Cuban, Kraft Back Fintech App’s $4B SPAC Merger

    • Dave, a fintech backed by Mark Cuban and Robert Kraft, is going public through a SPAC merger that values the company at $4 billion.
    • The company helps people manage bank accounts and find gig work.

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Two billionaire sports team owners are going public with a banking app designed to assist low- and middle-income users.

Dave, which helps people avoid overdraft fees, manage accounts, and find gig work, is merging with a SPAC called VPC Impact Acquisition Holdings III at an approximate valuation of $4 billion. The fintech platform has more than 10 million users and was valued at $1.2 billion last year. 

The app is backed by Dallas Mavericks owner Mark Cuban, his Mark Cuban Companies, and The Kraft Group, the conglomerate founded and run by New England Patriots’ owner Robert Kraft.

Cuban has investments across the landscape of sports-related companies.

  • Mark Cuban Companies owns or has stakes in the Mavericks, their G-League affiliate, esports team Mavs Gaming, sports data giant Sportradar, and fantasy sports gambling site Underdog Fantasy.
  • Cuban was part of a $40 million round for sports memorabilia seller Goldin Auctions in February.
  • He sold his $90 million stake in sports analytics firm Synergy Sports in 2019 to Atrium Sports, in a deal that brought in Eldridge Investments, part-owned by Dodgers owner Todd Boehly.
  • Cuban has invested in the Professional Futsal League and esports betting platform Unikrn.

In addition to the Patriots, Gillette Stadium, and the surrounding Patriots Place business area, Kraft Group owns MLS’ New England Revolution and Boston Uprising of the Overwatch League.

Worth $6.9 billion, Kraft is the 18th-richest sports owner in the world, per Forbes. Cuban has a reported net worth of $4.4 billion.