FTX Ventures invests $100 million in Money Dave app

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Dave, a financial services app, today announced a new partnership with crypto exchange FTX US and a $100 million investment from FTX Ventures. The deal will allow the platform to start offering cryptocurrency services.

Founded in 2018 by MIT graduate Sam Bankman-Fried, FTX launched the $2 billion FTX Ventures fund in January this year. At the same time, FTX announced that it had raised $400 million in a Series C funding round, giving the exchange a valuation of $32 billion. FTX US is the American branch of the exchange which offers cryptocurrency trading, an NFT market and payment services through FTX Pay.

Working with FTX US, Dave explains that he is exploring ways to introduce cryptocurrency and other digital assets to his platform. Launched in 2017, Los Angeles-based Dave is a publicly traded online banking service that offers financial tools like debit cards, spending accounts and budgeting tools. It is best known for its cash advance features. In the blog post, Dave says United States will be its exclusive partner for cryptocurrencies.

FTX Ventures is the latest fund to invest in Dave. Others include Capital One Ventures, Dallas Mavericks owner Mark Cuban, artist Thomas Wesley Pentz (also known as Diplo), and CODE Advisors founding partner Quincy Smith.

For Dave, partnering with FTX US to offer cryptocurrency services will position him as a competitor to apps like Cash App, Venmo and Paypal, which all offer both crypto and fiat services, in the market. $8 trillion digital banking.

“By aligning ourselves with a world-class leader such as FTX US, we are able to enter the arena of digital assets, explore new growth opportunities and enhance the member experience,” said said Dave CEO Jason Wilk in the announcement.

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