Dave, a finance startup, has received $50mn from Norwest.
Dave offers money management tools to help customers avoid overdraft fees.
It has around 4mn users and 800,000 people on its waiting list.
The investment will be used to expand its product and engineering team.
What does this mean?
Dave has been going for about two years now so it’s a huge achievement to become a unicorn at this stage. The company, unlike some of its money management competitors, charges a subscription fee. Access to its tools costs $1 per month, with users asked for a ‘tip’ if they benefit from the tools by avoiding overdraft fees.