
The FinTech Crash was worse than the Dot-Com Bust
In February 2022, Dave, a US neobank with $380m of assets, was trading at $364/share, giving it a valuation of $5.2bn.
This valuation exceeded Banco Sabadell, Spain’s fourth largest bank (at the time $287bn in assets, 12 million customers and a $4.6bn valuation).
Today, Dave’s valuation is $95m