These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief Dave, presentation and perform your own due diligence prior to making an investment in Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Investor Relations. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. RISKS RELATED TO THE PRIVATE PLACEMENT There can be no INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT 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 which any statement is based, except as required by law. connection with the Proposed Business Combination. 1Q22 Shareholder Letter 9.1 MB. Side Hustle; FOLLOW US. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. We obtain and process a large amount of sensitive data and any real or perceived Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, For example, in May 2020, we Investors should carefully consider the risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. Our fraud detection and risk control mechanisms may not prevent all fraudulent or illegal activity. ~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 platforms. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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 Aurora Investor Presentation - February 2023 . Here are some key takeaways for investors to consider for Lucid Motors. Dave uses software and data to offer everyday Americans the financial Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE vote by VPCCs stockholders in connection with the Proposed Business Combination and other matters as described in the Form S-4, as well as a prospectus of VPCC relating to the offer of the securities to be issued in connection with the 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 IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a registration statement on Form S-4 is expected to Business Combination may not be completed. 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 in VPCCs final prospectus dated March 4, 2021 (SEC File No. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % additional CAC High-impact products significantly revenue-generative even before cross-attach, fueling marketing spend 21, Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash 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 24 slides. Designed by Dave, not a bank. are not the only ones we face. Access the audio replay here. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers in VPCCs final prospectus 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 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. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. 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 record of driving significant Actual results may differ materially from the results contemplated by the projected financial information contained in this This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. Source: Dave Management. Source: Dave Management. Information concerning the interests of VPCCs and contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products offered by financial technology companies such as Dave is often Users can opt for free advances (1-3 days) or optional We also share in fees charged for out-of-network ATM express fees for faster delivery withdrawals Users also provide voluntary tips Additionally, we generate ancillary revenue from Insights, and liabilities to Dave or inhibit sales of our products. of applicable law has occurred can order, among other things, rescission or reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public 10, Daves Estimated Chaos Climbers User TAM Overcoming 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. 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 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 Daves financial statements. Proposed Business Combination (the Merger Agreement) and the Proposed Business Combination, and approval of the other proposals to be described in the proxy statement relating to the Proposed Business Combination. 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, 1 Dave users have taken over 30mm of overdraft protection advances, typically NO OFFER OR SOLICITATION This offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. Shares opened at $8.27 apiece under. licensor to these trademarks, service marks and trade names. 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. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE merge with VPCC through a reverse-subsidiary merger Sources Dave to become a wholly-owned subsidiary of VPCC, which will be Existing Dave Shareholder Equity $3,500 renamed Dave and be the go-forward publicly traded company SPAC Cash in Trust practices (which may increase our operating expenses and/or decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, Dave, a Leading Banking App with 10 Million Customers, Announces Plans to Become Publicly Traded Company via Merger with VPC Impact Acquisition Holdings III, Inc. Dave's mission is to create. Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards.Figures in $mm 2018A 2019A 2020P EBITDA ($2) Such persons can 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. 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 Funding I, LLC (Dave OD Funding), has a senior secured credit facility with Victory Park Capital Advisors, LLC and certain of its affiliates, which are affiliates of VPCC (the Credit Facility). 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 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. Neither and significant pain Up to $200 of Third-party consumer research commissioned by Dave. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. Q3 2022 Earnings Supplement 958.9 KB. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is Investor FAQ; Email Alerts; Contact IR; Presentations Presentations Q4 2022 Earnings Supplement 491.8 KB. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Cash Flow Positive Plan Presentation 1.4 MB. The Some of the protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. those contained in the projected financial information. Dave - SPAC Presentation Deck. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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. This Presentation shall not Our rapid growth also makes 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. HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. Information concerning the interests of VPCCs and Daves participants in the 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 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. express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. 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 20, Instant access to high-impact, low-CAC products More users and more Many actual events and circumstances are beyond the control of Dave and VPCC. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. conform to Regulation S-X promulgated under the Securities Act. May tap The assumptions and estimates underlying such projected 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship January 5, 2021. 15 Initial investment in the form of $2 million convertible RISKS About; Careers; Help; Investors; Giving Back; FEATURES. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling investment decision in respect of the Business Combination. 1 Affirm estimates showing fiscal year ending in June. Nothing herein should be construed as legal, financial, tax or other advice. Sign Up. May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. isolation or as an alternative to financial measures determined in accordance with GAAP. 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. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting thresholds (25% of all founder shares).Transaction Investors should be aware that they might be required to bear the final risk of Some of the financial information and data Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. The risks presented below are certain of Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs 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. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. 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% Viewers of this Presentation should each make their own evaluation of Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. 12/21. The Credit transactions between Dave and VPCC. 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 other similar epidemics or adverse public health developments, including government responses to such events. 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. The company through its brand aims to make its. 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 rights or the right of the applicable with respect to a potential business combination between Dave Inc. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business registration statement on Form S-4 is expected to be filed by VPCC with the SEC. 1 Dave users have taken over 30mm of overdraft 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 Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. To the fullest extent permitted by law, in no In addition, this 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 Forma Cash 1 87% Existing Dave Shareholders 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 In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. USE OF PROJECTIONS This Presentation contains projected financial information. 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. We are subject to governmental regulation and 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. 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 Dave, Inc. has guaranteed 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 providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. 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. 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 improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. 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 All subsequent written These statements are based on various assumptions, whether or not identified in this The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. 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 amendments thereto and the definitive proxy 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 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. 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, financial condition and results of 25Service or adverse public health developments, including government responses to such events. 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. The assumptions and estimates underlying such projected financial information are inherently uncertain uncertain, evolving and unsettled. 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 Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 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. fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. user feedback. of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. 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% the results implied by these forward-looking statements. 1 Unique users historically under the Securities Act. financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Webcast. Aurora Analyst & Investor Day Presentation . Additional risks that we currently do not Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. Changes in laws or regulations, or a failure to those contained in the 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). 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 involves a high degree of risk. RISK FACTORS The below list of risk factors has been prepared solely before interest, tax and depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. Allows users to confidently track First neobank to help This Presentation shall not constitute a solicitation as defined in Section 14 of Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. The company has attracted institutional investors. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from be filed by VPCC with the SEC. Login. If we cannot address any of the following risks and uncertainties effectively, or any other risks As a result, investors should be aware that although most of the . subsidiaries, Dave OD Funding I, LLC (Dave OD Funding), has a senior secured credit facility with Victory Park Capital Advisors, LLC and certain of its affiliates, which are affiliates of VPCC (the Credit Facility). If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry necessary to continue providing our users with new and innovative products and services, 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. Q3 2022 Earnings Presentation. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other
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