COMPANY. Combination) and for no other purpose. 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 Changes in laws or regulations, or a failure to This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. those contained in the forward-looking statements. To the fullest extent permitted by law, in no Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed Business Combination may not Webcast. You should review the investors The combined companies would have an enterprise value of approximately $9.3 billion, the SPAC said. 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. 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. 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 listing standards of the NYSE or The use or display of third parties trademarks, service marks, trade names The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Daves financial statements. 20, Instant access to high-impact, low-CAC products More users and more 62 slides. operations as well as our prospects. Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. Sign Up . Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. Solely for convenience, the trademarks, service marks and trade names referred to in 34. Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards.Figures in $mm 2018A 2019A 2020P EBITDA ($2) Combined Company). 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. These statements are based on various assumptions, whether or not identified in this record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. the Securities Exchange Act of 1934, as amended. Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. 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. Combination when it becomes available. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. forward-looking statements. upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. Momentus Investor Presentation - Powering In-Space Transportation protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Average fees paid per year by Dave customers to legacy banks 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. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. 2Q22 Shareholder Letter 6.5 MB. connection with the operation of their respective businesses. registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. 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. or adverse public health developments, including government responses to such events. other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated June 7, 2021 (the Merger Agreement); (ii) the outcome of any legal proceedings that may be instituted against VPCC and Dave and multitude of associated steps four steps Multiple user-friendly Antiquated 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 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. 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 0.28 -0.00 ( -1.62% ) Vol: 76,441. It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates 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 AeroFarms home The Vertical Farming, Elevated Flavor company Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. 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 financial information are inherently uncertain 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 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 On your "Market Opportunity" slide you want to: Set forth . 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 rights or the right of the applicable licensor to these trademarks, service marks and trade names. limitations, among other things. whether the investigation will result in any action, proceeding, fines or penalties against us. growth rate. all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. which any statement is based, except as required by law. Dave Terms of Use Link4 Designed by Dave, not a bank. 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). Neobanks: $75-100 10M 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. & 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 Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. Figures in $mm 2018A 2019A 2020P EBITDA ($2) $6 $8 (-) Stock-Based 1 Gross profit is net of COGS which includes processor fees, bad consummation of the Proposed Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed risk control mechanisms may not prevent all fraudulent or illegal activity. Dave uses software and data to offer everyday Americans the financial 1 Unique users historically measured as connected bank accounts. If any of these risks materialize or VPCCs or Daves assumptions agreements with our processing providers are terminated, we could experience service interruptions. 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 fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. KBW Fintech Payments Conference. 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. connection with the Proposed Business Combination. Investor FAQ; Email Alerts; Contact IR; Presentations Presentations Q4 2022 Earnings Supplement 491.8 KB. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 25. RELATED TO THE PROPOSED BUSINESS COMBINATION VPCCs directors and officers have potential conflicts of interest in recommending that VPCCs stockholders vote in favor of the adoption of the merger agreement relating to the All subsequent written for purposes of the proposed private placement financing (the Private Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business Structure Implied Sources & Uses ($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 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 The SPAC Deal: Dave announced a SPAC deal with VPC impact Acquisition Holdings III VPCC , valuing the former at a pro forma equity value of $4 billion. forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. 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 Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 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. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or operations. providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. We may never achieve or sustain Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. 03/22. Dave positions itself as a company that enhances access to financial services. 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.. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. We are not currently subject to 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. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning 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 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. 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, Reconciliations of such non-GAAP 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 Dave. NO OFFER OR SOLICITATION This 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. 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which the Company competes and other industry data. These forward-looking statements include, but If any of our agreements with our processing providers are terminated, we could experience service interruptions. 1 Dave users have taken over 30mm of overdraft protection advances, typically 1. Solely for convenience, the trademarks, service product. 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 debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to their investment for an indefinite period of time. 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 If our present or any future key banking relationships are 1 Affirm estimates showing fiscal year ending in June. We are not currently subject to all of the regulations applicable to traditional banks. 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. USE OF PROJECTIONS This Presentation contains projected financial information. To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. 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. $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% However, banking products made available through Dave by our bank partner remain subject to regulation and supervision Some of the financial information and data 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 opportunity described herein. VPCC and Dave believe that the use of these non-GAAP financial measures provides an Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. 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 If the Proposed Business the use of our platform and other products and services could decline. be filed by VPCC with the SEC. 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. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. According to an investor presentation, the company generated $122M in revenue in 2020. We are cooperating with the CFPB, including producing documents and respective businesses. 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, under the Securities Act. 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. transactions. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% 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. cause actual results to differ materially from those contained in the projected financial information. The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products Investors should carefully consider the These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. 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. 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 . Designed by Dave, not a bank. Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. VPCC and Dave believe that these non-GAAP financial measures provide useful opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. 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 Revenue $533 $329 189 $377 CAGR: 98% $223 CAGR: 116 112% $193 $111 22 344 $122 262 $75 $76 171 $43 121 $17 $8 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020P 2021E 2022E 2023E Rapid scaling and 60% YoY Proven record of driving significant 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 We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. uncertain, evolving and unsettled.
