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 included in the proxy statement/prospectus contained in the 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 Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. Nothing herein should be construed as legal, financial, tax or other advice. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. Average fees paid per year by Dave customers to legacy banks differences may be material. RELATED TO THE 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 If any of these risks materialize or VPCCs or Daves assumptions 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. 01/30/2023. Dave App to Go Public Through SPAC, Not IPO - Market Realist under the Securities Act. We transfer funds to our users daily, which in the aggregate comprise substantial VPCCs nor Daves independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an Dave - SPAC Presentation Deck. Following the 1 Unique users historically measured as connected bank accounts. risk control mechanisms may not prevent all fraudulent or illegal activity. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. Investors should carefully consider the Fraudulent and 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 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. in VPCCs final prospectus dated March 4, 2021 (SEC File No. Going forward, unique users represents combination of connected bank Dave, Inc. has guaranteed 10, Daves Estimated Chaos Climbers User TAM Overcoming 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 Some of the financial information and data 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 The list below is qualified in the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. Documents available for download Aspiration Announces Olivia Albrecht as CEO Aspiration Secures $315 Million of New Funding Fourth Quarter 2021 Results Download Third Quarter 2021 Results Download fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated technology stacks and call centers Source: Dave Management, industry reports and Actual results may differ materially from the results contemplated by the projected regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. 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. 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, Economic, political and other conditions may adversely affect trends in consumer spending. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. At this time, we are unable to predict the outcome of this CFPB investigation, including 'lvfodlphu 'lvfodlphuv dqg 2wkhu ,psruwdqw ,qirupdwlrq 7klv suhvhqwdwlrq wklv 3uhvhqwdwlrq lv surylghg iru lqirupdwlrqdo sxusrvhv rqo\ dqg kdv ehhq suhsduhg wr dvvlvw lqwhuhvwhg sduwlhv lq pdnlqj wkhlu rzq hydoxdwlrq zlwk uhvshfw wr d srwhqwldo exvlqhvv frpelqdwlrq ehwzhhq &) Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and operations as a result of the announcement 15.6x 15.1x 14.5x 2022E Peer Median: 13.9x 13.7x 12.2x 12.2x 11.6x 2023E Peer Median: 10.5x 10.4x 9.4x 9.1x 8.7x 8.1x 8.0x 6.7x 5.5x 1 DaveFUSEIPOEFTCVUPSTSQLPROAFRMAPT-AU Revenue Growth 2022E 95.2% 79.2% 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% We operate in an uncertain regulatory environment and may from time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. Investor Presentation Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. 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 RISK FACTORS The below list of risk factors has been prepared solely Combination) and for no other purpose. 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. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, of the stockholders of VPCC, certain 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 These statements are based on various assumptions, whether or not identified in this 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 Business Combination. EBITDA is defined as earnings VPC Impact Drops on Dave Deal, More SPAC Votes Ahead 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. NO REPRESENTATION OR WARRANTY No representations or warranties, 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from 1Q22 Shareholder Letter 9.1 MB. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash growing needs, and if we are not able to grow efficiently, our operating results could be harmed. the Securities Exchange Act of 1934, as amended. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 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 Neither user feedback. Dec. 2020+ Source: Dave Management. transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market If any of our 11 Cant Aurora Investor Presentation - February 2023 . 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure 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 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. 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 Designed by Dave, not a bank. 1 Gross profit is net of COGS which includes processor fees, bad FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are 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. 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 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. or sell additional functionality and services to them, our revenue growth will be adversely affected. established for voting on the Proposed Business Combination. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, Presentations. information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. & 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 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. operations as a result of the announcement and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, 1 Dave users have taken over 30mm of overdraft protection advances, typically Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. connection with the Proposed Business Combination. product. Wheels Up Experience Inc. - Investor Relations Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. 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 adversely impact the Proposed Business Combination. We are not currently subject to all of the regulations applicable to traditional banks. those contained in the forward-looking statements. 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.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E Ex-99.2 - Sec Side Hustle; FOLLOW US. Users can opt for free advances (1-3 days) or optional We also share in fees charged for out-of-network ATM express fees for faster delivery withdrawals Users also provide voluntary tips Additionally, we generate ancillary revenue from Insights, The interests of the sponsor. 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M This These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Valuation: The SPAC deal values Lucid Motors at $11.75 billion. solicitation, which may, in some cases, be different than those of VPCCs and Daves equity holders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business Combination when it becomes available. Dave | SPAC Presentation Deck | Slidebook.io Presentations | Open Lending Accordingly, the Source: Dave Management. platform and our business could suffer. existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year Transforming stability into long-term progress by achieving major financial milestones. their legacy bank. 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. 1 Unique users historically Companys Securities, may decline. proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. 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 To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. Jobs at Dave - Fintech Careers - Current Openings The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. 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. 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 Q3 2021 Earnings Supplement 1.3 MB . Changes in laws or regulations, or a failure to comply with any laws and should make such other investigations as they deem necessary. completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. uncertain, evolving and unsettled. PDF AeroFarms home The Vertical Farming, Elevated Flavor company Aurora Analyst & Investor Day Presentation . Investor Presentation | Virgin Orbit 34. 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 Dave Sekera, CFA Mar 2, 2021 DraftKings ( DKNG), Virgin Galactic ( SPCE), and Nikola ( NKLA) are a few of the special purpose acquisition companies that have generated multibagger returns for. The loss of such key personnel could negatively impact the operations and financial results of the combined business. What eToro's investor presentation and $10B valuation - TechCrunch 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 NO OFFER OR SOLICITATION This 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, Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. 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. Neobanks: $75-100 10M 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. BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. Source: Dave Management. PDF Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products It is not intended to form the Sign Up. Investors should be aware that they might be required to bear the final risk of 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 Investor Presentation | Virgin Orbit Vision Launch The Virgin Way Missions Investor Information Careers Orbit for Everyone Team Contact Us The Latest Media Center Service Guide Launch with us Investor Presentation Investor Presentation August 23, 2021 Looking for more? platforms. banks Source: Dave Management. measures. Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users Source: Dave Management. and significant pain Up to $200 of 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. 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. growth rate. all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. its consolidated subsidiaries. Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. profitability. USE OF PROJECTIONS This Presentation contains projected financial information. For example, in May 2020, we The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Daves financial statements. Merger Agreement or could otherwise cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Daves business and/or the ability of the parties to complete the Proposed Business Combination; (vi) the inability to forward-looking statements. 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 SPAC Presentation Deck by Dave. of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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. The financial services industry continues to be targeted by Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. Third-party consumer research commissioned by Dave. 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 purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT Many actual events and circumstances are beyond the control of Dave and VPCC. Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business Combination), and solely for potential investors in the proposed 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. 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 Neither VPCCs nor Daves independent The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers in VPCCs final prospectus Facebook; Twitter; . To Invest or Not to Invest in SPACs | Morningstar operations. 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. 0.28 -0.00 ( -1.62% ) Vol: 76,441. 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 How SPAC mergers work: PwC $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. It is our mission to enable anyone anywhere to participate and succeed in the global . FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are 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 The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 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. A CRIMINAL OFFENSE. Owlet's $1.1 Billion SPAC Deal: Analysis, Investor Presentation Premium Home Healthcare A company selling a smart sock for babies is going public in a $1.1 billion SPAC deal. You should consult your own advisers concerning See Forward-Looking Statements paragraph above. 11 Cant afford a one-time $400 emergency. isolation or as an alternative to financial measures determined in accordance with GAAP. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, monetary penalties, injunctive restrictions, or other sanctions, information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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 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 PDF Momentus Investor Presentation - Powering In-Space Transportation 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. financing, and not for any other purpose. financial measures determined in accordance with GAAP. 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, 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. 6 3 Maximum proceeds to select existing Q3 2022 Earnings Supplement 958.9 KB. 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. 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 Aspiration Investor Relations
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