dave spac investor presentation

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. Its . transactions between Dave and VPCC. 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 Access the audio replay here. These forward-looking statements are subject to a number of risks and uncertainties, 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 The risks described below Download pdf . could suffer. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE 1 Unique users historically Source: Dave management. 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 of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 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. We are a biotherapeutics company built for consumer engagement. Reconciliations of such non-GAAP Chief Financial Officer Senior Partner & Co-Founder Executive Officer Joined Dave in 2017 Co-founded VPC in 2007 Founded Dave in 2017 Heads Finance & Operations Serial Entrepreneur 4. Users can opt for free advances (1-3 days) or optional We also share in fees charged for out-of-network ATM express fees for faster delivery withdrawals Users also provide voluntary tips Additionally, we generate ancillary revenue from Insights, methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. 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 efforts of certain key personnel We depend upon several third-party service providers for processing our transactions. Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. 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) Actual results may differ materially from the results contemplated by the projected financial information contained in this Combination when it becomes available. 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. We depend upon several third-party service providers for processing our The company has attracted institutional investors. January 5, 2021. other illegal activity involving our products and services could lead to reputational damage to us, reduce the use of our platform and services and may adversely affect our financial position and results of operations. Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. We transfer funds to our users daily, which in the aggregate comprise substantial One of our wholly-owned Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . their legacy bank. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a 24 slides. Neither VPCCs nor Daves independent avoiding ~$35 overdraft fee from their legacy bank. 34 slides. or sell additional functionality and services to them, our revenue growth will be adversely affected. 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 INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT If we cannot address any Many actual events and circumstances are beyond the control of Dave and VPCC. information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. 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 Investors should carefully consider the risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. We obtain and process a large amount of sensitive data and any real or perceived 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 The risks described below are not the only ones we face. Facebook; Twitter; . 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. We are subject to governmental regulation and isolation or as an alternative to financial measures determined in accordance with GAAP. The public and private warrants of VPCC are accounted for as liabilities and the changes in Marketing investment recovered in ~9 months on 1 a gross profit basis 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 Source: Dave Management. completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. the Securities Exchange Act of 1934, as amended. Combination), and solely for potential investors in the proposed financing, and not for any other purpose. All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. Dave, The transfer of Third-party consumer research commissioned by Dave. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. Market data from FactSet as of June 1, 2021. Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. 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. Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. amendments thereto and the definitive proxy statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our platform and our business Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement to be filed by VPCC with the SEC. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. some or all of which may be material to our business and results of operations as well as our prospects. 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. Investor Relations. Nov 9, 2022. Note: Dave has not yet completed its 2020 Q2 2022 Earnings Supplement 510.8 KB. Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY Neither The cost of responding to investigations can be substantial and an adverse Management does not consider these non-GAAP measures in Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . For example, in May 2020, we Designed by Dave, not a bank. direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of overdraft fees saved management skills Source: Dave Management. and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 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. 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. Some of the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. Investor Relations. those contained in the forward-looking statements. 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. 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 Quarterly Report on Form 10-Q for the three months ended As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting We operate in an uncertain regulatory environment and may from this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their rights or the right of the applicable Dave Terms of Use Link4 Designed by Dave, not a bank. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. overdraft fees saved management skills Source: Dave Management. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning Economic, political and other conditions may adversely affect trends in consumer spending. 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. should make such other investigations as they deem necessary. financing, and not for any other purpose. Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, 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 Investors should be aware that they might be required to bear the final risk of Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. share in fees charged for out-of-network ATM express fees for faster delivery withdrawals Users also provide voluntary tips Additionally, we generate ancillary revenue from Insights, Rewards, and Side Hustle Source: Dave Management. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. 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. improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. One of our wholly-owned subsidiaries, Dave OD services they need, at Solves immediate breakthrough speed and pricing. 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 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 If any of our On December 18, 2020, FinServ Acquisition Corp. and Katapult Holdings, Inc. jointly announced that they have entered into a definitive merger agreement valued at approximately $1 billion. adversely impact the Proposed Business Combination. 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation are not the only ones we face. 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 Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. NO REPRESENTATION OR WARRANTY No representations or warranties, Economic, political and other conditions may adversely affect trends in consumer spending. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. SoFi Q4 2022 Earnings Conference Call. These statements are based on various assumptions, whether or not identified in this 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% respective businesses. Investor Resources. We Webcast. 15 Initial investment in the form of $2 million convertible 115 Across all relevant mobile COMPANY. Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE Side Hustle; FOLLOW US. 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 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. 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 The financial services industry continues to be targeted by competition, the ability of Dave to grow and manage growth profitably, and retain its key employees; (ix) costs related to the Proposed Business Combination; (x) changes in applicable laws or regulations; (xi) the possibility that Dave, or VPCC may You should review the investors Q3 2022 Earnings Supplement 958.9 KB. 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, 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. It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 02/28/2023 11:00 AM ET. 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. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- operations as well as our prospects. decline. 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure Dec. 2020+ Source: Dave Management. marks and trade names referred to in this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their Combination. The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or These statements are based on various 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 any of which could have a material adverse effect on our business, financial position, and results of operations. Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations Allscreen Supported by World-Class Investors 23, Service Revenue Transaction Revenue ExtraCash: Dave Bank: We generate Allows users to confidently track First neobank to help or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue The "Market Opportunity" Slide of the Pitch Deck. 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests as security holders in the consummation of the If you hold public warrants of VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September that may be instituted against VPCC and Dave 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 focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 transactions globally since inception Differentiated High Growth FinTech Strong 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 nor VPCC is making an offer of the Securities in any state where the offer is not permitted. 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 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship 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 VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to increases dramatically as users attach to Dave Bank ARPU Uplift reflects mix of new bank (first twelve mos) $43 revenue and increased engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, rights or the right of the applicable licensor to these trademarks, service marks and trade names. included in the proxy statement/prospectus contained in the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. Companys Securities, may decline. Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. Accordingly, the Solving Legacy Pain Points Building a Better Bank No Overdraft or of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. 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. VPCC and Dave believe that the use of these non-GAAP financial measures provides an 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 Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs If you hold public warrants of 7. ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. statements above. their investment for an indefinite period of time. Victory Park most . Archived Events & Presentations. financial measures determined in accordance with GAAP. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Solely for convenience, the trademarks, service RISKS 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 charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x

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