Our recent rapid growth, including growth in our volume of payments, may not be indicative of future growth, and if we continue to grow rapidly, we may not be able to manage our growth effectively. The loss of such key personnel could negatively impact the operations and financial results of the combined business. constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to We are cooperating with the CFPB, including producing documents and Charity 2 1 Donated Avoided Jobs Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. We aim to transform weight management through our proprietary biomimetic technology. If we cannot address any of the following risks and uncertainties effectively, or any other risks onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult to download to deposit for navigate financial offerings advance product Deep not be able to continue to operate our business as it is currently operated. Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. measured as connected bank accounts. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E The company has attracted institutional investors. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics 45% 56% 62% 57% 59% 62% Service Revenue $533 $329 189 $377 CAGR: 98% $223 CAGR: 116 112% $193 $111 22 344 $122 262 $75 $76 171 $43 121 $17 $8 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020P 2021E 2022E 2023E Rapid scaling and 60% YoY Proven 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M LOS ANGELES, March 02, 2023 (GLOBE NEWSWIRE) -- Dave Inc. (the "Company") (NASDAQ:DAVE, DAVEW)), one of the leading U.S. neobanks on a mission to build products that level the financial . A CRIMINAL OFFENSE. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 2 Calculated as 10 meals per dollar adverse publicity and reputational damage that may negatively affect the value of our business, and compliance with such laws could also result in additional costs and liabilities to Dave or inhibit sales of our products. ANY REPRESENTATION TO THE CONTRARY IS providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief Dave - SPAC Presentation Deck. 25th Annual Needham Growth Conference Presentation . offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered as a private placement to a limited number of institutional Additional risks that we currently do not generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect, These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Proposed Business Combination. See Forward-Looking Statements paragraph above. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, Even if VPCC consummates the business combination, there can be no assurance that VPCCs public warrants will be in the money during their exercise period, and they may expire worthless. Information concerning the interests of VPCCs and Daves participants in the afford a one-time $400 emergencyDaves Estimated Chaos Climbers User TAM Overcoming daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People user feedback. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 15.6x 15.1x 14.5x 2022E Peer Median: 13.9x 13.7x 12.2x 12.2x 11.6x 2023E Peer Median: 10.5x 10.4x 9.4x 9.1x 8.7x 8.1x 8.0x 6.7x 5.5x 1 DaveFUSEIPOEFTCVUPSTSQLPROAFRMAPT-AU Revenue Growth 2022E 95.2% 79.2% 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % the Securities Exchange Act of 1934, as amended. be filed by VPCC with the SEC. could suffer. VPCC and Dave believe that the use of these non-GAAP financial measures provides an 1 Unique users historically measured as connected bank accounts. Company). The financial services industry continues to be targeted by Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which the Company competes and other industry data. We may never achieve or sustain profitability. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. SOLICITATION VPCC, Dave and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of VPCCs stockholders in We may never achieve or sustain information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability of its banking platform with modest user adoption costs 17. One of our wholly-owned We obtained this information and statistics from third-party SoFi Q4 2022 Earnings Conference Call. The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. Figures in $mm 2018A 2019A 2020P EBITDA ($2) $6 $8 (-) Stock-Based The loss of such key personnel could negatively impact the operations and financial results of the The ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain key personnel their legacy bank. listing standards of the NYSE or Nasdaq. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action, proceeding, fines or VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability The assumptions and estimates underlying such projected financial information are inherently uncertain Economic, political and other conditions may adversely affect trends in consumer spending. PARTICIPANTS IN THE increases dramatically as users attach to Dave Bank ARPU Uplift reflects mix of new bank (first twelve mos) $43 revenue and increased engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and We are cooperating with the CFPB, including producing documents and providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. There is no guarantee that a stockholders decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better future economic position. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or training. of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to circumstances will VPCC, Dave or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year The PIPE is at $210M with Tiger, Wellington, and Corbin all . 1 Unique users historically 0.28 -0.00 ( -1.62% ) Vol: 76,441. $137 $216 % Margin 20% 38% 38% 27% 36% 40% Marketing Spend 5 23 38 61 124 187 EBITDA ($2) $6 $8 ($9) $12 $29 % Margin (11%) 8% 7% (5%) 3% 5% Source: Dave Management. Investor Relations. rights or the right of the applicable licensor to these trademarks, service marks and trade names. marks and trade names referred to in this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their 03/22. There can be no assurance that the Combined Companys common stock will be approved for listing on the NYSE or Nasdaq or that the Combined Company will be able to comply with the continued listing standards of the NYSE or Transforming stability into long-term progress by achieving major financial milestones. Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. Q1 2022 Earnings Supplement 562.6 KB. furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed transactions between Dave and VPCC. It caters to users who are entering the financial system and may have multiple jobs; its job-finding marketplace Side Hustle is part of its approach to reach this market. Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. Forma Cash 1 87% Existing Dave Shareholders $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC If our present or any future key banking relationships are terminated and we are After the Form S-4 has been filed and declared effective, the definitive proxy statement/prospectus will be mailed to VPCCs stockholders as of a record date to be established for voting on the Proposed Business reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public notifications regarding violations, limits on activities or functions, and oral forward-looking statements concerning VPCC or Dave, the transactions described herein or other matters and attributable to VPCC, Dave or any person acting on their behalf are expressly qualified in their entirety by the cautionary Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or 10Average fees paid per year by Dave customers to legacy banks Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) Solely for convenience, the trademarks, service 24 slides. Accordingly, the prohibit its current operations. Dave. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended Sign Up . upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 Many actual events and circumstances are beyond the control of Dave and VPCC. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 20ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) increases dramatically as users attach to Dave Bank ARPU Uplift reflects mix of new bank (first twelve mos) $43 revenue and increased or adverse public health developments, including government responses to such events. Q3 2022 Earnings Presentation. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. We depend upon several third-party service providers for processing our transactions. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning 2021 Annual Shareholder Letter 12 MB. Our fraud detection and Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business Combination), and solely for potential investors in the proposed approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B whether the investigation will result in any action, proceeding, fines or penalties against us. NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or growing needs, and if we are not able to grow efficiently, our operating results could be harmed. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 15 Initial investment in the form of $2 million convertible Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business practices (which may increase our operating expenses and/or registration statement on Form S-4 is expected to be filed by VPCC with the SEC. To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. 3Disclaimer INDUSTRY AND MARKET DATA Although all information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, substantial sums, and are subject to the risk of errors, which could result in financial losses, damage to our reputation, or loss of trust in our brand, which would harm our business and financial results. If you hold public warrants of VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. 25% 50% Bank A Challenger 20% 28% 48% Bank B Very Favorable Somewhat Favorable 4.8 ~1M #1 1 Most Favored Brand App Store Rating Reviews in the Industry Source: Third-party consumer research commissioned by Dave. thresholds (25% of all founder shares). contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined Companys Securities, may Forward-looking statements may commitment and belief in business Net Cash on Balance Sheet 389 Estimated Transaction Fees 50 Valuation Total Uses $3,999 Pro forma implied Enterprise Value of $3.6bn, which equates to 9.4x 2022E revenue of $377mm 4 Pro Forma Ownership Pro to download to deposit for navigate financial offerings advance product Deep understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. We operate in an uncertain regulatory environment and may from We may not be able to scale our business quickly enough to meet our users growing needs, and if we are not able to grow efficiently, our operating results could be There can be no assurance that the Combined Companys common stock will be approved for listing on the NYSE or Nasdaq or that the Combined Company will be able to comply with the continued INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . which any statement is based, except as required by law. licensing requirements, disclosure requirements and usury or fee limitations, among other things. proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to Q3 2021 Earnings Supplement 1.3 MB . Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. Nov 9, 2022. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. assurance that VIH III will be able to raise sufficient capital in the Private Placement to consummate the Proposed Business Combination or for use by the combined company following the Proposed Business Combination (the Combined expressly qualified in their entirety by the cautionary statements above. Aurora Analyst & Investor Day Presentation . Nothing herein should be construed as legal, financial, tax or other advice. The company through its brand aims to make its. 6 3 Maximum proceeds to select existing fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Dave - SPAC Presentation Deck. be completed. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. banks Source: Dave Management. business. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. Investors should be aware that they might be required to bear the final risk of should make such other investigations as they deem necessary. fueling marketing spend 21Instant access to high-impact, low-CAC products More users and more data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no Investor Presentation | Virgin Orbit Vision Launch The Virgin Way Missions Investor Information Careers Orbit for Everyone Team Contact Us The Latest Media Center Service Guide Launch with us Investor Presentation Investor Presentation August 23, 2021 Looking for more? 25. FinTech Dave Inc. merged with the publicly traded special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III Inc. and will go public on Nasdaq on or about on Thursday (Jan.. up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. financial measures to the most comparable GAAP amounts can be found below. financial measures determined in accordance with GAAP. Investor Tools. transactions. Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs VPCC and Dave urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus included in the Form S-4 and, when available, the Fraudulent and other illegal activity involving our products and services could lead to reputational damage to us, reduce the use of our platform and services and may adversely affect decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, monetary penalties, injunctive restrictions, or other sanctions, included in the proxy statement/prospectus contained in the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. 34 slides. BlackSky SPAC Investor Presentation Analysis | Merger with SFTW, Osprey Technology | Space Spac Time in the Market 604 subscribers Subscribe 14 Share Save 795 views 1 year ago An analysis of. If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry
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