Dave Inc. to merge with SPAC in $4 Billion deal

Mid-Wilshire-based banking app developer Dave Inc. said on June 7 that it plans to go public through a merger with a Chicago-based special purpose acquisition company that gives the fintech a $4 billion valuation.

Dave’s merger with VPC Impact Acquisition Holdings III Inc. is expected to close late in the third quarter or sometime in the fourth quarter.

VPC Impact is a special purpose acquisition company, or SPAC, sponsored by private capital manager Victory Park Capital Advisors, which has invested about $6 billion across more than 120 investments since its founding in 2007.

Dave, which is backed by billionaire Mark Cuban, will trade under the ticker symbol DAVE.

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Source: Dave Inc. to Merge With SPAC in $4 Billion Deal | Los Angeles Business Journal