Banking Briefing: Sinking public neobanks
- The market hasn't been kind to newly-minted public neobanks.
- Firms like Dave are experiencing a sinking share price as investors say 'meh' on their prospects and valuations.

Investors aren’t impressed with the new class of fintech firms hitting public markets. Challenger bank Dave is the latest to go public — it floated its shared via a merger with a SPAC last Thursday. The market originally valued the firm, which saw success with early wage access and credit building, at $3 billion. Shares were down 32% a day after the firm hit public markets.
Dave’s sagging stock isn’t alone in terms of public fintech firms exploring public markets. Firms like eToro (valuation cut 15% on its upcoming SPAC) and MoneyLion (down 17% last week) aren’t seeing much success as public entities, even if their businesses are performing relatively well.
Getting back to Dave, the company says it expects to hit about $200 million in revenue this year, about 60% more than last year.
New products and distribution
This content is available exclusively to Tearsheet Outlier members.
Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account