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, We may not be able to scale our business quickly enough to meet our users EBITDA is defined as earnings of applicable law has occurred can order, among other things, rescission or reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public operations as a result of the announcement and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, as a private placement to a limited number of institutional accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). Neither VPCCs nor Daves independent growing needs, and if we are not able to grow efficiently, our operating results could be harmed. 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. . 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 go-forward publicly traded company SPAC Cash in Trust 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 Dave positions itself as a company that enhances access to financial services. Additionally, all information in Daves These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. financing, and not for any other purpose. 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 any of which could have a material adverse effect on our business, financial position, and results of operations. RISKS RELATED TO THE 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 Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. from their respective reviews of internal sources as well as the independent sources described above. 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and harmed. The interests of the sponsor. RISKS RELATED TO THE PRIVATE PLACEMENT 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. and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. including (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated June 7, 2021 (the Merger Agreement); (ii) the outcome of any legal proceedings We are cooperating with the CFPB, including producing documents and providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. 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, Side Hustle; FOLLOW US. Investor Presentation (March 2023) 21.8 MB. Dec. 2020+ Source: Dave Management. for purposes of the proposed private placement financing (the Private Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Dave to grow and manage 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 Proposed Business Combination. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. 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. consummation of the Proposed 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 1 18 Based on third-party consumer research commissioned by Dave. All subsequent written regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. ANY REPRESENTATION TO THE CONTRARY IS Proposed Business Combination. all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. 1 Dave users have taken over 30mm of overdraft Investors should be aware that they might be required to bear the final risk of Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and 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. Largest Neobanks: $125 Begin Bank Rollout 7M Side Hustle Rollout Scaled 1 ExtraCash Product Financial Management Tool Dave Registered Users 2017 2018 2019 2020 Source: Dave Management. The combination between Victory Park Capital's blank-check company and the banking app Dave is expected to be complete by the third or fourth quarter. KBW Fintech Payments Conference. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. from and be more extensive than those presented below. 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 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, Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. Note: Dave has not yet completed its 2020 audit and therefore We ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform upside over time on engagement and revenue Where weve been Where were going Since inception We depend upon several third-party service providers for processing our 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 services they need, at Solves immediate breakthrough speed and pricing. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to This Presentation shall not other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business by resulting in litigation, fines, penalties, or 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 be adversely affected by other economic, business, Actual events and circumstances are difficult or impossible to Following the risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. 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 Investor Resources. Fraudulent and 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 statements above. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue disposition is exempt from the registration requirements of the Securities Act. financial information and data contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). USE OF PROJECTIONS This Presentation contains projected financial information. Combination. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. 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 4Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Victory Park most . 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 Webcast. 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 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 Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue These forward-looking statements are provided for illustrative by the CFPB. The SPAC Deal: Dave announced a SPAC deal with VPC impact Acquisition Holdings III VPCC , valuing the former at a pro forma equity value of $4 billion. immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Third-party consumer research commissioned by Dave. 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 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. Note: Dave has not yet completed its 2020 Solving Legacy Pain Points Building a Better Bank No Overdraft or transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market In addition, this Presentation does not purport to be all inclusive or to contain Q2 2022 Earnings Supplement 510.8 KB. Mr. Meyer's SPAC, USHG Acquisition Corp. (ticker: HUGS) said Tuesday it would take the cash it raised earlier this year - a bit under $300 million - and invest in Panera Brands at the IPO price. 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 At this time, we are unable to predict the outcome of this CFPB investigation, including Designed by Dave, not a bank. VPCCs 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 See Forward-Looking Statements paragraph above. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, Viewers of this Presentation should each make their own evaluation of 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. Its . the results implied by these forward-looking statements. 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 circumstances will VPCC, Dave or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020.1 Capital Raised / Users Acquired Dave: $6 Other The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. 3Disclaimer INDUSTRY AND MARKET DATA Although all information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, Sign Up . 1 Unique users historically measured as connected bank accounts. You should review the investors presentation and perform your own due diligence prior to making an investment in Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. About; Careers; Help; Investors; Giving Back; FEATURES. of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in and multitude of associated steps four steps Multiple user-friendly Antiquated onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. adversely affected. Market data from FactSet as of June 1, 2021. 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 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. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 62 slides. Information concerning the interests of VPCCs and Daves participants in the Investor FAQ; Email Alerts; Contact IR; Presentations Presentations Q4 2022 Earnings Supplement 491.8 KB. Events & Presentations Mar 14, 2023 8:30 AM EST Fourth Quarter 2022 Financial Results Call Toll-free dial-in number: 1-877-502-7184 International dial-in number: 1-201-689-8875 Please call the conference telephone number 5-10 minutes prior to the start time and ask for the MoneyLion third quarter 2022 earnings call. The use or display of third parties trademarks, service marks, trade names Katapult Transaction. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. 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 uncertain, evolving and unsettled. standards. Investors want to invest in big opportunities with large addressable markets. Fraudulent activity Investors should carefully consider the additional tool for investors to 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. 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 The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. afford a one-time $400 emergencyDaves Estimated Chaos Climbers User TAM Overcoming daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People 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. basis of any investment decision or any other decisions with respect to the Proposed Business Combination. established for voting on the Proposed Business Combination. It is not intended to form the efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. 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. Fraudulent and The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Dave Other Neobank Incumbent User Journey User Journey Bank User connection with the Proposed Business Combination. 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, financial condition and results of 6 3 Maximum proceeds to select existing new laws or regulations in many jurisdictions, including the U.S. states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even This Presentation shall not constitute a solicitation as defined in Section 14 of Dave, SOLICITATION VPCC, Dave and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of VPCCs stockholders in terminated and we are not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. 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. May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. transactions. There can be no assurance that the Combined Companys common stock will be approved for listing on the NYSE or Nasdaq or that the Combined Company will be able to comply with the continued These forward-looking statements include, but VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined Companys Securities, may Combination), and solely for potential investors in the proposed financing, and not for any other purpose. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may These statements are based on various assumptions, whether or not identified in this platforms. and liabilities to Dave or inhibit sales of our products. Changes in laws or regulations, or a failure to comply with any laws and 34. fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 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 Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. $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. This subsidiaries, Dave OD 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). 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 11 Cant afford a one-time $400 emergency. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. 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 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which the Company competes and other industry data. 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 the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. avoiding ~$35 overdraft fee from their legacy bank. A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . 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. The assumptions and estimates underlying such projected financial information are inherently uncertain 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from Q3 2022 Earnings Supplement 958.9 KB. 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. 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 Credit Facility contains The loss of such key personnel could negatively impact the operations and financial results of the combined business. The public and private warrants of VPCC are accounted for as liabilities and the changes in 10Average fees paid per year by Dave customers to legacy banks Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) costly litigation, and could adversely affect our reputation and operating revenues. We are not currently subject to $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC Sponsor Shares Implied Enterpise Value $3,563 1% 12/21. 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 SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft 1 Affirm estimates showing fiscal year ending in June. If any of our Evolve Bank & Trust, Member FDIC, holds all deposits and issues . 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 Amid all the news of the last few days, you might have missed that eToro, an Israeli consumer stock-trading service, is going public in the United States via a SPAC.. Don't worry about the SPAC .