Dave Inc, a US-based financial management app developer backed by banking group JPMorgan Chase and media company Chernin Group, has raised $13.3m from undisclosed investors, according to a securities filing.
Founded in 2016, Dave has developed a mobile application that connects to a user’s bank account and uses analytics to predict upcoming expenses. It also offers loans of up to $75 as part of its aim to help users avoid having to pay overdraft fees.
Dave is available on Android and iPhone in the US, and generates revenue through a $1 monthly user fee, thought the app but does not make any money through the borrowing service.
The stratup raised $3m in seed funding from The Chernin Group and SV Angel as well as individual investors Mark Cuban, Jonathan Kraft, Skip Paul and Diplo in April 2017.
Dave was subsequently awarded $250,000 in June as part of the JPMorgan Chase-backed Financial Solutions Lab accelerator.