What Happened to Dave Inc.?
Ticker: DAVESPAC Year: 2021
Return
+2053.6%
Current Price
$199
Peak Price
$491.07
Trust Size
$487M
Summary
Dave is one of the leading US neobanks, offering banking, budgeting tools, and cash advances to millions of customers. The company went public via SPAC merger with VPC Impact Acquisition Holdings III in 2022. Dave has become one of the most successful SPAC comebacks, growing revenue to over $540 million.
What Happened
VPC Impact Acquisition Holdings III merged with Dave in January 2022 at a $4 billion valuation. The stock initially crashed over 95% to under $5 during the 2022 SPAC rout. In a remarkable turnaround, CEO Jason Wilk refocused on unit economics, growing revenue to $544M+ and achieving profitability. The stock recovered to ~$199/share by 2026, making it one of the greatest SPAC comeback stories ever.
Timeline
2021-02-26
S-1 Registration Filed