The U.S. neobank Dave has reached an agreement with FTX Ventures, the venture arm of failed crypto exchange FTX, to buy back a $100 million promissory note that it issued in 2022.
With a shared goal of disrupting the U.S. financial system, the two firms formed a strategic partnership in March 2022, which included both the $100 million investment from FTX Ventures in the form of a promissory note as well as plans for Dave to build crypto-related products. Friday’s announcement reflects Dave’s full retreat from the deal in the wake of FTX’s catastrophic collapse in November 2022.
