Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger

Discussion in 'Stocks' started by Ninja Mobile Trader VPS, Jun 7, 2021.

  1. If you haven't heard of it, the website is https://dave.com/.
    "Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It currently has 10 million customers."

    Will be very interesting to see how this SPAC trades, given the SPAC mania of the prior 6 months.

    For reference, 1.2% of JPM Chase revenue in 2020, which was about $120 billion, was from overdraft fees.
    "New York-based JPMorgan collected the most revenue in dollar terms, raking in almost $1.5 billion from overdraft fees. Wells Fargo & Co. placed second, at roughly $1.3 billion."
    https://www.bloomberg.com/news/arti...ut-regional-banks-rely-most-on-overdraft-fees

    Dave SPAC
    https://www.reuters.com/technology/...-dave-go-public-4-bln-spac-merger-2021-06-07/
     
    toon likes this.