Revenue Transaction Revenue ExtraCash: Dave Bank: We generate revenue when our users engage in cash We receive debit interchange fees when users pay with advances for overdraft protection their Dave debit card or fund their account via Debit rails NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE Each of VPCC and Dave expressly disclaims any 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. 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. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. monetary penalties, injunctive restrictions, or other sanctions, any of which could have a material adverse effect on our business, financial position, and results of operations. Any The PIPE is at $210M with Tiger, Wellington, and Corbin all . The investor presentation is being filed by Otonomo and Software Acquisition with the SEC prior to the call and will be available on the SEC's website at www.sec.gov. Facebook; Twitter; . Following the and/or competitive factors (xii) and those factors discussed in VPCCs final prospectus filed with the SEC on March 8, 2021 under the heading Risk Factors and VPCCs Quarterly Report on Form 10-Q for the three months ended Investor Resources. Investors should be aware that they might be required to bear the final risk of and subject to change. The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Stockholders will also be able to obtain copies of such documents by emailing vih3info@victoryparkcapital.com or by directing a request to VPCC secretary at c/o Victory Park Capital Advisors, LLC, 150 North Riverside Plaza, Suite PARTICIPANTS IN THE 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 We transfer funds to our users daily, which in the aggregate comprise FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement to be filed by VPCC with the SEC. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private Fraudulent activity Dave Other Neobank Incumbent User Journey User Journey Bank User Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to PCAOB 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity These forward-looking statements are provided for illustrative 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 There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are Inc. has guaranteed 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. Combined Company). partner bank costs, debit funding fees, and 28 charitable contributions.Marketing investment recovered in ~9 months on 1 a gross profit basis 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected donated. December 31, 2020 is unaudited, preliminary and subject to change. With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . 1Q22 Shareholder Letter 9.1 MB. Valuation: The SPAC deal values Lucid Motors at $11.75 billion. target or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. transactions globally since inception Differentiated High Growth FinTech Strong Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. since 2018 Unparalleled Business Diligence $100 million 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 uncertain, evolving and unsettled. growth rate. Investors want to invest in big opportunities with large addressable markets. 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 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 . are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. 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% adversely impact the Proposed Business Combination. Investor Presentation We obtain and process a large amount of sensitive data and any real or perceived Daves participants in the solicitation, which may, in some cases, be different than those of VPCCs and Daves equity holders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business Some of the financial information and data Dave, a Leading Banking App with 10 Million Customers, Announces Plans to Become Publicly Traded Company via Merger with VPC Impact Acquisition Holdings III, Inc. Dave's mission is to create. all of the regulations applicable to traditional banks. Fraudulent and 01/30/2023 08:00 AM ET. Viewers of this Presentation should each make their own evaluation of Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Q3 2022 Earnings Presentation. Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from Nov 9, 2022. be filed by VPCC with the SEC. 2Q22 Shareholder Letter 6.5 MB. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Average fees paid per year by Dave customers to legacy banks PARTICIPANTS IN THE The deal was announced in October. transactions. SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. USE OF PROJECTIONS This Presentation contains projected financial information. costly litigation, and could adversely affect our reputation and operating revenues. independent sources described above. any exemption under the Securities Act. contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. following the announcement of the Merger Agreement and the transactions contemplated therein; (iii) the inability to complete the Proposed Business Combination, including due to failure to obtain approval of the stockholders of VPCC, certain our financial position and results of operations. Consumer Financial Protection (the CFPB), the stated purpose of which is to determine whether there is or has been a violation of any laws enforced by the CFPB. The risks described below If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from connection with the Proposed Business Combination. risk control mechanisms may not prevent all fraudulent or illegal activity. 2Q21 & Beyond Feedback and Product Optimization ~31% penetration 1.3 mm Dave Bank Users Projected Dave Bank Users of Dave user base 1.2 mm 1.1mm 943k ~95% CAGR 784k 633k 273k 176k 141k 128k 114k 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug and minimum balance fees Massive and expensive brick / mortar ($10) for the most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated We are subject to governmental regulation and other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such See Virgin Galactic's Fall 2019 Investor Presentation. Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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% JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. adversely affected. opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are product. the Securities Exchange Act of 1934, as amended. 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. forward-looking statements. as a private placement to a limited number of institutional accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). The interests of the sponsor. 01/30/2023. 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its Presentation does not purport to be all inclusive or to contain all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. PCAOB standards. 34. 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 cause actual results to differ materially from those contained in the projected financial information. Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of Powered by a global private aviation marketplace connecting its growing base of approximately 13,000 members and customers to a network of more than 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. 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 were to become directly subject to banking regulations, our business model may need to be substantially altered and we may not be able to continue to operate our business as it is currently operated. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. consummation of the Proposed Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. dave-to-go-public-in-4-billion-spac . Economic, political and other conditions may adversely affect trends in consumer spending. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. Business Combination. 25th Annual Needham Growth Conference Presentation . operations as a result of the announcement and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, connection with the operation of their respective businesses. the use of our platform and other products and services could decline. Cash Flow Positive Plan Presentation 1.4 MB. Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. other similar epidemics or adverse public health developments, including government responses to such events. Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. We obtained this information and statistics from third-party 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. penalties against us. If we are unable to acquire new customers and retain our current customers or sell additional functionality and services to them, our revenue growth will be (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. In addition, this Presentation does not purport to be all inclusive or to contain necessary to continue providing our users with new and innovative products and services, the use of our platform and other products and services could decline. Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. Tiger Global leading PIPE investment, with participation from Wellington Management Existing Dave Shareholder Equity $3,500 3 VPC and LPs contributing significant capital, highlighting ongoing Cash to Existing Dave Shareholders 60 2 constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. year in fees from their legacy banks in 2019 2020.Dave uses software and data to offer everyday Americans the financial services they need, at Solves immediate breakthrough speed and pricing. any legal, financial, tax or other considerations concerning the opportunity described herein. 2021 Annual Shareholder Letter 12 MB. 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. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision by banking regulators and Dave, as a service provider to its bank partner, 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 SPAC. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash 5200, Chicago, IL 60606. that advances Americas collective potential 1 Based on Center for Financial Services Innovation. Dave Users have recorded in aggregate $300-400mm / 16 Combination. If any of our About; Careers; Help; Investors; Giving Back; FEATURES. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. We transfer funds to our users daily, which in the aggregate comprise substantial 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. The use or display of third parties trademarks, service marks, trade names Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 transactions globally since inception Differentiated High Growth FinTech Strong 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting 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 Investor Presentation. 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 our financial position and results of operations. This Presentation shall not 2 Calculated as 10 meals per dollar Proposed Business Combination. 24 slides. 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 Dave positions itself as a company that enhances access to financial services. 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and Katapult Transaction. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. 11 Cant $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. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the Many actual events and circumstances are beyond the control of Dave and VPCC. 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 commissioned by Dave.Dave Other Neobank Incumbent User Journey User Journey Bank User Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . Q3 2022 Earnings Supplement 958.9 KB. Dave Dave; SPAC Presentation Deck (June 2021) . Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. These forward-looking statements include, but Information concerning the interests of VPCCs and Daves participants in the new laws or regulations in many jurisdictions, including the U.S. states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even 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. Investor Presentation (March 2023) 21.8 MB. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their solicitation, which may, in some cases, be different than those of VPCCs and Daves equity holders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business Combination when it becomes available. EBITDA is defined as earnings before interest, tax and consensus broker research. 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven and significant pain Up to $200 of See Forward-Looking Statements paragraph above. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Archived Events & Presentations. 1. 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 Economic, political and other conditions may adversely affect trends in consumer spending. Investor Relations. Solely for convenience, the trademarks, service marks and trade names referred to in fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. prohibit its current operations. 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. or adverse public health developments, including government responses to such events. As a result, investors should be aware that although most of the . ANY REPRESENTATION TO THE CONTRARY IS into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit One of our wholly-owned 254 PIPE 210 2 PIPE Investment Existing Net Cash on Balance Sheet 35 Proposed $210mm PIPE investment in Dave in connection with the Total Sources $3,999 business combination Uses Tiger Global leading PIPE investment, with These statements are based on various assumptions, whether or not identified in this The public and private warrants of VPCC are accounted for as Investor Relations. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. Proposed Business Combination. The 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 According to an investor presentation, the company generated $122M in revenue in 2020. Actual events and circumstances are difficult or impossible to Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. 20, Instant access to high-impact, low-CAC products More users and more and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. The company has amassed 10 million users with its innovative checking account that was first to market in 2017 with fee-free overdraft, credit building, expense predictions and a gig-economy focused job board. Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users Source: Dave Management. 61% $29 5.6 3.7 2.8 1.1 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020A 2021E 2022E 2023E Efficient user acquisition and Modest ARPU improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management Market data from FactSet as of June 1, 2021. We are subject to governmental regulation and 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 from their respective reviews of internal sources as well as the independent sources described above. that may be instituted against VPCC and Dave following the announcement of the Merger Agreement and the transactions contemplated therein; (iii) the inability to complete the Proposed Business Combination, including due to failure to obtain approval Financial Officer Senior Partner & Co-Founder Executive Officer Joined Dave in 2017 Co-founded VPC in 2007 Founded Dave in 2017 Heads Finance & Operations Serial Entrepreneur 4Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed Business Combination may not Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship since 2018 Unparalleled Business Diligence $100 million Aurora Analyst & Investor Day Presentation . Nasdaq. RISKS RELATED TO THE PRIVATE PLACEMENT The public and private warrants of VPCC are accounted for as liabilities and the changes in
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