Dave app announces partnership with FTX US, raises $100M to offer crypto services

On March 22, Dave, a financial services app, signed a collaboration deal with crypto exchange FTX US and secured an investment of $100 million from FTX Ventures.

There is an increase in the number of mobile banking apps that offer both fiat and crypto services and with its new partnership with FTX, Dave app becomes the latest fintech app to offer crypto services.

Jason Wilk, Chief Executive Officer of Dave, shared his views on the technology.

“We believe blockchain technology has the potential to level the financial playing field across the globe. By aligning with a world-class leader such as FTX US, we are in position to enter the digital asset arena, explore new growth opportunities, and improve the member experience.”

• FTX issued a $100 million convertible note investment, which is a type of short-term debt. Besides FTX Ventures, a number of well-known investors have backed Dave app, including billionaire Mark Cuban, recording artist Thomas Wesley Pentz, and Quincy Smith of CODE Advisors.

• FTX US President Brett Harrison said "We consistently look to align with companies that share our vision, have unique and disruptive business models, and can help drive widespread adoption of digital assets. Dave is a great fit as they check all three boxes. We see significant growth opportunities ahead for both of our companies and are excited to be working with Dave."

• Currently, the app has around 6 million users and offers its users a budgeting and credit-building product as well as a cash credit service.

There are various mobile banking apps including Cash App, Venmo, and PayPal that offer fiat services and crypto services. In the month of March, PayPal introduces crypto support and intended to launch its own stablecoin while Venmo in the month of August 2021, expanded its crypto support and introduced 'cash back' rewards while trading cryptocurrency.