Dave has successfully raised funding over 9 rounds, with the latest being a Post-IPO Debt round. The company is backed by 23 investors, including notable names like FTX Ventures and Corbin Capital Partners.
Keep reading to explore the intricacies of Dave's fundraising journey and the investors backing this innovative platform.
What Is Dave?
Dave is a financial technology company based in Los Angeles, California. The company offers a mobile app that provides banking services, financial insights, overdraft protection, and credit-building products. With an employee count ranging from 251 to 500, Dave has made significant strides in the FinTech industry.
Founded to simplify financial management, Dave has grown to serve over 6 million members. The app features include ExtraCash advances, a checking account with early paycheck access, and tools for budgeting and saving. The company is publicly traded on NASDAQ under the ticker DAVE.
How Much Funding Has Dave Raised?
- Post-IPO Debt
- Amount Raised: USD 50,000,000
- Date: September 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding product offerings and scaling operations.
- Post-IPO Debt
- Amount Raised: USD 100,000,000
- Date: March 2022
- Lead Investors: FTX Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and enhance technology.
- Post-IPO Equity
- Amount Raised: USD 210,000,000
- Date: January 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enter new markets.
- Debt Financing
- Amount Raised: USD 100,000,000
- Date: January 2021
- Lead Investors: Victory Park Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth of Dave’s banking product and accelerate expansion into new products and features.
- Series B
- Amount Raised: USD 50,000,000
- Date: September 2019
- Lead Investors: Norwest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology.
- Debt Financing
- Amount Raised: USD 110,000,000
- Date: June 2019
- Lead Investors: Victory Park Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early growth and development.
- Debt Financing
- Amount Raised: USD 10,000,000
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at early-stage growth and product development.
- Series A
- Amount Raised: USD 13,300,000
- Date: October 2017
- Lead Investors: S32
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial product launch and market entry.
- Seed
- Amount Raised: USD 3,000,000
- Date: April 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and enter the market.
Total Amount Raised: USD 646,300,000. Current Valuation: Not publicly disclosed.
Key Investors
- FTX Ventures
- Details: FTX Ventures is a venture capital firm that focuses on investing in innovative companies in the cryptocurrency and blockchain sectors. They have been a lead investor in Dave's Post-IPO Debt round.
- Investment Focus Areas: Cryptocurrency, blockchain, financial technology.
- Notable Investments: Dave, Solana, Serum.
- Victory Park Capital
- Details: Victory Park Capital (VPC) is a global alternative investment firm that provides capital to emerging and established businesses. They have been involved with Dave since May 2018 and provided a $100 million credit facility.
- Investment Focus Areas: Alternative investments, credit facilities, financial technology.
- Notable Investments: Dave, Avant, Bread.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on private and public companies in the global internet, software, consumer, and financial technology sectors. They led Dave's Post-IPO Equity round.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Stripe.
- Norwest
- Details: Norwest is a global venture capital and growth equity investment firm that partners with entrepreneurs to build market-leading companies. They led Dave's Series B round.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, BlueJeans.
- S32
- Details: S32 is a venture capital firm that invests in early-stage technology companies. They were a lead investor in Dave's Series A round.
- Investment Focus Areas: Technology, software, financial technology.
- Notable Investments: Dave, Robinhood, Plaid.
What's Next for Dave?
Dave's future looks promising with the expansion of its banking product and the development of new features. The $100 million credit facility from Victory Park Capital will enable Dave to make banking more accessible and impactful for communities across the United States.
As the company continues to grow, future fundraising opportunities seem likely, given the successful partnership with VPC. However, Dave will need to navigate challenges such as competition from other challenger banks and ensuring the scalability of its new products.
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