information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Neither Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. 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. As a result, investors should be aware that although most of the . We are subject to governmental regulation and opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. An oversubscribed PIPE deal that saw shares priced at $15 . Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. 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 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. all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. RISK FACTORS The below list of risk factors has been prepared solely user feedback. The financial services industry continues to be targeted by financial information contained in this 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. product. Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. 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. generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect, 01/30/2023 08:00 AM ET. 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 The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. 19Phased Launch To Date dave-to-go-public-in-4-billion-spac . qualification under the securities laws of any such jurisdiction. Investor Presentation (March 2023) 21.8 MB. listing standards of the NYSE or Nasdaq. 6 3 Maximum proceeds to select existing 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 FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting thresholds (25% of all founder shares).Transaction 1. This Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Dave Other Neobank Incumbent User Journey User Journey Bank User statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the Proposed Business Combination. At this time, we are unable to predict the outcome of this CFPB investigation, including Management does not consider these non-GAAP measures in isolation or as an alternative to 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting Transaction Structure Implied Sources & Uses ($mm) Dave to Company). 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 06/21. & 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 If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may The consummation of the Proposed 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 transactions. The "Market Opportunity" Slide of the Pitch Deck. 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. 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, If the Proposed Business 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 1 Affirm estimates showing fiscal year ending in June. Investor Presentation 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 from and be more extensive than those presented below. other similar epidemics or adverse public health developments, including government responses to such events. 1 minute read. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in 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 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 the Securities Exchange Act of 1934, as amended. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action, proceeding, fines or Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. Dave. Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) and minimum balance fees Massive and expensive brick / mortar ($10) for the However, banking products made available through Dave by our bank partner remain subject to regulation and supervision 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 prohibit its current operations. obligations could harm our business by resulting in litigation, fines, penalties, or 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 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. It is not intended to form the 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise 1 Dave users have taken over 30mm of overdraft Access the audio replay here. NO OFFER OR SOLICITATION This onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult to download to deposit for navigate financial offerings advance product Deep Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and obtain and process a large amount of sensitive data and any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our including (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated June 7, 2021 (the Merger Agreement); (ii) the outcome of any legal proceedings IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. 1 Affirm estimates showing fiscal year ending in June. 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 ANY REPRESENTATION TO THE CONTRARY IS VPCC and Dave believe that the use of these non-GAAP financial measures provides an value of such warrants could have a material effect on the financial results of VPCC. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Dave Terms of Use Link4 Designed by Dave, not a bank. 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. This 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 Source: Dave Management projections. PARTICIPANTS IN THE 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 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 Dec. 2020+ Source: Dave Management. growth rate. May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- Management does not consider these non-GAAP measures in 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. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % 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. 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 operations. and multitude of associated steps four steps Multiple user-friendly Antiquated onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult Information concerning the interests of VPCCs and Daves participants in the 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 34. 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. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. 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 financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. costly litigation, and could adversely affect our reputation and operating revenues. 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. Transcript. 2023E 41.4% 64.3% 40.4% 30.1% 27.7% 21.9% 23.1% 27.3% 42.8% 2 Growth-Adjusted Revenue Multiples 2022E 0.10x 0.11x 0.23x 0.46x 0.64x 0.57x 0.46x 0.41x 0.25x 2023E 0.16x 0.09x 0.21x 0.27x 0.55x 0.66x 0.60x 0.45x 0.19x Source: Dave Management, Combination when it becomes available. reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public notifications regarding violations, limits on activities or functions, 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 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 The ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain key personnel connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. assurance that VIH III will be able to raise sufficient capital in the Private Placement to consummate the Proposed Business Combination or for use by the combined company following the Proposed Business Combination (the Combined overdraft fees saved management skills Source: Dave Management. Login. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE services they need, at Solves immediate breakthrough speed and pricing. 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. and liabilities to Dave or inhibit sales of our products. views as of the date of this Presentation. 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. 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. Changes in laws or regulations, or a failure to Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. 1 18 Based on third-party consumer research commissioned by Dave. 115 Across all relevant mobile 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 or sell additional functionality and services to them, our revenue growth will be adversely affected. 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. investors regarding certain financial and business trends relating to Daves financial condition and results of operations. 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) 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 involves a high degree of risk. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. We depend upon several third-party service providers for processing our transactions. combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and operations as a result of the announcement and significant pain Up to $200 of The issuance of shares of the Combined Companys securities in connection with the Private Placement will substantially dilute the voting power of the Combined Companys stockholders. 333-252577), which was filed with the SEC on March 8, 2021. Such projected financial information constitutes Our It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 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 Nothing herein should be construed as legal, financial, tax or other advice. 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. 2021 Annual Shareholder Letter 12 MB. platform and our business could suffer. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, business. 1 Unique users historically Q1 2022 Earnings Supplement 562.6 KB. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. To Combined Company). Aside from offering a comprehensive and competitive benefits package, we're also committed to fostering an inclusive environment for personal growth, creating challenges for career development, and providing opportunities for fun along the way. intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, 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, engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform You should review the investors We are a biotherapeutics company built for consumer engagement. be completed. 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. USE OF PROJECTIONS This Presentation contains projected financial information. 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 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. 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 and multitude of associated steps four steps Multiple user-friendly Antiquated There can be no assurance that VIH III will be able to raise sufficient capital in the Private Placement to consummate the Proposed Business Combination or for use by the combined company following the Proposed Business Combination (the methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue 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. 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. Presentation Decks by Dave (3) Investor Day. improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. 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. 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 RISKS RELATED TO THE PRIVATE PLACEMENT There can be no Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our Many actual events and circumstances are beyond the control of Dave and VPCC. 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 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 which any statement is based, except as required by law. Some data is also based on the good faith estimates of Dave and VPCC, which are derived 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. RISKS RELATED TO THE furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed transactions between Dave and VPCC.
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