transactions between Dave and VPCC. Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. make no representation or warranty, express or implied, as to its accuracy or completeness. Business Combination may not be completed. 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 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 from and be more extensive than those presented below. We obtain and process a large amount of sensitive data and any real or perceived VPCC and Dave believe that the use of these non-GAAP financial measures provides an 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 fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. Business Combination. information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. 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 Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Download pdf . results of operations. If you hold public warrants of 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. circumstances will VPCC, Dave or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or Q3 2021 Earnings Supplement 1.3 MB . Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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. obtain or maintain the listing of the combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and These forward-looking statements include, but 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 their legacy bank. 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 The risks presented in such filings 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 and subject to change. 24 slides. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. The use or display of third parties trademarks, service marks, trade names Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. platforms. Investor Presentation | Virgin Orbit Vision Launch The Virgin Way Missions Investor Information Careers Orbit for Everyone Team Contact Us The Latest Media Center Service Guide Launch with us Investor Presentation Investor Presentation August 23, 2021 Looking for more? Transaction Structure Implied Sources & Uses ($mm) Dave to If any of our agreements with our processing providers are terminated, we could experience service interruptions. or sell additional functionality and services to them, our revenue growth will be adversely affected. for purposes of the proposed private placement financing (the Private Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 January 5, 2021. Even if VPCC consummates the business combination, there can be no assurance that VPCCs public warrants will be in the money during their exercise period, and they may expire worthless. SPAC. Structure Implied Sources & Uses ($mm) Dave to merge with VPCC through a reverse-subsidiary merger Sources Dave to become a wholly-owned subsidiary of VPCC, which will be Existing Dave Shareholder Equity $3,500 renamed Dave and be financial measures to the most comparable GAAP amounts can be found below. Investor Relations. Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other If any of our Neither VPCCs nor Daves independent prohibit its current operations. Nov 9, 2022. Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. 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 field, today announced that the Company will participate in three upcoming investor conferences in March 2023:. 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 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. the use of our platform and other products and services could decline. combined business. These forward-looking statements are provided for illustrative Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% The cost of responding to investigations can be substantial and an adverse resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us 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 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 15 Initial investment in the form of $2 million convertible 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug 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 The VPCC board has not obtained and will not obtain a third-party A CRIMINAL OFFENSE. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 1 Gross profit is net of COGS which 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 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. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. Dec. 2020+ Source: Dave Management. In addition, this Presentation does not purport to be all inclusive or to contain 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. The interests of the sponsor. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. user feedback. While 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, 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. depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. 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, 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 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 connection with the Proposed Business Combination. Powered by a global private aviation marketplace connecting its growing base of approximately 13,000 members and customers to a network of more than 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. registration statement on Form S-4 is expected to be filed by VPCC with the SEC. We are not currently subject to audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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. Market data from FactSet as of June 1, 2021. It is not intended to form the are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. RISKS RELATED TO THE PRIVATE PLACEMENT 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 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 also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The cost of responding to investigations can be substantial and an adverse 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 notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. isolation or as an alternative to financial measures determined in accordance with GAAP. 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. The financial services industry continues to be targeted by standards. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers 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 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% 2022E 2023E Total Revenue $17 $76 $122 $193 $377 $533 % Growth -- 340% 60% 59% 95% 41% 1 Gross Profit $8 $43 $75 $111 $223 $329 % Margin 45% 56% 62% 57% 59% 62% Operating Expenses (ex. & 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 Any Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 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. 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. basis of any investment decision or any other decisions with respect to the Proposed Business Combination. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. Investors should carefully consider the risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. completion of the Proposed Business Combination. June 2021 (34 slides) 1 of . 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 See Forward-Looking Statements paragraph above. The combined companies would have an enterprise value of approximately $9.3 billion, the SPAC said. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, tech-powered service and inspiring, thoughtfully designed accommodations combined into one seamlessly managed experience. Third-party consumer research commissioned by Dave. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm 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 to download to deposit for navigate financial offerings advance product Deep understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data NO REPRESENTATION OR WARRANTY No representations or warranties, 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M We may never achieve or sustain These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. any exemption under the Securities Act. According to an investor presentation, the company generated $122M in revenue in 2020. 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 and subject to change. not be able to continue to operate our business as it is currently operated. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft 0.45x 0.19x Source: Dave Management, consensus broker research. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed partner bank costs, debit funding fees, and 28 charitable contributions.Marketing investment recovered in ~9 months on 1 a gross profit basis 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of Dave Terms of Use Link4 Designed by Dave, not a bank. involves a high degree of risk. Investor Relations. 11 Cant These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. Dave, its entirety by disclosures contained in future documents filed or furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed If the Proposed Business know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. 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 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and 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 independent sources described above. 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. Webcast. Our Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to PCAOB also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Cash Flow Positive Plan Presentation 1.4 MB. 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- 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.