Dave, a US-based digital banking app developer backed by over-the-top media company Chernin Group, has received $50m in funding from venture capital firm Norwest Venture Partners (NVP), TechCrunch reported today.
The deal valued the company at $1bn according to TechCrunch, and it increased Dave’s overall equity and debt financing to $189m.
Founded in 2016, Dave offers an analytics-driven banking service that incorporates an account with its licensed banking partner, Evolve Bank and Trust, in addition to auxiliary services such as overdraft insurance and credit score building tools.
The company expanded into banking having started out as a financial management services that enabled customers to predict their forthcoming expenses by connecting its app to their bank account.
NVP’s investment will help Dave grow its product and engineering teams over the next year as the company looks to concentrate on its core business in order to drive the performance of its banking product.
Dave secured $2.5m in debt financing in 2016 according to a securities filing, before adding $3m in an April 2017 seed round featuring Chernin Group, SV Angel, Mark Cuban, Jonathan Kraft, Skip Paul and Diplo.
The company was awarded $250,000 two months later through its participation in accelerator Financial Solutions Lab, which is backed by financial services firm JPMorgan Chase.
The company then received $13.3m in equity funding in October 2017 and $10m in debt in July 2018 according to securities filings, before pulling in a further $110m in debt financing from financiers led by Victory Park Capital in June 2019.