CHICAGO and LOS ANGELES, Jan. 05, 2022 (GLOBE NEWSWIRE) — Dave Inc. (“Dave”), a banking app on a mission to build products that level the financial playing field, and VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) (“VPCC”), a publicly-traded special purpose acquisition company announced today that they had completed their previously announced business combination (the “Business Combination”). The Business Combination was approved by VPCC’s stockholders on January 4, 2022.
Upon completion of the Business Combination, VPCC changed its name to “Dave Inc.” and its Class A common stock and public warrants are expected to begin trading on The Nasdaq Global Market under the symbols “DAVE” and “DAVEW,” respectively, commencing January 6, 2022.
The transaction included a $210 million PIPE investment led by Tiger Global Management, with participation from Wellington Management, Corbin Capital Partners and Alameda Research, which was funded in connection with the closing of the Business Combination.
Jason Wilk, Co-Founder and CEO of Dave, commented, “We are thrilled to partner with VPCC and our new board of directors as we continue our mission to build products that level the financial playing field. This new influx of capital will allow us to invest in our business and in turn, help more people living paycheck to paycheck who traditional banking system has failed to support. We’re looking forward to hitting the ground running.”
“We are pleased to complete the combination and look forward to working with Jason and the broader Dave team as they accelerate their growth and continue to disrupt the legacy financial system,” said Brendan Carroll, Co-CEO of VPCC. “We believe that Dave has built a first-class banking solution with differentiated offerings that will continue to improve their customers’ financial lives.”
Advisors
Centerview Partners LLC is serving as exclusive financial advisor and Orrick, Herrington & Sutcliffe LLP is serving as legal advisor to Dave. Citigroup and Jefferies are serving as capital markets advisors to VPCC and co-placement agents on the PIPE. White & Case LLP is serving as legal advisor to VPCC.
About VPC Impact Acquisition Holdings III, Inc.
VPC Impact Acquisition Holdings III, Inc.’s acquisition and value creation strategy is to identify, partner with and help grow a business in the Fintech industry headquartered or with operations in the United States. VPCC’s sponsor is an affiliate of Victory Park Capital, a global investment firm with a long track record of executing debt and equity financing transactions with some of the largest global Fintech companies. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles and Austin. Victory Park Capital is privately held and a Registered Investment Advisor with the SEC. For more information, please visit: www.victoryparkcapital.com/vih/vpc-impact-acquisition-holdings-iii/
About Dave
Dave is a banking app on a mission to build products that level the financial playing field. Dave helps its more than 11 million customers budget, avoid overdraft fees, find work and build credit. For more information, visit www.dave.com.
