Fintech firm Dave has agreed to purchase a $100 million convertible promissory note from FTX Ventures, the venture capital arm of bankrupt crypto exchange FTX. The note will be acquired at a discounted price of $71 million pending approval from a bankruptcy court. Dave offers financial services through a mobile app and has raised $536.3 million in funding thus far. The company partnered with FTX in 2022, which included a $100 million investment from FTX Ventures. FTX and its subsidiaries have had multiple investments and payments reclaimed by the bankruptcy court following the company’s bankruptcy in 2022. FTX founder Sam Bankman-Fried was recently found guilty of various charges and is awaiting sentencing.
Related Posts
Fintech Body’s Bold Resolve: Crush E-Payment Fraud
- Richard Skip
- January 4, 2024
- 0
Financial technology companies, or fintechs, in Nigeria are working together to tackle e-payment fraud. The Fintech Association of Nigeria (FintechNGR) plans to release a framework […]
Visa speeds up fintech with real-time money movement on Fast Track.
- Richard Skip
- December 18, 2023
- 0
Visa is allowing members of its FinTech Fast Track program to join its Visa Direct platform, expanding the program beyond card issuance and giving members […]
NexPay teams with Flagright, revolutionizing global student payments.
- Richard Skip
- December 21, 2023
- 0
NexPay has partnered with Flagright to transform international student payments. NexPay aims to make overseas education more attainable and straightforward by providing a holistic solution […]