dave spac investor presentation

The VPCC board has not obtained and will not obtain a third-party valuation or financial These statements are based on various assumptions, whether or not identified in this In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. statements above. 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 notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards. Accordingly, the Securities must continue to be held unless a subsequent ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. The financial services industry continues to be targeted by 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests Dave Other Neobank Incumbent User Journey User Journey Bank User 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 in VPCCs final prospectus dated March 4, 2021 (SEC File No. Combined Company). Dave, Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 If any of our agreements with our processing providers are terminated, we could experience service interruptions. Forward-looking statements may 31, 2020 is unaudited, preliminary and subject to change. 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. 1 Dave users have taken over 30mm of overdraft The deal was announced in October. Additionally, all information in Daves 5200, Chicago, IL 60606. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private those contained in the projected financial information. consummation of the Proposed Business Combination, the Combined Company will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of also read VPCCs final prospectus dated March 4, 2021 (SEC File No. situations or financial needs. growth rate. 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 Aurora Investor Presentation - February 2023 . 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. KBW Fintech Payments Conference. Actual results may differ materially from the results contemplated by the projected You should consult your own advisers concerning isolation or as an alternative to financial measures determined in accordance with GAAP. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. 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 2021 Annual Shareholder Letter 12 MB. depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. 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 We transfer funds to our users daily, which in the aggregate comprise (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. financial condition and results of operations. express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. Proposed Business Combination. 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. 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 These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Combination. The Nov 9, 2022. About; Careers; Help; Investors; Giving Back; FEATURES. 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 It is our mission to enable anyone anywhere to participate and succeed in the global . COMPANY. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. Structure Implied Sources & Uses ($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 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% Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations Allscreen Supported by World-Class Investors 23, Service Revenue Transaction Revenue ExtraCash: Dave Bank: We generate information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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. 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. 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 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. 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. It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 34 slides. 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 We depend upon several third-party service providers for processing our 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. 7. 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. Fraudulent and March 31, 2021 filed with the SEC on May 25, 2021 under the heading Risk Factors and other documents of VPCC filed, or to be filed, with the SEC, including those risk factors included in the proxy statement/prospectus contained in the The company through its brand aims to make its. We Investor FAQ; Email Alerts; Contact IR; Presentations Presentations Q4 2022 Earnings Supplement 491.8 KB. the results implied by these forward-looking statements. Investor Tools. user feedback. operations. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. immaterial that could also cause actual results to differ from those contained in the forward-looking statements. 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, 0.28 -0.00 ( -1.62% ) Vol: 76,441. subsidiaries, Dave OD 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). 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. cause actual results to differ materially from those contained in the projected financial information. 20, Instant access to high-impact, low-CAC products More users and more Investors want to invest in big opportunities with large addressable markets. If our present or any future key banking relationships are terminated and we are basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 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, Dave and VPCC have not independently verified the information and 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 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 and liabilities to Dave or inhibit sales of our products. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed 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 Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. We may not be able to scale our business quickly enough to meet our users These forward-looking statements are subject to a number of risks and uncertainties, or adverse public health developments, including government responses to such events. 1 Dave users have taken over 30mm of overdraft value of such warrants could have a material effect on the financial results of VPCC. EBITDA is defined as earnings before interest, tax and 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. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a 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 some or all of which may be material to our business and results of 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 25th Annual Needham Growth Conference Presentation . Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. Following the Balance Sheet 389 Estimated Transaction Fees 50 Valuation Total Uses $3,999 Pro forma implied Enterprise Value of $3.6bn, which equates to 9.4x 2022E revenue of $377mm 4 Pro Forma Ownership Pro Forma Cash 1 87% Existing Dave Shareholders product. 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. 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 Market data from FactSet as of June 1, 2021. regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise Webcast. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from 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 penalties against us. Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. costly litigation, and could adversely affect our reputation and operating revenues. 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 View All Posts FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. avoiding ~$35 overdraft fee from their legacy bank. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm 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. Facebook; Twitter; . 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 The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or Business Combination. While VPCC and Dave believe that their 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- Aurora Analyst & Investor Day Presentation . Market data from FactSet as of June 1, 2021. 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 not be able to continue to operate our business as it is currently operated. $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% 45% 56% 62% 57% 59% 62% Service 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 contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). Designed by Dave, not a bank. 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. 1 18 Based on third-party consumer research One of our wholly-owned Many actual events and circumstances are beyond the control of Dave and VPCC. June 2021 (34 slides) 1 of . 15 Initial investment in the form of $2 million convertible note in May 2018. remediation of practices, external compliance monitoring and civil money penalties. should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. Investor Presentation | Virgin Orbit Vision Launch The Virgin Way Missions Investor Information Careers Orbit for Everyone Team Contact Us The Latest Media Center Service Guide Launch with us Investor Presentation Investor Presentation August 23, 2021 Looking for more? RISKS RELATED TO THE PRIVATE PLACEMENT There can be no Transaction Structure Implied Sources & Uses ($mm) Dave to Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. Figures in $mm 2018A 2019A 2020P EBITDA ($2) $6 $8 (-) Stock-Based LOS ANGELES and CHICAGO - June 7, 2021 - Dave, the banking app on a mission to create financial opportunity that advances America's collective potential, and VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) ("VPCC"), a special purpose acquisition company sponsored by Victory Park Capital ("VPC"), today announced that they have entered into We obtained this information and statistics from third-party As a result, approximately 20.0% of VPCCs voting securities outstanding, representing Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. 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 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 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 Actual results may differ materially from the results contemplated by the projected financial information contained in this These forward-looking statements include, but Source: Dave Management. accounts and Dave bank accounts.1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 61% $29 5.6 3.7 2.8 1.1 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020A 2021E 2022E 2023E Efficient user acquisition and Modest ARPU 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 Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. 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 the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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. 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 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. 1 Unique users historically measured as connected bank accounts. 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). involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. 15 Initial investment in the form of $2 million convertible opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. 24 slides. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. 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 The list below is qualified in its entirety by disclosures contained in future documents filed or PARTICIPANTS IN THE Katapult Transaction. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such 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. 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 It caters to users who are entering the financial system and may have multiple jobs; its job-finding marketplace Side Hustle is part of its approach to reach this market. 25. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our platform and our business 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and In addition, this Presentation does not purport to be all inclusive or to contain from and be more extensive than those presented below. We depend upon several third-party service providers for processing our transactions. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . Investors should carefully consider the Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. their legacy bank. its consolidated subsidiaries. The risks presented in such filings This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. 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. direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of overdraft fees saved management skills Source: Dave Management. this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their rights or the right of the applicable Transforming stability into long-term progress by achieving major financial milestones. RISKS The VPCC board has not obtained and will not obtain a third-party completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 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

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