Digital 100m ftx ventures us

digital 100m ftx ventures us

We see significant growth opportunities ahead for both of our companies and are excited to be working with Dave.”

Dave said that the $100m infusion was made pursuant to an unsecured convertible note, which carries an annual interest of 3%.

The announcement follows Dave’s merger with VPC Impact Acquisition Holdings III, a special purpose acquisition company.

The deal included a $210m PIPE investment from Tiger Global Management, Wellington Management, Corbin Capital Partners and Alameda Research.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion.


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Concurrently, the digital banking platform also received a $100m investment from FTX Ventures, a $2bn venture fund.

FTX US is a pioneer in the cryptocurrency ecosystem, and we look forward to working with them long-term to enhance stakeholder value through digital assets.”

FTX US President Brett Harrison commented, “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.”

The $100 million investment was made pursuant to an unsecured convertible note (the “Note”), which bears interest at a rate of 3.00% per year (compounded semi-annually).

Interest may be paid in-kind or in cash, at the Company’s option.

Retrieved 2021-07-28.

  • ^“FTX Deal Gives Institutions New Access to Crypto Markets”. Bloomberg.com. 2021-07-13. Retrieved 2021-10-07.
  • ^Ossinger, Joanna (24 September 2021).


    Bankman-Fried’s Crypto Exchange FTX Leaves Hong Kong for Bahamas”. Bloomberg.

  • ^Osipovich, Alexander (2021-07-20).
    Crypto Exchange FTX Valued at $18 Billion in Funding Round”. Wall Street Journal. ISSN 0099-9660. Retrieved 2021-10-07.
  • ^“FTX Volume Up $140B in Year-Over-Year High”.
    BeInCrypto. 2022-04-15. Retrieved 2022-07-18.
  • ^“Crypto firm FTX Trading’s valuation rises to $18 BLN after $900 MLN investment”. Reuters. 20 July 2021.
  • ^Hajric, Vildana (29 July 2021).
    “Crypto Exchange Competition Heats Up With FTX.US Growth Spurt”. Bloomberg.com.
  • West Realm Shires Services, Inc., the U.S.-based owner and operator of the FTX crypto exchange, has invested $100 million in a strategic partnership with banking app Dave.

    The company received a $100 million investment from the exchange of a $2 billion venture capital fund- FTX Ventures.

    Dave CEO Jason Wilk said about the partnership:

    “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.”

    The investment was made through unsecured convertible notes, a type of short-term debt, from FTX Ventures, a venture fund with over $2 billion.

    US-based digital banking app Dave has formed a strategic partnership with West Realm Shires Services, the parent firm of crypto exchange FTX US. Free Report

    How attractive are current investment opportunities in Europe?

    Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year.

    Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies.

    Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals.

    Under the tie-up, FTX US will act as Dave’s exclusive partner for cryptocurrencies and the firms are working to add digital asset payments into Dave’s platform.

    Dave CEO Jason Wilk said: “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 US is a pioneer in the cryptocurrency ecosystem, and we look forward to working with them long-term to enhance stakeholder value through digital assets.”

    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’s financial tools, including its debit card and spending account, help millions of customers bank, budget, access ExtraCash before payday, find work and build credit. For more information, visit www.dave.com.

    Forward-Looking Statements This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding Dave’s future performance and other future events that involve risks and uncertainties.

    The payments platform said it would use the fresh resources to improve the user’s experience by investing in future endeavours, including inroads into crypto.

    FTX.US will be Dave’s exclusive crypto partner, facilitating the banking app’s introduction of virtual assets to customers on the platform. This will go a long way in reducing the distance between the US-based fintech app and competitors offering an array of crypto-related services such as SoFi.

    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 a position to enter the digital asset arena, explore new growth opportunities, and improve the member experience.

    Forty-eight months (the “Maturity Date”) after the date of the initial issuance of the Note (the “Issuance Date”), the Company will pay the FTX Ventures the sum of (i) the outstanding principal amount of the Note, plus (ii) all accrued but unpaid interest thereon, plus (iii) all expenses incurred by the FTX Ventures (the “Redemption Price”). Payment of the Redemption Price on the Maturity Date will constitute a redemption of the Note in whole.

    During the term of the Note, the Note will be convertible into shares of the Company’s Class A Common Stock, par value $0.0001 per share (the “Common Stock”) at the option of the FTX Ventures. The initial conversion price of the Note is $10.00 per share of Common Stock, subject to customary adjustments (the “Conversion Price”).

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