Dave seeks approval to buy $100 million convertible from FTX

By Mary Katherine Stinson

Lexington, Ky., Jan. 5 – Dave Inc.’s purchase of a convertible promissory note previously issued to FTX Ventures Ltd. is subject to the approval of the bankruptcy court, according to a notice.

Dave and FTX reached an agreement for Dave to purchase the note, originally issued in the principal amount of $100 million, at a discount of $71 million.

FTX filed a motion in its bankruptcy proceeding seeking approval of the agreement. The motion is scheduled to be heard on Jan. 25.

Dave uses disruptive technologies to provide banking services and is based in Los Angeles.

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