Dave, a finance startup, has received $50mn from Norwest.
In Brief:
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Dave offers money management tools to help customers avoid overdraft fees.
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It has around 4mn users and 800,000 people on its waiting list.
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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.
