$6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and should not be assumed to be, complete or to constitute all the contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). Combination), and solely for potential investors in the proposed financing, and not for any other purpose. contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. 333-252577), which was filed with the SEC on March 8, 2021. 1 Unique users historically 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in 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 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft it difficult to evaluate our future prospects and may increase the risk that we will not be successful. constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. 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. Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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. 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% We may not be able to scale our business quickly enough to meet our users 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 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 Companys Securities, may decline. Katapult Transaction. PROPOSED BUSINESS COMBINATION VPCCs directors and officers have potential conflicts of interest in recommending that VPCCs stockholders vote in favor of the adoption of the merger agreement relating to the Proposed Business VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to 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. RISKS statements above. Largest Neobanks: $125 Begin Bank Rollout 7M Side Hustle Rollout Scaled 1 ExtraCash Product Financial Management Tool Dave Registered Users 2017 2018 2019 2020 Source: Dave Management. PARTICIPANTS IN THE SOLICITATION VPCC, Dave and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations Nov 9, 2022. Presentation Decks by Dave (3) Investor Day. Neither These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or undertakes certain compliance obligations. Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, consensus broker research. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure Some data is also based on the good faith estimates of Dave and VPCC, which are derived from their respective reviews of internal sources as well as the Combination. 2Q21 & Beyond Feedback and Product Optimization ~31% penetration 1.3 mm Dave Bank Users Projected Dave Bank Users of Dave user base 1.2 mm 1.1mm 943k ~95% CAGR 784k 633k 273k 176k 141k 128k 114k 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug Transaction Structure Implied Sources & Uses ($mm) Dave to View All Posts comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. and significant pain Up to $200 of ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. obtain or maintain the listing of the 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 The cost of responding to investigations can be substantial and an adverse resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us agreements with our processing providers are terminated, we could experience service interruptions. 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 independent sources described above. Additionally, all information in Daves These forward-looking statements are subject to a number of risks and uncertainties, Industry. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to Dave Terms of Use Link4 Designed by Dave, not a bank. connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. 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 trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Our recent rapid growth, including growth in our volume of payments, may not be indicative of future growth, and if we continue to grow rapidly, we may not be able to manage our growth effectively. In addition, this Presentation does not purport to be all inclusive or to contain We are not currently subject to financing, and not for any other purpose. donated. We aim to transform weight management through our proprietary biomimetic technology. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, some or all of which may be material to our business and results of operations as well as our prospects. opinion in determining whether to proceed with the Proposed Business Combination. Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . connection with the operation of their respective businesses. You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. 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. in VPCCs final prospectus dated March 4, 2021 (SEC File No. 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 EBITDA is defined as earnings KBW Fintech Payments Conference. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our Our fraud detection and risk control mechanisms may not prevent all fraudulent or illegal activity. established for voting on the Proposed Business Combination. Neither financial measures to the most comparable GAAP amounts can be found below. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. $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 Sponsor Shares Implied Enterpise Value $3,563 1% Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business practices (which may increase our operating expenses and/or SPAC Presentation Deck by Dave. Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% received a Civil Investigative Demand (the CID) from the U.S. Bureau of 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 involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. 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. of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 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 2020 is unaudited, preliminary and subject to change. ~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 banks Source: Dave Management. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and views as of the date of this Presentation. Nothing herein should be construed as legal, financial, tax or other advice. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated 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. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. LOS ANGELES and CHICAGO - June 7, 2021 - Dave, the banking app on a mission to create financial opportunity that advances America's collective potential, and VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) ("VPCC"), a special purpose acquisition company sponsored by Victory Park Capital ("VPC"), today announced that they have entered into Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability of its banking platform with modest user adoption costs 17. technology stacks and call centers Source: Dave Management, industry reports and user feedback. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. Fraudulent and 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 Investors should be aware that they might be required to bear the final risk of 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 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 qualification under the securities laws of any such jurisdiction. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, Webcast. 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 investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Business Combination may not be completed. Neither VPCCs nor Daves independent 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 that may be instituted against VPCC and Dave VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and Proposed Business Combination. 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 02/28/2023 11:00 AM ET. 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. 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 Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our platform and our business Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % 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 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. Going forward, unique users represents combination of connected bank 333-252577), which was filed with the SEC on March 8, 2021. A CRIMINAL OFFENSE. $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. This Presentation shall not 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. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. The risks described below are not the only ones we face. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards. Designed by Dave, not a bank. Structure Implied Sources & Uses ($mm) Dave to 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 As a result, approximately 20.0% of VPCCs voting securities outstanding, representing PCAOB standards. 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 states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even prohibit its current operations. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. For example, in May 2020, we and significant pain Up to $200 of 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 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from Source: Dave Management projections. 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 respective businesses. 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 Credit transactions. methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Acquisition Company ("SPAC") GigCapital4's IPO was completed in February 2021 Led by a proven management team of experienced entrepreneurs and executives Deep public company management and board experience Extensive global network of TMT business professionals and investors Proven experience with M&A, strategy and technology offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. expressly qualified in their entirety by the cautionary statements above. 34. 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. FinTech Dave Inc. merged with the publicly traded special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III Inc. and will go public on Nasdaq on or about on Thursday (Jan.. Login. Dave Other Neobank Incumbent User Journey User Journey Bank User Some data is also based on the good faith estimates of Dave and VPCC, which are derived 0.28 -0.00 ( -1.62% ) Vol: 76,441. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. May tap Investors want to invest in big opportunities with large addressable markets. Information concerning the interests of VPCCs and 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. 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 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. platforms. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the proposed transactions between Dave and VPCC, and may differ significantly Many actual events and circumstances are beyond the control of Dave and VPCC. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). their investment for an indefinite period of time. Dave uses software and data to offer everyday Americans the financial 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. registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. We depend upon several third-party service providers for processing our by the CFPB. Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. 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:. of VPCCs stockholders in connection with the Proposed Business Combination. 25Service transactions between Dave and VPCC. The company through its brand aims to make its. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. The public and private warrants of VPCC are accounted for as liabilities and the changes in 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 services they need, at Solves immediate breakthrough speed and pricing. differences may be material. 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 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. 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. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. 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 Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. 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 Access the audio replay here. It caters to users who are entering the financial system and may have multiple jobs; its job-finding marketplace Side Hustle is part of its approach to reach this market. time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such 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 BigBear.ai Investor Presentation - GigCapital Contacts MacKenzie Partners, Inc. 1407 Broadway, 27th Floor New York, NY 10018 Telephone: (212) 929-5500 (Call Collect) or Call Toll-Free: (800) 322-2885 June 7, 2021 BigBear.ai Investor Presentation The list below is qualified in 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 penalties against us. 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 may never achieve or sustain profitability. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. Dec. 2020+ Source: Dave Management. new laws or regulations in many jurisdictions, including the U.S. states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even Dave Dave; SPAC Presentation Deck (June 2021) . Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments.
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