differences may be material. decline. The risks presented in such filings The list below is qualified in its entirety by disclosures contained in future documents filed or 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 The cost of responding to investigations can be substantial and an adverse resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us SPAC Presentation Deck by Dave. You should review the investors PCAOB standards. AeroFarms home The Vertical Farming, Elevated Flavor company 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. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers in VPCCs final prospectus 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 which any statement is based, except as required by law. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. its consolidated subsidiaries. 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 28 charitable contributions. rss_feed RSS Its . Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. ANY REPRESENTATION TO THE CONTRARY IS 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 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 Shares opened at $8.27 apiece under. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. 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. 1 minute read. 02/28/2023 11:00 AM ET. qualification under the securities laws of any such jurisdiction. 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 Company). Actual results may differ materially from the results contemplated by the projected Note: Dave has not yet completed its 2020 audit and therefore Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended 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 We transfer funds to our users daily, which in the aggregate comprise 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 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. 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. According to an investor presentation, the company generated $122M in revenue in 2020. limitations, among other things. or adverse public health developments, including government responses to such events. Some of the by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. Forward-looking statements may time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. 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 The Credit 1. PARTICIPANTS IN THE 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 Proposed Business Combination. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. Presentation Decks by Dave (3) Investor Day. Sign Up . Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% uncertain, evolving and unsettled. Market data from FactSet as of June 1, 2021. statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 2020 is unaudited, preliminary and subject to change. reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. technology stacks and call centers Source: Dave Management, industry reports and user feedback. methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Accordingly, the Securities must continue to be held unless a subsequent This document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other We are cooperating with the CFPB, including producing documents and most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated technology stacks and call centers Source: Dave Management, industry reports and If we cannot address any Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. commissioned by Dave.Dave Other Neobank Incumbent User Journey User Journey Bank User Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account Structure Implied Sources & Uses ($mm) Dave to 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 This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall 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 Business Combination. The largest investor in Dave has been Victory Park Capital, a global investment firm headquartered in Chicago and the parent company of the SPAC that Dave is merging with. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. 1 Affirm estimates showing fiscal year ending in June. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise 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, Actual results may differ materially from the results contemplated by the projected financial information contained in this Such persons can 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. The loss of such key personnel could negatively impact the operations and financial results of the combined business. 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 You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. 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 Proposed Business 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. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and Our fraud detection and USE OF PROJECTIONS This Presentation contains projected financial information. We obtain and process a large amount of sensitive data and any real or perceived 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. 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. 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, notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. 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:. Neither also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Presentations. 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 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 with respect to a potential business combination between Dave Inc. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business 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 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. financial measures determined in accordance with GAAP. dated March 4, 2021 (SEC File No. See Virgin Galactic's Fall 2019 Investor Presentation. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 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 Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. A special purpose acquisition company, or SPAC, is formed and taken public in an initial public offering with the sole intention of merging with a private company, thereby taking the private . Information concerning the interests of VPCCs and Daves participants in the 1 18 Based on third-party consumer research commissioned by Dave. 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. Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. 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 Dave - SPAC Presentation Deck. 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 The PIPE is at $210M with Tiger, Wellington, and Corbin all . 01/30/2023. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. 25Service 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 The CFPB has broad enforcement powers, and upon determining a violation 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. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, The transfer of Average fees paid per year by Dave customers to legacy banks The deal was announced in October. Going forward, unique users represents combination of connected bank Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. Dave Terms of Use Link4 Designed by Dave, not a bank. Investors should carefully consider the 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 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 training. In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . SPAC. We transfer funds to our users daily, which in the aggregate comprise substantial Dave Users have recorded in aggregate $300-400mm / 16 under the Securities Act. standards. securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. 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 2 Calculated as 10 meals per dollar Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. Victory Park most . 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 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) 01/30/2023 08:00 AM ET. Investor Relations. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private connection with the operation of their respective businesses. from and be more extensive than those presented below. Proposed Business Combination. contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). RISK FACTORS The below list of risk factors has been prepared solely or sell additional functionality and services to them, our revenue growth will be adversely affected. practices (which may increase our operating expenses and/or 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, respective businesses. Solely for convenience, the trademarks, service To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. Additionally, all information in Daves 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. 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 Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. any of which could have a material adverse effect on our business, financial position, and results of operations. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. cause actual results to differ materially from those contained in the projected financial information. Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. 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 Industry. approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Valuation: The SPAC deal values Lucid Motors at $11.75 billion. Information concerning the interests of VPCCs and constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. Download pdf . Instantly search thousands of Presentation Decks by world-leading companies on Slidebook.io. by the CFPB. 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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. established for voting on the Proposed Business Combination. engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform 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. 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 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. 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.