Dave extends loan facility via Victory Park, upsizes to $150 million

By Wendy Van Sickle

Columbus, Ohio, Sept. 18 – Dave Inc. amended its existing delayed-draw senior secured loan facility with Victory Park Capital Advisors, LLC to increase the total size by $50 million to $150 million and extend the maturity date about two years to Dec. 15, 2026, according to a news release.

Also, the advance rate was increased by more than 800 basis points based on the $75 million outstanding balance as of June 30, and the cost of funds was reduced by almost 200 bps based on that balance.

“This amendment to our credit facility provides Dave with more leverage, more capacity, and more term at a lower cost which will further support our growth objectives as well as our liquidity position,” said Jason Wilk, founder and chief executive officer of Dave, in the release.

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

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