assurance that VIH III will be able to raise sufficient capital in the Private Placement to consummate the Proposed Business Combination or for use by the combined company following the Proposed Business Combination (the Combined Management does not consider these non-GAAP measures in isolation or as an alternative to 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. We depend upon several third-party service providers for processing our Dave. 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 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% know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. 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 qualification under the securities laws of any such jurisdiction. 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. SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. 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. RELATED TO THE PROPOSED BUSINESS COMBINATION VPCCs directors and officers have potential conflicts of interest in recommending that VPCCs stockholders vote in favor of the adoption of the merger agreement relating to the Combination when it becomes available. Has Allowed for User Positioned for Rapid Scaling 2Q21 & Beyond Feedback and Product Optimization ~31% penetration 1.3 mm Dave Bank Users Projected Dave Bank Users of Dave user base 1.2 mm 1.1mm 943k ~95% CAGR 784k 633k 273k 176k 141k 128k 114k 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 Users can opt for free advances (1-3 days) or optional We also Such projected financial information constitutes transactions between Dave and VPCC. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 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 Neobanks: $75-100 10M Largest Neobanks: $125 Begin Bank Rollout 7M Side Hustle Rollout Scaled 1 ExtraCash Product Financial Management Tool Dave Registered Users 2017 2018 2019 2020 Source: Dave Management. Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. Market data from FactSet as of June 1, 2021. The risks described below are not the only ones we face. Source: Dave Management. 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 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. 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 reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision Going forward, unique users represents combination of connected bank licensing requirements, disclosure requirements and usury or fee limitations, among other things. To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. licensor to these trademarks, service marks and trade names. Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. accounts and Dave bank accounts.1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 61% $29 5.6 3.7 2.8 1.1 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020A 2021E 2022E 2023E Efficient user acquisition and Modest ARPU 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, Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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% 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 Nothing herein should be construed as legal, financial, tax or other advice. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other 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, Dave and VPCC have not independently verified the information and 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 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. Quarterly Report on Form 10-Q for the three months ended 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 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 Cash Flow Positive Plan Presentation 1.4 MB. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of The investor presentation is being filed by Otonomo and Software Acquisition with the SEC prior to the call and will be available on the SEC's website at www.sec.gov. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. This Presentation shall not Management does not consider these non-GAAP measures in We transfer funds to our users daily, which in the aggregate comprise substantial Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. 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 operations as a result of the announcement technology stacks and call centers Source: Dave Management, industry reports and user feedback. Investor Presentation. RISKS RELATED TO THE PRIVATE PLACEMENT any exemption under the Securities Act. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning 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 protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 02/28/2023 11:00 AM ET. As a result, investors should be aware that although most of the . 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. upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. Q3 2021 Earnings Supplement 1.3 MB . 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 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 business. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. Dave - SPAC Presentation Deck. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm 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. combined business. 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 Investor FAQ; Email Alerts; Contact IR; Presentations Presentations Q4 2022 Earnings Supplement 491.8 KB. Source: Dave management. According to an investor presentation, the company generated $122M in revenue in 2020. 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 Companys Securities, may decline. 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 the results implied by these forward-looking statements. Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such 1 Gross profit is net of COGS which Forma Cash 1 87% Existing Dave Shareholders $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 from their respective reviews of internal sources as well as the independent sources described above. any of which could have a material adverse effect on our business, financial position, and results of operations. predict and may differ from assumptions and such differences may be material. understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data & Tech spending patterns; limits Learning to deliver fast and technology ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year 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. 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 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. could suffer. The risks described below Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . 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 Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. NO OFFER OR SOLICITATION This Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. Archived Events & Presentations. VPCC and Dave believe that these non-GAAP financial measures provide useful 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. Fraudulent activity 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to Webcast. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. 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 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. Investor Tools. If our present or any future key banking relationships are terminated and we are IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a Solely for convenience, the trademarks, service marks and trade names referred to in 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. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, tech-powered service and inspiring, thoughtfully designed accommodations combined into one seamlessly managed experience. These forward-looking statements are subject to a number of risks and uncertainties, Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. by the CFPB. VPCCs 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue Tiger Global leading PIPE investment, with 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 Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 25. 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, USE OF PROJECTIONS This Presentation contains projected financial information. 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. Investors should carefully consider the VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics 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. 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. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing 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 platforms. In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . On your "Market Opportunity" slide you want to: Set forth . Dave Users have recorded in aggregate $300-400mm / 16 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. rss_feed RSS basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 34 slides. Solving Legacy Pain Points Building a Better Bank No Overdraft or Momentus Investor Presentation - Powering In-Space Transportation We may never achieve or sustain profitability. After the Form S-4 has been filed and declared effective, the definitive proxy statement/prospectus will be mailed to VPCCs stockholders as of a record date to be 2Q22 Shareholder Letter 6.5 MB. The list below is qualified in 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. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may future, outlook, target or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. A PIPE of $210 million was led by Tiger. remediation of practices, external compliance monitoring and civil money penalties. 1 Dave users have taken over 30mm of overdraft protection advances, typically platform and our business could suffer. 3Q22 Shareholder Letter 5.8 MB. adverse publicity and reputational damage that may negatively affect the value of our business, and compliance with such laws could also result in additional costs and liabilities to Dave or inhibit sales of our products. May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- The risks presented in such filings 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 If any of these risks materialize or VPCCs or Daves assumptions 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 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). 7. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. 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 PCAOB standards. 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 All subsequent written The transfer of all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination.
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