#LendTech / Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger

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.

The deal with special-purpose acquisition company (SPAC), VPC Impact Acquisition Holdings III Inc (VPCC.N), includes a $210 million investment led by Tiger Global Management, with additional participation from Wellington Management and Corbin Capital Partners…

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.

https://www.reuters.com/technology/mark-cuban-backed-banking-app-dave-go-public-4-bln-spac-merger-2021-06-07/