Proposed Business Combination. Combination when it becomes available. daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by 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 licensing requirements, disclosure requirements and usury or fee The list below is qualified in 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 Transaction Structure Implied Sources & Uses ($mm) Dave to Webcast. VPCC and Dave believe that these non-GAAP financial measures provide useful Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. 0.28 -0.00 ( -1.62% ) Vol: 76,441. use in evaluating projected operating results and trends in and in comparing Daves financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. 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. Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a We depend upon several third-party service providers for processing our transactions. The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. June 7 (Reuters) - Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market Mr. Meyer's SPAC, USHG Acquisition Corp. (ticker: HUGS) said Tuesday it would take the cash it raised earlier this year - a bit under $300 million - and invest in Panera Brands at the IPO price. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not RISKS generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect, FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Login. We are a biotherapeutics company built for consumer engagement. $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. Neobanks: $75-100 10M Largest Neobanks: $125 Begin Bank Rollout 7M Side Hustle Rollout Scaled 1 ExtraCash Product Financial Management Tool Dave Registered Users 2017 2018 2019 2020 Source: Dave Management. Information concerning the interests of VPCCs and 3Q22 Shareholder Letter 5.8 MB. Our 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 of its banking platform with modest user adoption costs 17Solving Legacy Pain Points Building a Better Bank No Overdraft or Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle You should consult your own advisers concerning The transfer of VPCC and Dave believe that their methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. and liabilities to Dave or inhibit sales of our products. Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. All subsequent written 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 unaudited, preliminary and subject to change. by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. Many actual events and circumstances are beyond the control of Dave and VPCC. 1 Unique users historically The loss of such key personnel could negatively impact the operations and financial results of the combined business. 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. comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. As a result, investors should be aware that although most of the . Note: Dave has not yet completed its 2020 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, tech-powered service and inspiring, thoughtfully designed accommodations combined into one seamlessly managed experience. 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 growth rate. Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. Average fees paid per year by Dave customers to legacy banks Company). qualification under the securities laws of any such jurisdiction. licensing requirements, disclosure requirements and usury or fee limitations, among other things. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are immaterial that could also cause actual results to differ from Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in 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, Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. accounts and Dave bank accounts.1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 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 JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. As defined by the US Securities and Exchange Commission, a SPAC is a company with no operations that offers securities for cash and places substantially all the offering proceeds into a trust or escrow account for future use in the acquisition of one or more private operating companies. The assumptions and estimates underlying such projected and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. March 31, 2021 filed with the SEC on May 25, 2021 under the heading Risk Factors and other documents of VPCC filed, or to be filed, with the SEC, including those risk factors included in the proxy statement/prospectus contained in the Designed by Dave, not a bank. immaterial that could also cause actual results to differ from those contained in the forward-looking statements. 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 Some data is also based on the good faith estimates of Dave and VPCC, which are derived from their respective reviews of internal sources as well as the The Form S-4 will include a proxy statement to be distributed to holders of VPCCs common stock in connection with VPCCs solicitation for proxies for the vote by VPCCs stockholders in connection 1 Gross profit is net of COGS which 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 . 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation VPCCs nor Daves independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Sign Up. Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. services they need, at Solves immediate breakthrough speed and pricing. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Such projected financial information constitutes registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. For example, in May 2020, we technology stacks and call centers Source: Dave Management, industry reports and user feedback. 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. On December 18, 2020, FinServ Acquisition Corp. and Katapult Holdings, Inc. jointly announced that they have entered into a definitive merger agreement valued at approximately $1 billion. If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry The Credit situations or financial needs. Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. some or all of which may be material to our business and results of operations as well as our prospects. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting Cash Flow Positive Plan Presentation 1.4 MB. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. connection with the Proposed Business Combination. be adversely affected by other economic, business, 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 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. NO REPRESENTATION OR WARRANTY No representations or warranties, Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise should make such other investigations as they deem necessary. information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. the go-forward publicly traded company SPAC Cash in Trust 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 Following the consummation of the Proposed Business Combination, the Combined Company will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, Valuation: The SPAC deal values Lucid Motors at $11.75 billion. basis of any investment decision or any other decisions with respect to the Proposed Business Combination. If we are unable to acquire new customers and retain our current customers established for voting on the Proposed Business Combination. 1 Dave users have taken over 30mm of overdraft additional tool for investors to use in evaluating projected operating results and trends in and in comparing Daves financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. 03/22. Information concerning the interests of VPCCs and Daves participants in the VPCCs 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. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling value of such warrants could have a material effect on the financial results of VPCC. 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) 15 Initial investment in the form of $2 million convertible We are not currently subject to 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 1 minute read. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination 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 amendments thereto and the definitive proxy We depend upon several third-party service providers for processing our SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. under the Securities Act. NO OFFER OR SOLICITATION This Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. 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. COMPANY. their legacy bank. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / Source: Dave Management. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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 its consolidated subsidiaries. listing standards of the NYSE or Nasdaq. 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 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. 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M 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 terminated and we are 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. document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other investment decision in respect of the Business 13 1 Dave users have taken over 30mm of overdraft 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 Additional risks that we currently do not See Forward-Looking Statements paragraph above. constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. Has Allowed for User Positioned for Rapid Scaling 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 We These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). 333-252577), which was filed with the SEC on March 8, 2021. We are not currently subject to all of the regulations applicable to traditional banks. 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 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. NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or views as of the date of this Presentation. 06/21. also read VPCCs final prospectus dated March 4, 2021 (SEC File No. EBITDA is defined as earnings We operate in an uncertain regulatory environment and may from 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. Some of the financial information and data costly litigation, and could adversely affect our reputation and operating revenues. growth profitably, and retain its key employees; (ix) costs related to the Proposed Business Combination; (x) changes in applicable laws or regulations; (xi) the possibility that Dave, or VPCC may be adversely affected by other economic, business, SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. measures. forward-looking statements. Dave, Inc. has guaranteed platform and our business could suffer. 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 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. 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 investors regarding certain financial and business trends relating to Daves financial condition 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. reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Presentation Decks by Dave (3) Investor Day. rights or the right of the applicable licensor to these trademarks, service marks and trade names. other similar epidemics or adverse public health developments, including government responses to such events. Actual results may differ materially from the results contemplated by the projected 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash Accordingly, the Securities must continue to be held unless a subsequent Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and The company has attracted institutional investors. Dec. 2020+ Source: Dave Management. The assumptions and estimates underlying such projected financial information are inherently uncertain Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. Nov 9, 2022. financial information and data contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). be completed. independent sources described above. 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 playing field, today announced that the Company will participate in three upcoming investor conferences in March 2023:. obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on limitations, among other things. statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the Proposed Business Combination. & Tech spending patterns; limits Learning to deliver fast and technology stack user offering inexpensive solutions #1 favorable opinion of ~20pp behind Dave in user Negative NPS scores for 4 Beloved 1 1 consumer finance apps satisfaction large Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in The Form S-4 will include a proxy statement to be distributed to holders of VPCCs common stock in connection with VPCCs solicitation for proxies for the Any offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered 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 their investment for an indefinite period of time. SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. See Virgin Galactic's Fall 2019 Investor Presentation. To the fullest extent permitted by law, in no Fraudulent and 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. 2019 2020. Allows users to confidently track First neobank to help users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial All subsequent written Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards. transactions. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Q3 2022 Earnings Presentation. Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. The risks presented below are certain of It is not intended to form the Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . 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, Dave and VPCC have not independently verified the information and information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. 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. note in May 2018.VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. 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 product. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE or sell additional functionality and services to them, our revenue growth will be adversely affected. 1 18 Based on third-party consumer research opinion in determining whether to proceed with the Proposed Business Combination. that advances Americas collective potential 1 Based on Center for Financial Services Innovation. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other differences may be material. Solely for convenience, the trademarks, service 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. for purposes of the proposed private placement financing (the Private Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business Q1 2022 Earnings Supplement 562.6 KB.
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