This Banking App That Mark Cuban Invested in Is Going Public
Dave, an online banking app that is backed by billionaire investor Mark Cuban, plans to go public through a merger with the blank check company VPC Impact Acquisition Holdings III (NYSE: VPCC).
The deal includes up to $254 million of cash held in VPC Impact's trust account and a $210 million concurrent private investment in public equity (PIPE) led by Tiger Global Management, with additional participation from Wellington Management and Corbin Capital Partners.
The deal gives Dave a pro forma enterprise value of $3.6 billion, which equates to 9.4 times expected earnings in 2022.
Source Fool.com
