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.
Dave’s banking app acquires $100M stake from FTX, what a move!
