Los Angeles-based fintech company Dave Inc. has secured $110 million in debt financing, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced on June 18 and financed by Victory Park Capital.
According to its Crunchbase profile, "Dave is a US-only app that predicts upcoming expenses and alerts users if their balance is at risk."
The three-year-old startup has raised four previous funding rounds, including a $10 million debt financing round in 2018.
The round brings total funding raised by Los Angeles companies in artificial intelligence over the past 90 days to $118 million, an increase of $116 million from the previous three-month period. The local artificial intelligence industry has seen 29 funding rounds over the past year, capturing a total of $233 million in venture funding.
In other local funding news, blockchain and credit company Spring Labs announced a $23 million Series A funding round on June 12, led by GreatPoint Ventures.
According to Crunchbase, "Spring Labs is the company building out the Spring Protocol, a network designed to allow network participants, such as financial institutions, to share information about data, such as credit and identity data, without needing to share the underlying data itself."
The company also raised a $15 million seed round in 2018.