Mark Cuban-backed fintech company Dave says no customers are exposed to FTX.
The company spokesperson said in a statement to Reuters:
“We have not launched any products in partnership with FTX, and no customers are exposed through Dave, the note issued to FTX is not due for repayment until March 2026. No terms contained in the note trigger any current obligation by Dave to repay prior to the maturity date.”
When Dave went public through a merger with a blank-check business supported by investment firm Victory Park Capital, it was valued at $4 billion. At the moment, the company is valued at slightly over $100 million.
Previously, FTX had invested $100 million in the fintech in March through FTX Ventures to expand the company’s digital assets offerings, and the company had said FTX US would be its exclusive partner for crypto.
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