Dave banks on Norwest to raise $50m

Oct 1, 2019 • Callum Cyrus

Norwest Venture Partners has acquired a 5% stake in JPMorgan Chase and Chernin Group-backed digital banking service provider Dave at a $1bn valuation.

Dave, a US-based digital banking app developer backed by over-the-top media company Chernin Group, has received $50m in funding from venture capital firm Norwest Venture Partners (NVP), TechCrunch reported today.

The deal valued the company at $1bn according to TechCrunch, and it increased Dave’s overall equity and debt financing to $189m.

Founded in 2016, Dave offers an analytics-driven banking service that incorporates an account with its licensed banking partner, Evolve Bank and Trust, in addition to auxiliary services such as…

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