Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. RISKS RELATED TO THE commissioned by Dave.Dave Other Neobank Incumbent User Journey User Journey Bank User 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 Designed by Dave, not a bank. Accordingly, the Securities must continue to be held unless a subsequent 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 securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and PDF Momentus Investor Presentation - Powering In-Space Transportation upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. Some of the financial information and data One of our wholly-owned subsidiaries, Dave OD This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. Investors want to invest in big opportunities with large addressable markets. 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 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. Some of the EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x immaterial that could also cause actual results to differ from those contained in the forward-looking statements. under the Securities Act. 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 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 Dave App to Go Public Through SPAC, Not IPO - Market Realist 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, before interest, tax and depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. 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 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. 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. Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. 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. 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 Presentations :: Blade Air Mobility, Inc. (BLDE) 20, Instant access to high-impact, low-CAC products More users and more Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. prohibit its current operations. in VPCCs final prospectus dated March 4, 2021 (SEC File No. & 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 prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up 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 VPC Impact Drops on Dave Deal, More SPAC Votes Ahead FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. any exemption under the Securities Act. 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 penalties against us. 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 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 Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC If any of these risks materialize or VPCCs or Daves assumptions Management does not consider these non-GAAP measures in Revenue Transaction Revenue ExtraCash: Dave Bank: We generate 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 Daves financial statements. 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 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. 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 Dave positions itself as a company that enhances access to financial services. 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 be adversely affected by other economic, business, completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. 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 Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. avoiding ~$35 overdraft fee from their legacy bank. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. Charity 2 1 Donated Avoided Jobs Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. PDF 'LVFODLPHU - Cantor Fitzgerald Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. A PIPE of $210 million was led by Tiger. If any of our agreements with our processing providers are terminated, we could experience service interruptions. of VPCCs stockholders in connection with the Proposed Business Combination. One of our wholly-owned SPAC. Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates 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 Presentations | Dave Inc. The "Market Opportunity" Slide of the Pitch Deck. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may A CRIMINAL OFFENSE. We depend upon several third-party service providers for processing our transactions. The ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain key personnel be adversely affected by other economic, business, and/or competitive factors (xii) and those factors discussed in VPCCs final prospectus filed with the SEC on March 8, 2021 under the heading Risk Factors and VPCCs While VPCC and Dave believe that their 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, NO OFFER OR SOLICITATION This Transforming stability into long-term progress by achieving major financial milestones. employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. 333-252577), which was filed with the SEC on March 8, 2021. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. 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 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. also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Combination. Proposed Business Combination. 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. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or Investor Tools. 115 Across all relevant mobile consensus broker research. 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. overdraft fees saved management skills Source: Dave Management. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. presentation and perform your own due diligence prior to making an investment in Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Marketing investment recovered in ~9 months on 1 a gross profit basis 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 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. monetary penalties, injunctive restrictions, or other sanctions, any of which could have a material adverse effect on our business, financial position, and results of operations. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended Dave Dave; SPAC Presentation Deck (June 2021) . The loss of such key personnel could negatively impact the operations and financial results of the combined business. views as of the date of this Presentation. the use of our platform and other products and services could decline. VPCCs stockholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. VPCC and Dave believe that the use of these non-GAAP financial measures provides an This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and should not be assumed to be, complete or to constitute all the 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. 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: Third-party consumer research commissioned by Dave. user feedback. 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 The risks described below PDF Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace If our present or any future key banking relationships are terminated and we are 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 which any statement is based, except as required by law. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics limitations, among other things. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. These statements are based on various assumptions, whether or not identified in this Login. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. 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 Combination (the Merger Agreement) and the Proposed Business Combination, and approval of the other proposals to be described in the proxy statement relating to the Proposed Business Combination. See Virgin Galactic's Fall 2019 Investor Presentation. Such persons can We aim to transform weight management through our proprietary biomimetic technology. The list below is qualified in situations or financial needs. 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. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Dave, Nov 9, 2022. the results implied by these forward-looking statements. forward-looking statements. 2021 Annual Shareholder Letter 12 MB. The use or display of third parties platforms. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. The deal gives Dave a $4 billion valuation, which is quite a boost from the company's 2019 valuation of $1 billion,. 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 Source: Dave Management. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. 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 19Phased Launch To Date Source: Dave Management projections. Side Hustle; FOLLOW US. 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. 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 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 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. 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 investment decision in respect of the Business Combination. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Additionally, all information in Daves Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs 254 PIPE 210 2 PIPE Investment Existing Net Cash on Balance Sheet 35 Proposed $210mm PIPE investment in Dave in connection with the Total Sources $3,999 business combination Uses Tiger Global leading PIPE investment, with Management does not consider these non-GAAP measures in isolation or as an alternative to of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. growth rate. furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed transactions between Dave and VPCC. As a result, investors should be aware that although most of the . Dave - SPAC Presentation Deck. Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E VPCC and Dave urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus included in the Form S-4 and, when available, the What Are SPACs and Should I Care? | Morningstar 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. 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 Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger the opportunity described herein. If we are unable to acquire new customers and retain our current customers or sell additional functionality and services to them, our revenue growth will be of applicable law has occurred can order, among other things, rescission or reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. How To Create A Great Investor Pitch Deck For Startups Seeking - Forbes into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit The ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. 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 NEW YORK-- ( BUSINESS WIRE )--Better HoldCo, Inc. (" Better " or the " Company "), one of the fastest-growing digital homeownership platforms in the U.S., and Aurora Acquisition Corp. (NASDAQ:. 1 Unique users historically daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by Mark Cuban-backed Dave begins trading on Nasdaq after completing SPAC could suffer. profitability. 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 Here are some key takeaways for investors to consider for Lucid Motors. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests We are subject to governmental regulation and Cash Flow Positive Plan Presentation 1.4 MB. the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. and significant pain Up to $200 of 333-252577), which was filed with the SEC on March 8, 2021. At this time, we are unable to predict the outcome of this CFPB investigation, including We may not be able to scale our business quickly enough to meet our users Financial Officer Senior Partner & Co-Founder Executive Officer Joined Dave in 2017 Co-founded VPC in 2007 Founded Dave in 2017 Heads Finance & Operations Serial Entrepreneur 4Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. 02/28/2023 11:00 AM ET. 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 DAVE Stock Alert: 10 Things to Know as Dave Starts - InvestorPlace 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). Some data is also based on the good faith estimates of Dave and VPCC, which are derived 25Service 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 expressly qualified in their entirety by the cautionary Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of In addition, this View All Posts 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. dated March 4, 2021 (SEC File No. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / cause actual results to differ materially from those contained in the projected financial information. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Jobs at Dave - Fintech Careers - Current Openings 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. Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability isolation or as an alternative to financial measures determined in accordance with GAAP. 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 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. Dave - SPAC Presentation Deck. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may not be able to continue to operate our business as it is currently operated. 62 slides. We are cooperating with the CFPB, including producing documents and providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. Many actual events and circumstances are beyond the control of Dave and VPCC.