Dave Obtains $100 Million Investment from FTX Ventures

Dave Inc., a banking app on a mission to build products that level the financial playing field, announced a strategic partnership with West Realm Shires Services, Inc., owner and operator of FTX US, whereby the companies will work together to expand the digital assets ecosystem. FTX Ventures, a $2B venture fund, has also invested $100 million in Dave.

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With this investment, Dave has significantly enhanced its balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related. FTX US will serve as the Company's exclusive partner for cryptocurrencies, and the parties are currently exploring ways to introduce digital asset payments into Dave's platform, while continuing to improve the customer experience for Dave members.

"This is an exciting milestone for our Company, our shareholders and all Dave members,"said Jason Wilk, Chief Executive Officer of Dave."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 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."