Dave, the personal finance and digital banking app, has surpassed the mark of 4 million users and has achieved ‘unicorn’ status following its latest fundraise. According to TechCrunch, the startup has landed a $50 million investment from venture capital and growth equity investment firm Norwest.
Dave’s $1 billion valuation comes just two years after the Los Angeles-based fintech launched with a suite of money management tools intended to save consumers from overdraft fees.
The latest investment comes just a few months after the company raised $110 million in debt and announced the launch of its new online banking service.
According to co-founder and CEO Jason Wilk, Dave now has more than 4 million users for its financial management app and approximately 800,000 people on the waiting list for its banking app.
Dave plans to use the $50 million raised to significantly expand its product and engineering team within the next 12 months. This growth will be crucial to ensuring the success of its banking product.
“We can prove that Dave can be helpful by showing how we can help you manage your current account, and then Dave banking is the marketing lever from there,” Wilk told TechCrunch.