We may never achieve or sustain 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. Investor Relations. Our rapid growth also makes Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . The Space SPAC: Everything You Need to Know about Virgin Galactic 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). We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. product. 333-252577), which was filed with the SEC on March 8, 2021. Dave Users have recorded in aggregate $300-400mm / 16 adversely affected. 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. The risks described below are not the only ones we face. platforms. 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 1 Dave users have taken over 30mm of overdraft Each of VPCC and Dave expressly disclaims any Proposed Business 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. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of Q3 2022 Earnings Supplement 958.9 KB. This Presentation shall not 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. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. You should review the investors presentation and perform your own due diligence prior to making an investment in differences may be material. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our business. their investment for an indefinite period of time. This 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 Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 45% 56% 62% 57% 59% 62% Service In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and value of such warrants could have a material effect on the financial results of VPCC. independent sources described above. information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. our financial position and results of operations. January 5, 2021. remediation of practices, external compliance monitoring and civil money penalties. Owlet's $1.1 Billion SPAC Deal: Analysis, Investor Presentation Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our 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 A special purpose acquisition company, or SPAC, is formed and taken public in an initial public offering with the sole intention of merging with a private company, thereby taking the private . 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 Proposed Business 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:. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. 03/22. limitations, among other things. also read VPCCs final prospectus dated March 4, 2021 (SEC File No. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. 06/21. services they need, at Solves immediate breakthrough speed and pricing. Mark Cuban-Backed Personal Finance App Dave to Go Public in $4 - WSJ The VPCC board has not obtained and will not obtain a third-party If any of our agreements with our processing providers are terminated, we could experience service interruptions. Dave App to Go Public Through SPAC, Not IPO - Market Realist The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. 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. Business Combination. Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. If we are unable to acquire new customers and retain our current customers 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. On your "Market Opportunity" slide you want to: Set forth . financial information and data contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). 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 cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business financial measures to the most comparable GAAP amounts can be found below. 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 commitment and belief in business Net Cash on VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, Aspiration Investor Relations 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). with respect to a potential business combination between Dave Inc. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business 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. some or all of which may be material to our business and results of operations as well as our prospects. Changes in laws or regulations, or a failure to banks Source: Dave Management. 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 62 slides. 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. statements above. Ex-99.2 - Sec Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, 25. Failure by us, or any of our business partners, to comply with applicable laws and regulations could have a material adverse effect on our business, financial position and results of operations. the use of our platform and other products and services could decline. Some data is also based on the good faith estimates of Dave and VPCC, which are derived from their respective reviews of internal sources as well as the It is our mission to enable anyone anywhere to participate and succeed in the global . connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. Combination. SoFi Technologies, Inc. (SOFI) - Events & Presentations VPCCs Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Market data from FactSet as of June 1, 2021. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE RISKS RELATED TO THE PRIVATE PLACEMENT There can be no You should consult your own advisers concerning any legal, financial, tax or other considerations concerning Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. 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 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 Q3 2022 Earnings Presentation. Allscreen Supported by World-Class Investors 23Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci Shares opened at $8.27 apiece under. that advances Americas collective potential 1 Based on Center for Financial Services Innovation. other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business by resulting in litigation, fines, penalties, or VPCC and Dave believe that these non-GAAP financial measures provide useful Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / 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 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. 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 Dave | SPAC Presentation Deck | Slidebook.io 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) 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 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. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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 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. Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Dave uses software and data to offer everyday Americans the financial 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. 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 Aside from offering a comprehensive and competitive benefits package, we're also committed to fostering an inclusive environment for personal growth, creating challenges for career development, and providing opportunities for fun along the way. its consolidated subsidiaries. In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . 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 financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 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 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. Presentations | Dave Inc. and subject to change. 1Q22 Shareholder Letter 9.1 MB. 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests Solving Legacy Pain Points Building a Better Bank No Overdraft or Acquisition Company ("SPAC") GigCapital4's IPO was completed in February 2021 Led by a proven management team of experienced entrepreneurs and executives Deep public company management and board experience Extensive global network of TMT business professionals and investors Proven experience with M&A, strategy and technology 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 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 Dave, Inc. has guaranteed The company through its brand aims to make its. We may not be able to scale our business quickly enough to meet our users Sign Up. SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. 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 To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state Any offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered whether the investigation will result in any action, proceeding, fines or penalties against us. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing could suffer. dave-to-go-public-in-4-billion-spac . 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. Economic, political and other conditions may adversely affect trends in consumer spending. Solely for convenience, the trademarks, service marks and trade names referred to in Forma Cash 1 87% Existing Dave Shareholders $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC listing standards of the NYSE or Nasdaq. You should consult your own advisers concerning Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 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 VPCCs sponsor, directors are not the only ones we face. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. 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.
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