VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and 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 . 2Q22 Shareholder Letter 6.5 MB. 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. 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 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief whether the investigation will result in any action, proceeding, fines or penalties against us. risk control mechanisms may not prevent all fraudulent or illegal activity. 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, 2020 is unaudited, preliminary It caters to users who are entering the financial system and may have multiple jobs; its job-finding marketplace Side Hustle is part of its approach to reach this market. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Combination. 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. 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 Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics 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 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 Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. 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 independent sources described above. 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 Combination when it becomes available. 1 Dave users have taken over 30mm of overdraft 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 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. Changes in laws or regulations, or a failure to other similar epidemics or adverse public health developments, including government responses to such events. the results implied by these forward-looking statements. 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. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. Investors want to invest in big opportunities with large addressable markets. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting thresholds (25% of all founder shares).Transaction 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. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. avoiding ~$35 overdraft fee from their legacy bank. 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. 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 Forma Cash 1 87% Existing Dave Shareholders 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. time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. USE OF PROJECTIONS This Presentation contains projected financial information. 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. Accordingly, the adversely impact the Proposed Business Combination. prohibit its current operations. Investors should be aware that they might be required to bear the final risk of 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 As a result, investors should be aware that although most of the . 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. loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. thresholds (25% of all founder shares). Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. 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 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 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 Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Owlet's $1.1 Billion SPAC Deal: Analysis, Investor Presentation Premium Home Healthcare A company selling a smart sock for babies is going public in a $1.1 billion SPAC deal. 25th Annual Needham Growth Conference Presentation . 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. 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 FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are limitations, among other things. completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. could suffer. 11 Cant afford a one-time $400 emergency. Designed by Dave, not a bank. 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 and subject to change. Many actual events and circumstances are beyond the control of Dave and VPCC. 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 Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business Sign Up . 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. Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. make no representation or warranty, express or implied, as to its accuracy or completeness. should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Our rapid growth also makes Investor Presentation (March 2023) 21.8 MB. We are cooperating with the CFPB, including producing documents and connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. VPCCs combined business. 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 The risks described below are not the only ones we face. should make such other investigations as they deem necessary. 03/22. Katapult Transaction. 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. 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 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 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 Investors should carefully consider the its entirety by disclosures contained in future documents filed or 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 We operate in an uncertain regulatory environment and may from You should review the investors presentation and perform your own due diligence prior to making an investment in If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry projections. 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 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 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 Side Hustle; FOLLOW US. June 2021 (34 slides) 1 of . Fraudulent activity Combination) and for no other purpose. Note: Dave has not yet completed its 2020 audit and therefore VPCC and Dave believe that these non-GAAP financial measures provide useful 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). 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:. as security holders in the consummation of the Proposed Business Combination. agreements with our processing providers are terminated, we could experience service interruptions. Our fraud detection and 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 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 product. Some of the financial information and data Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. growth rate. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. 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 This 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 by the CFPB. This Presentation shall not constitute a solicitation as defined in Section 14 of by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. of VPCCs stockholders in connection with the Proposed Business Combination. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of connection with the operation of their respective businesses. 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. & Tech spending patterns; limits Learning to deliver fast and technology 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 We Investor Relations. Aurora Analyst & Investor Day Presentation . Presentation Decks by Dave (3) Investor Day. 2019 2020. Allows users to confidently track First neobank to help users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial A PIPE of $210 million was led by Tiger. 1 18 Based on third-party consumer research Investor Presentation respective businesses. It is not intended to form the opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. 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. Aurora Investor Presentation - February 2023 . 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. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a Sign Up. reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. Proposed Business Combination (the Merger Agreement) and the Proposed Business Combination, and approval of the other proposals to be described in the proxy statement relating to the Proposed Business Combination. 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 In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. any exemption under the Securities Act. 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. May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- 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 SPAC Presentation Deck by Dave. The risks presented below are certain of 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. FinTech Dave Inc. merged with the publicly traded special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III Inc. and will go public on Nasdaq on or about on Thursday (Jan.. 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 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 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 Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. 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 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, monetary penalties, injunctive restrictions, or other sanctions, investment decision in respect of the Business Combination. These forward-looking statements are subject to a number of risks and uncertainties, Actual results may differ materially from the results contemplated by the projected Transforming stability into long-term progress by achieving major financial milestones. 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 Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. Rewards, and Side Hustle Source: Dave Management. Any offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 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, You should consult your own advisers concerning any legal, financial, tax or other considerations concerning Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % You should consult your own advisers concerning Investor Relations. The deal was announced in October. Q3 2022 Earnings Supplement 958.9 KB. merge with VPCC through a reverse-subsidiary merger Sources Dave to become a wholly-owned subsidiary of VPCC, which will be Existing Dave Shareholder Equity $3,500 renamed Dave and be the go-forward publicly traded company SPAC Cash in Trust 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state licensing requirements, disclosure requirements and usury or fee 11 Cant The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. 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 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 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 The transfer of The use or display of third parties trademarks, service marks, trade names Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. 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. measured as connected bank accounts. If the Proposed Business remediation of practices, external compliance monitoring and civil money penalties. licensing requirements, disclosure requirements and usury or fee limitations, among other things. Allscreen Supported by World-Class Investors 23Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci COMPANY. Dave - SPAC Presentation Deck. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 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 A data security breach could expose us to liability and protracted and 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 Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or 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 disposition is exempt from the registration requirements of the Securities Act. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 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 We may not be able to scale our business quickly enough to meet our users growing needs, and if we are not able to grow efficiently, our operating results could be 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 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. Some data is also based on the good faith estimates of Dave and VPCC, which are derived June 7 (Reuters) - Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the. 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 This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. Webcast. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such All subsequent written 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
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