We are not currently subject to 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, financial condition and results of RISKS RELATED TO THE PRIVATE PLACEMENT There can be no 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 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 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. ~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 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. Additional risks that we currently do not 1 minute read. & 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, To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. 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 Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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% NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or AeroFarms home The Vertical Farming, Elevated Flavor company undertakes certain compliance obligations. 1 Dave users have taken over 30mm of overdraft protection advances, typically listing standards of the NYSE or Nasdaq. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from However, banking products made available through Dave by our bank partner remain subject to regulation and supervision by banking regulators and Dave, as a service provider to its bank partner, The document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other investment decision in respect of the Business increases dramatically as users attach to Dave Bank ARPU Uplift reflects mix of new bank (first twelve mos) $43 revenue and increased engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) 1 Dave users have taken over 30mm of overdraft While VPCC and Dave believe that their fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. 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. 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: shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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 the go-forward publicly traded company SPAC Cash in Trust Figures in $mm 2018A 2019A 2020P EBITDA ($2) $6 $8 (-) Stock-Based Information concerning the interests of VPCCs and 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 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. 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? 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting thresholds (25% of all founder shares).Transaction by a 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. investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Investors want to invest in big opportunities with large addressable markets. Proposed Business Combination. connection with the Proposed Business Combination. IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a 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. If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry 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. . Q2 2022 Earnings Supplement 510.8 KB. 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. Source: Dave Management projections. of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial All references to Dave, we, us or our refer to the business of Dave Inc. and immaterial that could also cause actual results to differ from those contained in the forward-looking statements. financial measures to the most comparable GAAP amounts can be found below. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such If our present or any future key banking relationships are 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 Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult to download to deposit for navigate financial offerings advance product Deep EBITDA is defined as earnings before interest, tax and RISKS RELATED TO THE PRIVATE PLACEMENT 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 VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E Note: Dave has not yet completed its 2020 audit and therefore all financial This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. 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 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 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. its consolidated subsidiaries. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. 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 The deal was announced in October. Some of the financial information and data 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. Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% following the announcement of the Merger Agreement and the transactions contemplated therein; (iii) the inability to complete the Proposed Business Combination, including due to failure to obtain approval of the stockholders of VPCC, certain If we cannot address any Our fraud detection and A data security breach could expose us to liability and protracted and 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. 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 Dave, VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a 25th Annual Needham Growth Conference Presentation . 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 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. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private growing needs, and if we are not able to grow efficiently, our operating results could be harmed. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. Fraudulent activity It is our mission to enable anyone anywhere to participate and succeed in the global . To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Management does not consider these non-GAAP measures in isolation or as an alternative to The deal gives Dave a $4 billion valuation, which is quite a boost from the company's 2019 valuation of $1 billion,. marks and trade names referred to in this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their Viewers of this Presentation should each make their own evaluation of should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, EBITDA is defined as earnings training. 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 6 3 Maximum proceeds to select existing 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, 34 slides. 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 improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, connection with the operation of their respective businesses. All subsequent written and oral forward-looking statements concerning VPCC or Dave, the transactions described herein or other matters and attributable to VPCC, Dave or any person acting on their behalf are 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. VPCCs 31, 2020 is unaudited, preliminary and subject to change. prohibit its current operations. Legal Disclaimers 3 Important Information For Investors and Shareholders; Participants in Solicitation In connection with the proposed business combination, Spartan will be required to file a registration statement (which will include a proxy statement/prospectus of Spartan) and other relevant documents with the RISKS Aurora Investor Presentation - February 2023 . 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. 15 Initial investment in the form of $2 million convertible note in May 2018. Neither VPCCs nor Daves independent note in May 2018.VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 PCAOB standards. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing 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 Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. 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. commitment and belief in business Net Cash on 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 those contained in the projected financial information. 1 Affirm estimates showing fiscal year ending in June. Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. adversely impact 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 VPCC and Dave believe that these non-GAAP financial measures provide useful SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. This 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 SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. Proposed Business Combination. penalties against us. results of operations. 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. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 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. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. Investor Relations. the results implied by these forward-looking statements. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in The risks presented in such filings 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 Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers This Presentation shall not constitute a solicitation as defined in Section 14 of Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise 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 At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action, proceeding, fines or See Forward-Looking Statements paragraph above. 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 The loss of such key personnel could negatively impact the operations and financial results of the combined business. and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. At this time, we are unable to predict the outcome of this CFPB investigation, including express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. 62 slides. 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 sponsor, directors the Securities Exchange Act of 1934, as amended. We may never achieve or sustain Inc. has guaranteed up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. Fraudulent and other illegal activity involving our products and services could lead to reputational damage to us, reduce the use of our platform and services and may adversely affect also read VPCCs final prospectus dated March 4, 2021 (SEC File No. 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue Going forward, unique users represents combination of connected bank The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 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. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. Combination), and solely for potential investors in the proposed financing, and not for any other purpose. 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. 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 The use or display of third parties 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 obtain or maintain the listing of the Market data from FactSet as of June 1, 2021. Katapult Transaction. 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 Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. 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. We depend upon several third-party service providers for processing our Investor Resources. efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. 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. 01/30/2023 08:00 AM ET. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, These forward-looking statements are provided for illustrative Actual events and circumstances are difficult or impossible to The assumptions and estimates underlying such projected financial information are inherently uncertain Investor Presentation 1 18 Based on third-party consumer research commissioned by Dave. The loss of such key personnel could negatively impact the operations and financial results of the intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, statements above. The "Market Opportunity" Slide of the Pitch Deck. The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products Dave Terms of Use Link4 Designed by Dave, not a bank. 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship 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. 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. 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. make no representation or warranty, express or implied, as to its accuracy or completeness. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics
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