<p>Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the banking app at $4 billion.</p>.<p>Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It currently has 10 million customers.</p>.<p>Companies such as Dave are rushing to capitalise on a boom in demand for online banking services due to the Covid-19 pandemic.</p>.<p>Financial services startup Chime has also held preliminary talks with investment banks about launching a stock market flotation, which could value it at more than $30 billion, <em>Reuters</em> reported in March.</p>.<p>The deal with special-purpose acquisition company (SPAC), VPC Impact Acquisition Holdings III Inc, includes a $210 million investment led by Tiger Global Management, with additional participation from Wellington Management and Corbin Capital Partners.</p>.<p>Dave's other investors include Norwest, Section 32, Capital One, The Kraft Group, SV Angel and The Chernin Group.</p>.<p>A SPAC is a blank-check firm that seeks to merge with a privately owned entity, a deal type that has become very common in the last year.</p>.<p>The merger, which comes after a lull in dealmaking due to weak investor appetite and greater regulatory scrutiny, is expected to close later this year.</p>.<p>Centerview Partners LLC served as the exclusive financial advisor to Dave. Citigroup and Jefferies served as capital markets advisors to VPCC and co-placement agents on the investment. </p>
<p>Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the banking app at $4 billion.</p>.<p>Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It currently has 10 million customers.</p>.<p>Companies such as Dave are rushing to capitalise on a boom in demand for online banking services due to the Covid-19 pandemic.</p>.<p>Financial services startup Chime has also held preliminary talks with investment banks about launching a stock market flotation, which could value it at more than $30 billion, <em>Reuters</em> reported in March.</p>.<p>The deal with special-purpose acquisition company (SPAC), VPC Impact Acquisition Holdings III Inc, includes a $210 million investment led by Tiger Global Management, with additional participation from Wellington Management and Corbin Capital Partners.</p>.<p>Dave's other investors include Norwest, Section 32, Capital One, The Kraft Group, SV Angel and The Chernin Group.</p>.<p>A SPAC is a blank-check firm that seeks to merge with a privately owned entity, a deal type that has become very common in the last year.</p>.<p>The merger, which comes after a lull in dealmaking due to weak investor appetite and greater regulatory scrutiny, is expected to close later this year.</p>.<p>Centerview Partners LLC served as the exclusive financial advisor to Dave. Citigroup and Jefferies served as capital markets advisors to VPCC and co-placement agents on the investment. </p>