Half a year ago, special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III announced that it would merge with Los Angeles-based banking app Dave (NASDAQ: DAVE) in order to take the company public. On Jan. 6, 2022, Dave stock finally started trading on the Nasdaq .
The SPAC's co-CEO Brendan Carroll excitedly claimed that Dave built a banking solution with "differentiated offerings that will continue to improve their customers' financial lives." For experienced fintech investors , though -- or for anyone who's ever tried out MoneyLion or the even-more-similar competitor SoFi Technologies (NASDAQ: SOFI) -- this kind of language might sound familiar.
Sure, Dave has reportedly received backing from Shark Tank star and Dallas Mavericks owner Mark Cuban, but by itself, that shouldn't convince anyone to jump in. Hence, the two-part question lingers: What actually sets Dave apart, and is the company financially viable?
For further details see:
Dave Will Have to Prove That It's Not Just Another Neo-Bank