dave spac investor presentation

The CFPB has broad enforcement powers, and upon determining a violation If any of our agreements with our processing providers are terminated, we could experience service interruptions. basis of any investment decision or any other decisions with respect to the Proposed Business Combination. Market data from FactSet as of June 1, 2021. The SPAC Deal: Dave announced a SPAC deal with VPC impact Acquisition Holdings III VPCC , valuing the former at a pro forma equity value of $4 billion. January 5, 2021. fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. Transforming stability into long-term progress by achieving major financial milestones. connection with the Proposed Business Combination. Investors should carefully consider the 06/21. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of Source: Dave Management. The combination between Victory Park Capital's blank-check company and the banking app Dave is expected to be complete by the third or fourth quarter. by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. 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. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. 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. 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 SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, 1. 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). In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and 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. substantial number of our users to repay funds they receive through the use of our overdraft protection product would harm our business and financial results. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. The risks presented in such filings Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. 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:. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020.1 Capital Raised / Users Acquired Dave: $6 Other 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. We transfer funds to our users daily, which in the aggregate comprise substantial make no representation or warranty, express or implied, as to its accuracy or completeness. SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. 2021 Annual Shareholder Letter 12 MB. 24 slides. Additional risks that we currently do not 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Were going up against legacy banks and their 1 $30bn of overdraft 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). Additionally, all information in Daves 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. We obtain and process a large amount of sensitive data and any real or perceived value of such warrants could have a material effect on the financial results of VPCC. Facebook; Twitter; . Note: Dave has not yet completed its 2020 audit and therefore all financial statement 333-252577), which was filed with the SEC on March 8, 2021. 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 cause actual results to differ materially from The public and private warrants of VPCC are accounted for as 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 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / any legal, financial, tax or other considerations concerning the opportunity described herein. An oversubscribed PIPE deal that saw shares priced at $15 . Accordingly, the 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. be completed. time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. Access the audio replay here. Management does not consider these non-GAAP measures in isolation or as an alternative to The use or display of third parties trademarks, service marks, trade names This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and decline. 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. 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 SoFi Q4 2022 Earnings Conference Call. 1 Unique users historically measured as connected bank accounts. understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data & Tech spending patterns; limits Learning to deliver fast and technology IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a 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. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a VPCCs stockholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. by the CFPB. users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial notifications sent Highlights focus on community- to users to prevent overspending based Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. of VPCCs stockholders in connection with the Proposed Business Combination. 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 prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Note: Dave has not yet completed its 2020 audit and therefore regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. 1 Gross profit is net of COGS which 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, differences may be material. 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, We Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Changes in laws or regulations, or a failure to comply with any laws and record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 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 Some of the Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. Our rapid growth also makes 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. its entirety by disclosures contained in future documents filed or 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 Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our platform and our business 62 slides. Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. Allscreen Supported by World-Class Investors 23Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci Webcast. 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. Industry. 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. Katapult Transaction. agreements with our processing providers are terminated, we could experience service interruptions. Failure by us, or any of our business partners, to comply with applicable laws and regulations could have a material adverse effect on our business, financial position and results of operations. We operate in an uncertain regulatory environment and may from 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 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 You should consult your own advisers concerning 115 Across all relevant mobile platforms.Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% 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 Download pdf . 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 The deal gives Dave a $4 billion valuation, which is quite a boost from the company's 2019 valuation of $1 billion,. 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 15 Initial investment in the form of $2 million convertible 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 statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, competition, the ability of Dave to grow and manage 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 completion of the Proposed Business Combination. 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 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, Investors want to invest in big opportunities with large addressable markets. Following the 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 information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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 Source: Dave Management projections. avoiding ~$35 overdraft fee from their legacy bank. notifications sent Highlights focus on community- to users to prevent overspending based approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in prohibit its current operations. 1 Unique users historically rights or the right of the applicable licensor to these trademarks, service marks and trade names. 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 their investment for an indefinite period of time. 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 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. The use or display of third parties If our present or any future key banking relationships are terminated and we are and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. 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

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