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.

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Source Fool.com