Combined Company). 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 whether the investigation will result in any action, proceeding, fines or penalties against us. Dave | SPAC Presentation Deck | Slidebook.io 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or operations as well as our prospects. reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. Nasdaq. opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to 62 slides. Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. For example, in May 2020, we We operate in an uncertain regulatory environment and may from time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 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, PDF Bigbear.ai to Become Publicly Traded Company Via Merger With Gigcapital4 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 VPC Impact Drops on Dave Deal, More SPAC Votes Ahead Daves participants in the 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 The assumptions and estimates underlying such projected financial information are inherently uncertain by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. involves a high degree of risk. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 1 Dave users have taken over 30mm of overdraft 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 IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a those contained in the forward-looking statements. direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of overdraft fees saved management skills Source: Dave Management. Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability 3Q22 Shareholder Letter 5.8 MB. 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 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 Tiger Global leading PIPE investment, with Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. Facebook; Twitter; . Our fraud detection and risk control mechanisms may not prevent all fraudulent or illegal activity. Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations Allscreen Supported by World-Class Investors 23, Service Revenue Transaction Revenue ExtraCash: Dave Bank: We generate Login. undertakes certain compliance obligations. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. 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 the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. future, outlook, 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. NO OFFER OR SOLICITATION This 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 rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 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 Users can opt for free advances (1-3 days) or optional We also independent sources described above. disposition is exempt from the registration requirements of the Securities Act. 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. 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. 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 forward-looking statements. Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% 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 Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. You should review the investors Webcast. Charity 2 1 Donated Avoided Jobs Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. by the CFPB. generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect, views as of the date of this Presentation. loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . any exemption under the Securities Act. SoFi Q4 2022 Earnings Conference Call. 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. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their thresholds (25% of all founder shares). Investor Relations. regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. The risks presented below are certain of VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to 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 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 costly litigation, and could adversely affect our reputation and operating revenues. completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. Neither VPCCs nor Daves independent information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. We operate in an uncertain regulatory environment and may from BlackSky SPAC Investor Presentation Analysis - YouTube We obtained this information and statistics from third-party Investors should be aware that they might be required to bear the final risk of The Credit Facility contains licensor to these trademarks, service marks and trade names. Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. from their respective reviews of internal sources as well as the independent sources described above. . Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. We transfer funds to our users daily, which in the aggregate comprise PDF 'LVFODLPHU - Cantor Fitzgerald Inc. has guaranteed up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. Proposed Business Combination. Transaction Structure Implied Sources & Uses ($mm) Dave to statements above. $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. DAVE Stock Alert: 10 Things to Know as Dave Starts - InvestorPlace which any statement is based, except as required by law. We may not be able to scale our business quickly enough to meet our users The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. One of our wholly-owned subsidiaries, Dave OD 1. VPCCs sponsor, directors 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. The risks presented in such filings Dave, Inc. has guaranteed Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, We may never achieve or sustain While We cause actual results to differ materially from those contained in the projected financial information. 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. Actual events and circumstances are difficult or impossible to 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. registration statement on Form S-4 is expected to be filed by VPCC with the SEC. Cash Flow Positive Plan Presentation 1.4 MB. 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 rss_feed RSS services they need, at Solves immediate breakthrough speed and pricing. be filed by VPCC with the SEC. December 31, 2020 is unaudited, preliminary and subject to change. other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business by resulting in litigation, fines, penalties, or VPCCs 01/30/2023 08:00 AM ET. know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. Combination. 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 Advisors, LLC, 150 North Riverside Plaza, Suite 1 18 Based on third-party consumer research 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 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 business. Quarterly Report on Form 10-Q for the three months ended March 31, 2021 filed with the SEC on May 25, 2021 under the heading Risk Factors and other documents of VPCC filed, or to be filed, with the SEC, including those risk factors avoiding ~$35 overdraft fee from their legacy bank. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. We obtain and process a large amount of sensitive data and any real or perceived 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 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 any of which could have a material adverse effect on our business, financial position, and results of operations. The risks described below are not the only ones we face. 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. An oversubscribed PIPE deal that saw shares priced at $15 . PDF Momentus Investor Presentation - Powering In-Space Transportation The use or display of third parties On your "Market Opportunity" slide you want to: Set forth . Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 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, 2022E 2023E Total Revenue $17 $76 $122 $193 $377 $533 % Growth -- 340% 60% 59% 95% 41% 1 Gross Profit $8 $43 $75 $111 $223 $329 % Margin 45% 56% 62% 57% 59% 62% Operating Expenses (ex. 11 Cant 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 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 & 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 upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. 333-252577), which was filed with the SEC on March 8, 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 . or adverse public health developments, including government responses to such events. profitability. SPAC. 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 We transfer funds to our users daily, which in the aggregate comprise substantial transactions globally since inception Differentiated High Growth FinTech Strong Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to Ex-99.2 - Sec Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. The consummation of the Proposed 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% Economic, political and other conditions may adversely affect trends in consumer spending. 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. If any of our agreements with our processing providers are terminated, we could experience service interruptions. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is Q1 2022 Earnings Supplement 562.6 KB. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Solving Legacy Pain Points Building a Better Bank No Overdraft or constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. It is our mission to enable anyone anywhere to participate and succeed in the global . All references to Dave, we, us or our refer to the business of Dave Inc. and Transforming stability into long-term progress by achieving major financial milestones. 06/21. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December the opportunity described herein. 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 $377mm 4 Pro Forma Ownership Pro Forma Cash 1 87% Existing Dave Shareholders Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling If we are unable to acquire new customers and retain our current customers Marketing investment recovered in ~9 months on 1 a gross profit basis The Form S-4 will include a proxy statement to be distributed to holders of VPCCs common stock in connection with VPCCs solicitation for proxies for the our financial position and results of operations. Nov 9, 2022. Fraudulent activity 2019 2020. Allows users to confidently track First neobank to help users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial Dave - SPAC Presentation Deck. Archived Events & Presentations. 25Service measured as connected bank accounts. should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. Structure Implied Sources & Uses ($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 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. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Source: Dave Management. 10Average fees paid per year by Dave customers to legacy banks Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) 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. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. 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 We are not currently subject to all of the regulations applicable to traditional banks. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm transactions between Dave and VPCC. Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of Additional risks that we currently do not know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 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 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. Note: Dave has not yet completed its 2020 audit and therefore all financial This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and donated. What Are SPACs and Should I Care? | Morningstar Shares opened at $8.27 apiece under. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Rewards, and Side Hustle Source: Dave Management. Our rapid growth also makes 6 3 Maximum proceeds to select existing Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. As defined by the US Securities and Exchange Commission, a SPAC is a company with no operations that offers securities for cash and places substantially all the offering proceeds into a trust or escrow account for future use in the acquisition of one or more private operating companies.