rights or the right of the applicable licensor to these trademarks, service marks and trade names. At this time, we are unable to predict the outcome of this CFPB investigation, including All subsequent written 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. In addition, this Presentation does not purport to be all inclusive or to contain Neither Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. results of operations. Dave - SPAC Presentation Deck. We may never achieve or sustain profitability. The consummation of the Proposed Login. 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. 254 PIPE 210 2 PIPE Investment Existing Net Cash on Balance Sheet 35 Proposed $210mm PIPE investment in Dave in connection with the Total Sources $3,999 business combination Uses Tiger Global leading PIPE investment, with Presentations | Sonder Holdings Inc. and significant pain Up to $200 of ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 The transfer of KBW Fintech Payments Conference. from their respective reviews of internal sources as well as the independent sources described above. If the Proposed Business 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 prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. 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 115 Across all relevant mobile platforms.Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed Business Combination may not statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, Aspiration Investor Relations 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). Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % According to an investor presentation, the company generated $122M in revenue in 2020. All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. It is our mission to enable anyone anywhere to participate and succeed in the global . Note: Dave has not yet completed its 2020 audit and therefore Neither About; Careers; Help; Investors; Giving Back; FEATURES. 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. differences may be material. Events & Presentations :: MoneyLion Inc. (ML) 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 contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). 2022E 2023E Total Revenue $17 $76 $122 $193 $377 $533 % Growth -- 340% 60% 59% 95% 41% 1 Gross Profit $8 $43 $75 $111 $223 $329 % Margin 45% 56% 62% 57% 59% 62% Operating Expenses (ex. 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. 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 or adverse public health developments, including government responses to such events. users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial notifications sent Highlights focus on community- to users to prevent overspending based If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may 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 These forward-looking statements are subject to a number of risks and uncertainties, undertakes certain compliance obligations. Dave, founded in 2016, raised about $61 million before its SPAC deal from investors such as venture-capital firm Norwest Venture Partners. Company). 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 PDF AeroFarms home The Vertical Farming, Elevated Flavor company 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 and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. 'lvfodlphu 'lvfodlphuv dqg 2wkhu ,psruwdqw ,qirupdwlrq 7klv suhvhqwdwlrq wklv 3uhvhqwdwlrq lv surylghg iru lqirupdwlrqdo sxusrvhv rqo\ dqg kdv ehhq suhsduhg wr dvvlvw lqwhuhvwhg sduwlhv lq pdnlqj wkhlu rzq hydoxdwlrq zlwk uhvshfw wr d srwhqwldo exvlqhvv frpelqdwlrq ehwzhhq &) information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. Side Hustle; FOLLOW US. Dave Users have recorded in aggregate $300-400mm / 16 As defined by the US Securities and Exchange Commission, a SPAC is a company with no operations that offers securities for cash and places substantially all the offering proceeds into a trust or escrow account for future use in the acquisition of one or more private operating companies. 7. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 45% 56% 62% 57% 59% 62% Service Market data from FactSet as of June 1, 2021. $137 $216 % 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. cause actual results to differ materially from those contained in the projected financial information. year in fees from their legacy banks in 2019 2020.Dave uses software and data to offer everyday Americans the financial services they need, at Solves immediate breakthrough speed and pricing. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could 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 Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. 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. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. obtain or maintain the listing of the combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and 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 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. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. make no representation or warranty, express or implied, as to its accuracy or completeness. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Some of the A data security breach could expose us to liability and protracted and 1 18 Based on third-party consumer research commissioned by Dave. should make such other investigations as they deem necessary. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or Dave uses software and data to offer everyday Americans the financial The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Daves financial statements. Many actual events and circumstances are beyond the control of Dave and VPCC. 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 Q1 2022 Earnings Supplement 562.6 KB. 2020 is unaudited, preliminary and subject to change. Our fraud detection and Dave, Inc. has guaranteed all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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 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 01/30/2023 08:00 AM ET. The risks presented in such filings those contained in the forward-looking statements. What eToro's investor presentation and $10B valuation - TechCrunch 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 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 all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . Reconciliations of such non-GAAP 1 Dave users have taken over 30mm of overdraft Source: Dave Management projections. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. The company has attracted institutional investors. the results implied by these forward-looking statements. Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. 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 involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT 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% 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Management does not consider these non-GAAP measures in investors regarding certain financial and business trends relating to Daves financial condition and results of operations. growth rate. Solely for convenience, the trademarks, service combined business. Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs penalties against us. Presentation Decks by Dave (3) Investor Day. 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. 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 ANY REPRESENTATION TO THE CONTRARY IS which any statement is based, except as required by law. efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. expressly qualified in their entirety by the cautionary statements above. 01/30/2023. Presentations | Dave Inc. 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 0.45x 0.19x Source: Dave Management, See Forward-Looking Statements paragraph above. 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 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. 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. 1 Gross profit is net of COGS which includes processor fees, bad The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. banks Source: Dave Management. 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 Investor Presentation. of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of uncertain, evolving and unsettled. and liabilities to Dave or inhibit sales of our products. The list below is qualified in 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 For example, in May 2020, we 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. 31, 2020 is unaudited, preliminary and subject to change. 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 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, Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 If we cannot address any of the following risks and uncertainties effectively, or any other risks Dave SPAC Presentation Deck | Slidebook.io 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. comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. 333-252577), which was filed with the SEC on March 8, 2021. Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, 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. 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. Management does not consider these non-GAAP measures in isolation or as an alternative to The risks described below are not the only ones we face. SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. VPCC and Dave believe that the use of these non-GAAP financial measures provides an qualification under the securities laws of any such jurisdiction. The company through its brand aims to make its. The assumptions and estimates underlying such projected Dave to go public via merger with SPAC at $4B valuation The Financial transactions. USE OF PROJECTIONS This Presentation contains projected financial information. 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 transactions between Dave and VPCC. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. Allows users to confidently track First neobank to help Charity 2 1 Donated Avoided Jobs Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management.