Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Dec. 2020+ Source: Dave Management. This Presentation shall not constitute a solicitation as defined in Section 14 of Source: Dave management. 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 '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 &) The interests of the sponsor. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. 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 EBITDA is defined as earnings Investors should be aware that they might be required to bear the final risk of Investor Relations. dave-to-go-public-in-4-billion-spac . Q1 2022 Earnings Supplement 562.6 KB. If you hold public warrants of Industry. 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. those contained in the projected financial information. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to PCAOB PCAOB standards. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a the Securities Exchange Act of 1934, as amended. 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. 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 not be able to continue to operate our business as it is currently operated. vote by VPCCs stockholders in connection with the Proposed Business Combination and other matters as described in the Form S-4, as well as a prospectus of VPCC relating to the offer of the securities to be issued in connection with the 06/21. Dave. combined business. Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards. Aurora Analyst & Investor Day Presentation . 333-252577), which was filed with the SEC on March 8, 2021. in VPCCs final prospectus dated March 4, 2021 (SEC File No. 19Phased Launch To Date Forward-looking statements may some or all of which may be material to our business and results of operations as well as our prospects. Investor Tools. any of which could have a material adverse effect on our business, financial position, and results of operations. We transfer funds to our users daily, which in the aggregate comprise substantial 20, Instant access to high-impact, low-CAC products More users and more obligations or undertaking to release publicly any updates 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 Investors should carefully consider the 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 financial measures determined in accordance with GAAP. 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, 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. Our 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. those contained in the forward-looking statements. Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. This Presentation shall not The financial services industry continues to be targeted by providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are 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 with respect to a potential business combination between Dave Inc. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business 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. 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. 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, methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Investor Presentation. 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. proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. our financial position and results of operations. Q2 2022 Earnings Supplement 510.8 KB. The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or Note: Dave has not yet completed its 2020 audit and therefore all financial statement Nasdaq. Sign Up. 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. and subject to change. Going forward, unique users represents combination of connected bank assumptions, whether or not identified in this Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. licensor to these trademarks, service marks and trade names. expressly qualified in their entirety by the cautionary statements above. 1 Gross profit is net of COGS which substantial sums, and are subject to the risk of errors, which could result in financial losses, damage to our reputation, or loss of trust in our brand, which would harm our business and financial results. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% 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: SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. Nov 9, 2022. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace training. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our platform and our business The list below is qualified in views as of the date of this Presentation. involves a high degree of risk. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry 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. At this time, we are unable to predict the outcome of this CFPB investigation, including The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. 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. Dave Terms of Use Link4 Designed by Dave, not a bank. and significant pain Up to $200 of upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. 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 some or all of which may be material to our business and results of Dave Dave; SPAC Presentation Deck (June 2021) . 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. & 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 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, 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 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or training. Investor Relations. 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, Dave and VPCC have not independently verified the information and 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 by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. A PIPE of $210 million was led by Tiger. 1 Dave users have taken over 30mm of overdraft protection advances, typically 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. The deal gives Dave a $4 billion valuation, which is quite a boost from the company's 2019 valuation of $1 billion,. 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 operations as well as our prospects. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Average fees paid per year by Dave customers to legacy banks Combination when it becomes available. 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. If the Proposed Business financing, and not for any other purpose. Amid all the news of the last few days, you might have missed that eToro, an Israeli consumer stock-trading service, is going public in the United States via a SPAC.. Don't worry about the SPAC . The CFPB has broad enforcement powers, and upon determining a violation Marketing investment recovered in ~9 months on 1 a gross profit basis December 31, 2020 is unaudited, preliminary and subject to change. 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, Dave uses software and data to offer everyday Americans the financial 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 Business Combination may not be completed. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 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 EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x Allows users to confidently track First neobank to help We are a biotherapeutics company built for consumer engagement. 01/30/2023 08:00 AM ET. 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 Its . Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning specific product, or a solicitation of any vote or approval, nor shall 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 user feedback. platform and our business could suffer. 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 NO OFFER OR SOLICITATION This Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. Dave Users have recorded in aggregate $300-400mm / 16
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