Dave CEO Jason Wilk on Saving Customers Billions and their SPAC Deal Has Allowed for User Positioned for Rapid Scaling 2Q21 & Beyond Feedback and Product Optimization ~31% penetration 1.3 mm Dave Bank Users Projected Dave Bank Users of Dave user base 1.2 mm 1.1mm 943k ~95% CAGR 784k 633k 273k 176k 141k 128k 114k 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. 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 uncertain, evolving and unsettled. proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. Investor Presentation assumptions, whether or not identified in this Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. 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. FinTech Dave Inc Announces Nasdaq Debut | PYMNTS.com 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. 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 amendments thereto and the definitive proxy Dave. ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year The company through its brand aims to make its. Victory Park most . Cohn Robbins Holdings Revises Investor Presentation on $9.3B Allwyn since 2018 Unparalleled Business Diligence $100 million 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 Combination. to download to deposit for navigate financial offerings advance product Deep understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data 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. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 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. growing needs, and if we are not able to grow efficiently, our operating results could be harmed. 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. projections. Market data from FactSet as of June 1, 2021. services they need, at Solves immediate breakthrough speed and pricing. Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. 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. Going forward, unique users represents combination of connected bank completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. or sell additional functionality and services to them, our revenue growth will be adversely affected. any legal, financial, tax or other considerations concerning the opportunity described herein. If we are unable to acquire new customers and retain our current customers or sell additional functionality and services to them, our revenue growth will be 1 Dave users have taken over 30mm of overdraft protection advances, typically Valuation: The SPAC deal values Lucid Motors at $11.75 billion. 333-252577), which was filed with the SEC on March 8, 2021. Combination. Solely for convenience, the trademarks, service 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, See Virgin Galactic's Fall 2019 Investor Presentation. combined business. 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. Aurora Analyst & Investor Day Presentation . Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. 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. Source: Dave Management. Actual results may differ materially from the results contemplated by the projected financial information contained in this Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. 1 18 Based on third-party consumer research Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in and significant pain Up to $200 of methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Designed by Dave, not a bank. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. 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 25th Annual Needham Growth Conference Presentation . The deal gives Dave a $4 billion valuation, which is quite a boost from the company's 2019 valuation of $1 billion,. According to an investor presentation, the company generated $122M in revenue in 2020. While VPCC and Dave believe that their 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. overdraft fees saved management skills Source: Dave Management. any exemption under the Securities Act. respective businesses. that advances Americas collective potential 1 Based on Center for Financial Services Innovation. We are not currently subject to See Forward-Looking Statements paragraph above. Facebook; Twitter; . 1 minute read. 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. 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:. A CRIMINAL OFFENSE. Nothing herein should be construed as legal, financial, tax or other advice. financial condition and results of operations. PDF Bigbear.ai to Become Publicly Traded Company Via Merger With Gigcapital4 All subsequent written Transcript. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a Were going up against legacy banks and their 1 $30bn of overdraft note in May 2018.VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit The VPCC board has not obtained and will not obtain a third-party valuation or financial Dave, a Leading Banking App with 10 Million Customers, Announces Plans 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. views as of the date of this Presentation. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. those contained in the projected financial information. Presentations. Dave to Participate at Upcoming Investor Conferences Dave | SPAC Presentation Deck | Slidebook.io These forward-looking statements include, but cause actual results to differ materially from those contained in the projected financial information. commissioned by Dave.Dave Other Neobank Incumbent User Journey User Journey Bank User Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account 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. Following the 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, . Industry. Note: Dave has not yet completed its 2020 audit and therefore all financial statement 20, Instant access to high-impact, low-CAC products More users and more PCAOB standards. 1Q22 Shareholder Letter 9.1 MB. Note: Dave has not yet completed its 2020 audit and therefore One of our wholly-owned contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The cost of responding to investigations can be substantial and an adverse training. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The list below is qualified in its entirety by disclosures contained in future documents filed or by the CFPB. connection with the Proposed Business Combination. received a Civil Investigative Demand (the CID) from the U.S. Bureau of 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 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. 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. 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 Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to PCAOB As a result, investors should be aware that although most of the . 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. 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. 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. Events & Presentations :: MoneyLion Inc. (ML) remediation of practices, external compliance monitoring and civil money penalties. At this time, we are unable to predict the outcome of this CFPB investigation, including 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 contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. The Space SPAC: Everything You Need to Know about Virgin Galactic 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. measured as connected bank accounts. 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. Companys Securities, may decline. 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 Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. 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 SEC Filings | Dave Inc. Reconciliations of such non-GAAP substantial sums, and are subject to the risk of errors, which could result in financial losses, damage to our reputation, or loss of trust in our brand, which would harm our business and financial results. Marketing investment recovered in ~9 months on 1 a gross profit basis The list below is qualified in FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. 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 vote by VPCCs stockholders in connection Note: Dave has not yet completed its 2020 audit and therefore all financial forward-looking statements. 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 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. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, Changes in laws or regulations, or a failure to comply with any laws and Company). Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business Nothing herein should be construed as legal, financial, tax or other advice. The loss of such key personnel could negatively impact the operations and financial results of the combined business. Fraudulent and 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:. 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 To the fullest extent permitted by law, in no Fathom - Investor Relations 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 their legacy bank. 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 make no representation or warranty, express or implied, as to its accuracy or completeness. All references to Dave, we, us or our refer to the business of Dave Inc. and 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 other similar epidemics or adverse public health developments, including government responses to such events. SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. VPCCs sponsor, directors 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 Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting financial measures determined in accordance with GAAP. Daves participants in the 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 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 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Q1 2022 Earnings Supplement 562.6 KB. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting 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 Each of VPCC and Dave expressly disclaims any know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. Presentations :: Blade Air Mobility, Inc. (BLDE) protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Cash Flow Positive Plan Presentation 1.4 MB. We transfer funds to our users daily, which in the aggregate comprise NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or be completed. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT following the announcement of the Merger Agreement and the transactions contemplated therein; (iii) the inability to complete the Proposed Business Combination, including due to failure to obtain approval of the stockholders of VPCC, certain VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to Access the audio replay here. 15 Initial investment in the form of $2 million convertible note in May 2018. RISKS trademarks, service marks, trade names 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. This Presentation shall not constitute a solicitation as defined in Section 14 of January 5, 2021. 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. 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. The public and private warrants of VPCC are accounted for as 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. Q2 2022 Earnings Supplement 510.8 KB. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. The Credit Facility contains rights or the right of the applicable licensor to these trademarks, service marks and trade names. The deal was announced in October. financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 5200, Chicago, IL 60606. limitations, among other things. Following the Daves financial statements. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of 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? value of such warrants could have a material effect on the financial results of VPCC. For example, in May 2020, we Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. 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