Mark Cuban-backed banking app Dave to go public in $4 billion SPAC merger

Businessman Mark Cuban listens as he is introduced at the South by Southwest (SXSW) Music Film Interactive Festival 2017 in Austin, Texas, U.S., March 12, 2017. REUTERS/Brian Snyder/Files

(Reuters) - Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the banking app at $4 billion.

Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It currently has 10 million customers.