Dave, a banking app, has secured a $100 million credit facility from Victory Park Capital. The funding will be used for growth and product expansion.
LOS ANGELES & CHICAGO–(BUSINESS WIRE)–Dave, the banking app on a mission to create financial opportunity that advances America’s collective potential, announced today that it has secured a $100 million credit facility from Victory Park Capital (“VPC”), a leading global alternative investment firm. The funding will support the growth of Dave’s banking product and accelerate the company’s expansion into new products and features.
In 2020, Dave rolled out Dave Banking, a spending account and debit card with no monthly fees. Launched in 2017 as a way to help avoid overdraft fees, Dave has grown into the third most valuable challenger banking app in the United States and was named the 26th most disruptive private company in the world. VPC’s partnership with Dave began in May 2018 and this transaction is the second to take place over the course of their relationship.
“We look forward to our continued partnership with Dave as the company enters its next phase of growth and progresses in its journey to make banking more accessible,” said Jason Brown, partner at VPC. “Dave has amassed millions of loyal members by helping solve simple pain points like overdraft protection and automated budgeting, all while giving back to the community, and we are confident that the company will continue to be a significant challenger to traditional financial institutions.”
“We are excited about the flexibility this deal gives us as we continue to expand Dave Banking for the 180 million Americans who live paycheck to paycheck and deserve access to high quality financial products,” said Jason Wilk, CEO of Dave. “Through this expanded partnership with Victory Park we will be making a meaningful impact on communities in the United States and beyond.”
Dave is a banking app on a mission to create financial opportunity that advances America’s collective potential. Dave helps its more than eight million customers budget, avoid overdraft fees, find work and build credit. For more information, visit www.dave.com.
About Victory Park Capital
Victory Park Capital invests in emerging and established businesses across various industries in the U.S. and abroad. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities, broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles and San Francisco. VPC is privately held and a Registered Investment Advisor with the SEC. For more information, please visit www.victoryparkcapital.com.