the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E fueling marketing spend 21Instant access to high-impact, low-CAC products More users and more data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no Dave, Inc. has guaranteed 19Phased Launch To Date opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. 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. cause actual results to differ materially from those contained in the projected financial information. 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. 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. The loss of such key personnel could negatively impact the operations and financial results of the We are subject to governmental regulation and Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered as a private placement to a limited number of institutional RISKS RELATED TO THE PRIVATE PLACEMENT There can be no 01/30/2023 08:00 AM ET. 62 slides. Dave Terms of Use Link4 Designed by Dave, not a bank. 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation afford a one-time $400 emergencyDaves Estimated Chaos Climbers User TAM Overcoming daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People Actual events and circumstances are difficult or impossible to With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Actual results may differ materially from the results contemplated by the projected 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. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. 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. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and Dec. 2020+ Source: Dave Management. undertakes certain compliance obligations. 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. 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, 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. registration statement on Form S-4 is expected to be filed by VPCC with the SEC. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. of its banking platform with modest user adoption costs 17Solving Legacy Pain Points Building a Better Bank No Overdraft or Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle 01/30/2023. A PIPE of $210 million was led by Tiger. 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 We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. We may not be able to scale our business quickly enough to meet our users growing needs, and if we are not able to grow efficiently, our operating results could be Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship since 2018 Unparalleled Business Diligence $100 million Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in Dave Users have recorded in aggregate $300-400mm / 16 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. 1 18 Based on third-party consumer research commissioned by Dave. Transforming stability into long-term progress by achieving major financial milestones. Actual results may differ materially from the results contemplated by the projected financial information contained in this FinTech Dave Inc. merged with the publicly traded special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III Inc. and will go public on Nasdaq on or about on Thursday (Jan.. 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. Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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. operations as well as our prospects. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics 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 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. 25th Annual Needham Growth Conference Presentation . audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. The company has attracted institutional investors. 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 the results implied by these forward-looking statements. While VPCC and Dave believe that their 11 Cant afford a one-time $400 emergency. 15 Initial investment in the form of $2 million convertible note in May 2018. 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. measured as connected bank accounts. the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. 333-252577), which was filed with the SEC on March 8, 2021. notifications sent Highlights focus on community- to users to prevent overspending based approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in . 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. financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination According to an investor presentation, the company generated $122M in revenue in 2020. 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 If we are unable to acquire new customers and retain our current customers The assumptions and estimates underlying such projected Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended 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 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 333-252577), which was filed with the SEC on March 8, 2021. standards. AeroFarms home The Vertical Farming, Elevated Flavor company 1 minute read. $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC Sponsor Shares Implied Enterpise Value $3,563 1% any legal, financial, tax or other considerations concerning the opportunity described herein. involves a high degree of risk. About; Careers; Help; Investors; Giving Back; FEATURES. $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. 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 transactions between Dave and VPCC. Investors should carefully consider the 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. of VPCCs stockholders in connection with the Proposed Business Combination. SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. from and be more extensive than those presented below. If any of our agreements with our processing providers are terminated, we could experience service interruptions. received a Civil Investigative Demand (the CID) from the U.S. Bureau of Consumer Financial Protection (the CFPB), the stated purpose of which is to determine whether there is or has been a violation of any laws enforced FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. 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 We depend upon several third-party service providers for processing our transactions. Fraudulent activity intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. Q2 2022 Earnings Supplement 510.8 KB. transactions. Side Hustle; FOLLOW US. Each of VPCC and Dave expressly disclaims any See Forward-Looking Statements paragraph above. 0.45x 0.19x Source: Dave Management, consensus broker research. Here are some key takeaways for investors to consider for Lucid Motors. For example, in May 2020, we The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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 states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even prohibit its current operations. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 However, banking products made available through Dave by our bank partner remain subject to regulation and supervision A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. Accordingly, the Securities must continue to be held unless a subsequent SoFi Q4 2022 Earnings Conference Call. services they need, at Solves immediate breakthrough speed and pricing. Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. 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 completion of the Proposed Business Combination. Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. Economic, political and other conditions may adversely affect trends in consumer spending. In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. 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 Source: Dave management. 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. and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could cause actual results to differ materially from December 31, 2020 is unaudited, preliminary and subject to change. as a private placement to a limited number of institutional accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). 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, competition, the ability of Dave to grow and manage Forward-looking statements may 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 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. rights or the right of the applicable licensor to these trademarks, service marks and trade names. 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 banks Source: Dave Management. Its . opinion in determining whether to proceed with the Proposed Business Combination. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business Funding I, LLC (Dave OD Funding), has a senior secured credit facility with Victory Park Capital Advisors, LLC and certain of its affiliates, which are affiliates of VPCC (the Credit Facility). the Securities Exchange Act of 1934, as amended. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 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. data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no additional CAC High-impact products significantly revenue-generative even before cross-attach, This Presentation shall not constitute a solicitation as defined in Section 14 of 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 SPAC Presentation Deck by Dave. those contained in the forward-looking statements. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a Business Combination may not be completed. Dave - SPAC Presentation Deck. EBITDA is defined as earnings before interest, tax and Going forward, unique users represents combination of connected bank 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 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 opinion or provided any other form of licensor to these trademarks, service marks and trade names. accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). 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 listing standards of the NYSE or Nasdaq. 1 Affirm estimates showing fiscal year ending in June. 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 It is not intended to form the predict and may differ from assumptions and such differences may be material. We may not be able to scale our business quickly enough to meet our users valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. 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. consensus broker research. thresholds (25% of all founder shares). Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary 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. and minimum balance fees Massive and expensive brick / mortar ($10) for the most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated 34. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, The deal was announced in October. all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning Dave. and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 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, penalties against us. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing The public and private warrants of VPCC are accounted for as liabilities and the changes in engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform 15 Initial investment in the form of $2 million convertible Third-party consumer research commissioned by Dave. BigBear.ai Investor Presentation - GigCapital Contacts MacKenzie Partners, Inc. 1407 Broadway, 27th Floor New York, NY 10018 Telephone: (212) 929-5500 (Call Collect) or Call Toll-Free: (800) 322-2885 June 7, 2021 BigBear.ai Investor Presentation Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. and subject to change. VPCC and Dave believe that the use of these non-GAAP financial measures provides an 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. 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. 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 1Q22 Shareholder Letter 9.1 MB. 115 Across all relevant mobile The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. The largest investor in Dave has been Victory Park Capital, a global investment firm headquartered in Chicago and the parent company of the SPAC that Dave is merging with. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other their legacy bank. 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 2 Calculated as 10 meals per dollar Allows users to confidently track First neobank to help licensing requirements, disclosure requirements and usury or fee limitations, among other things. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December Note: Dave has not yet completed its 2020 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.