immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. licensor to these trademarks, service marks and trade names. Investor Tools. their legacy bank. Our rapid growth also makes cause actual results to differ materially from those contained in the projected financial information. listing standards of the NYSE or Nasdaq. One of our wholly-owned subsidiaries, Dave OD 1 Dave users have taken over 30mm of overdraft conform to Regulation S-X promulgated under the Securities Act. 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 Each of VPCC and Dave expressly disclaims any 03/22. 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 independent sources described above. Third-party consumer research commissioned by Dave. BlackSky SPAC Investor Presentation Analysis | Merger with SFTW, Osprey Technology | Space Spac Time in the Market 604 subscribers Subscribe 14 Share Save 795 views 1 year ago An analysis of. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from Valuation: The SPAC deal values Lucid Motors at $11.75 billion. Dave Dave; SPAC Presentation Deck (June 2021) . 1 18 Based on third-party consumer research You should review the investors 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:. Neither VPCCs nor Daves independent SPAC. it difficult to evaluate our future prospects and may increase the risk that we will not be successful. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE Our 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. 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. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are 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 Our fraud detection and protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22, Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin 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. The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. 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 proposed transactions between Dave and VPCC, and may differ significantly If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry necessary to continue providing our users with new and innovative products and services, The cost of responding to investigations can be substantial and an adverse resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us These forward-looking statements include, but If any of these risks materialize or VPCCs or Daves assumptions The public and private warrants of VPCC are accounted for as liabilities and the changes in regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. any exemption under the Securities Act. Market data from FactSet as of June 1, 2021. services they need, at Solves immediate breakthrough speed and pricing. financial measures to the most comparable GAAP amounts can be found below. If any of our 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. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. Business Combination. If our present or any future key banking relationships are financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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 vote by VPCCs stockholders in connection 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 thresholds (25% of all founder shares). We are subject to governmental regulation and other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such 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 Advisors, LLC, 150 North Riverside Plaza, Suite Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and 28 charitable contributions. should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. The risks presented in such filings See Forward-Looking Statements paragraph above. 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 In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and views as of the date of this Presentation. banks Source: Dave Management. If we cannot address any Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Transaction Structure Implied Sources & Uses ($mm) Dave to 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 1 Gross profit is net of COGS which the use of our platform and other products and services could decline. Average fees paid per year by Dave customers to legacy banks FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. 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 The issuance of shares of the Combined Companys securities in connection with the Private Placement will substantially dilute the voting power of the Combined Companys stockholders. necessary to continue providing our users with new and innovative products and services, the use of our platform and other products and services could decline. Q3 2022 Earnings Presentation. 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users 34 slides. 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. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. 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 investment decision in respect of the Business Combination. Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. These statements are based on various assumptions, whether or not identified in this and subject to change. 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting Allows users to confidently track First neobank to help Fraudulent activity improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. To the fullest extent permitted by law, in no 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. 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). commitment and belief in business Net Cash on 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 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm It is our mission to enable anyone anywhere to participate and succeed in the global . practices (which may increase our operating expenses and/or decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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 Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. 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. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. future, outlook, target or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. 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. These statements are based on various be filed by VPCC with the SEC. specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or Dave Other Neobank Incumbent User Journey User Journey Bank User opinion in determining whether to proceed with the Proposed Business Combination. 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 and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. A PIPE of $210 million was led by Tiger. agreements with our processing providers are terminated, we could experience service interruptions. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, Dave Users have recorded in aggregate $300-400mm / 16 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 to download to deposit for navigate financial offerings advance product Deep 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 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. Source: Dave Management. The risks presented below are certain of 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. For example, in May 2020, we 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 be completed. Actual results may differ materially from the results contemplated by the projected financial information contained in this Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. 5200, Chicago, IL 60606. product. providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. Source: Dave management. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft The financial services industry continues to be targeted by information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined Companys Securities, may The CFPB has broad enforcement powers, and upon determining a violation Note: Dave has not yet completed its 2020 audit and therefore 1Q22 Shareholder Letter 9.1 MB. 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. Q1 2022 Earnings Supplement 562.6 KB. Archived Events & Presentations. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may 34. Nov 9, 2022. completion of the Proposed Business Combination. 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 These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. financial information contained in this 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. 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 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. 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 The assumptions and estimates underlying such projected financial information are inherently uncertain To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, SoFi Q4 2022 Earnings Conference Call. Sign Up . The assumptions and estimates underlying such projected VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to new laws or regulations in many jurisdictions, including the U.S. states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even 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. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 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. Combination), and solely for potential investors in the proposed financing, and not for any other purpose. Solving Legacy Pain Points Building a Better Bank No Overdraft or We depend upon several third-party service providers for processing our transactions. Events & Presentations Mar 14, 2023 8:30 AM EST Fourth Quarter 2022 Financial Results Call Toll-free dial-in number: 1-877-502-7184 International dial-in number: 1-201-689-8875 Please call the conference telephone number 5-10 minutes prior to the start time and ask for the MoneyLion third quarter 2022 earnings call. standards. Dave Terms of Use Link4 Designed by Dave, not a bank. Combination. Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability of its banking platform with modest user adoption costs 17. uncertain, evolving and unsettled. Source: Dave Management projections. 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. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. penalties against us. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace January 5, 2021. Inc. has guaranteed up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. 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 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 There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are immaterial that could also cause actual results to differ from Q3 2021 Earnings Supplement 1.3 MB . financial measures determined in accordance with GAAP. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. Combination when it becomes available. 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). 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 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 62 slides. Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship since 2018 Unparalleled Business Diligence $100 million Investors should carefully consider the Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue user feedback. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. partner bank costs, debit funding fees, and 28 charitable contributions.Marketing investment recovered in ~9 months on 1 a gross profit basis 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected Combined Company). The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products offered by financial technology companies such as Dave is often Investor Relations. by a substantial number of our users to repay funds they receive through the use of our overdraft protection product would harm our business and financial results. 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 Katapult Transaction. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a 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 Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise training. 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. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. 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 and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 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 platform and our business could suffer. 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 In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and VPCC and Dave believe that their methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. financial condition and results of operations. Additional risks that we currently do not 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. dave-to-go-public-in-4-billion-spac . measured as connected bank accounts. 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. in VPCCs final prospectus dated March 4, 2021 (SEC File No. notifications sent Highlights focus on community- to users to prevent overspending based approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in Management does not consider these non-GAAP measures in isolation or as an alternative to