dave spac investor presentation
Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. All references to Dave, we, us or our refer to the business of Dave Inc. and all of the regulations applicable to traditional banks. Aspiration Investor Relations 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. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 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 should make such other investigations as they deem necessary. financial measures determined in accordance with GAAP. statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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. Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. 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 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 An oversubscribed PIPE deal that saw shares priced at $15 . 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven 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. Payoneer - Investor Relations Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended platform and our business could suffer. Largest Neobanks: $125 Begin Bank Rollout 7M Side Hustle Rollout Scaled 1 ExtraCash Product Financial Management Tool Dave Registered Users 2017 2018 2019 2020 Source: Dave Management. Transaction Structure Implied Sources & Uses ($mm) Dave to SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. amendments thereto and the definitive proxy statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the 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 Nasdaq. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting If the Proposed Business the results implied by these forward-looking statements. Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. 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. unaudited, preliminary and subject to change. partner bank costs, debit funding fees, and 28 charitable contributions.Marketing investment recovered in ~9 months on 1 a gross profit basis 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Investor Relations. VPC Impact Drops on Dave Deal, More SPAC Votes Ahead intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, under the Securities Act. 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, The loss of such key personnel could negatively impact the operations and financial results of the combined business. The VPCC board has not obtained and will not obtain a third-party purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. 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. Mark Cuban-Backed Banking App Dave Gets SPAC Deal: What Investors methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) We obtained this information and statistics from third-party Some data is also based on the good faith estimates of Dave and VPCC, which are derived 02/28/2023 11:00 AM ET. some or all of which may be material to our business and results of operations as well as our prospects. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business practices (which may increase our operating expenses and/or Presentations :: Aurora Innovation, Inc. (AUR) 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 While Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. 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) Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. SoFi Technologies, Inc. (SOFI) - Events & Presentations 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 by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. 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 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 . The VPCC board has not obtained and will not obtain a third-party valuation or financial 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 If any of our agreements with our processing providers are terminated, we could experience service interruptions. and subject to change. 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 The company has amassed 10 million users with its innovative checking account that was first to market in 2017 with fee-free overdraft, credit building, expense predictions and a gig-economy focused job board. registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. be filed by VPCC with the SEC. 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 1 18 Based on third-party consumer research All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. A PIPE of $210 million was led by Tiger. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their 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. January 5, 2021. offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. 333-252577), which was filed with the SEC on March 8, 2021. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers & 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 Consumer Finance Startup Dave Eyes Acquisitions, Crypto After SPAC Deal Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account and multitude of associated steps four steps Multiple user-friendly Antiquated statements above. 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. Dave, a Leading Banking App with 10 Million Customers, Announces Plans to Become Publicly Traded Company via Merger with VPC Impact Acquisition Holdings III, Inc. Dave's mission is to create. Economic, political and other conditions may adversely affect trends in consumer spending. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. 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% Average fees paid per year by Dave customers to legacy banks 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 Aurora Analyst & Investor Day Presentation . 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 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 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. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 15.6x 15.1x 14.5x 2022E Peer Median: 13.9x 13.7x 12.2x 12.2x 11.6x 2023E Peer Median: 10.5x 10.4x 9.4x 9.1x 8.7x 8.1x 8.0x 6.7x 5.5x 1 DaveFUSEIPOEFTCVUPSTSQLPROAFRMAPT-AU Revenue Growth 2022E 95.2% 79.2% 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 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 If we cannot address any of the following risks and uncertainties effectively, or any other risks 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 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. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. How To Create A Great Investor Pitch Deck For Startups Seeking - Forbes 1 minute read. Investor Tools. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. Investor Resources. Market data from FactSet as of June 1, 2021. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other 1 Affirm estimates showing fiscal year ending in June. 11 Cant afford a one-time $400 emergency. its entirety by disclosures contained in future documents filed or furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed 7. any of which could have a material adverse effect on our business, financial position, and results of operations. EBITDA is defined as earnings before interest, tax and financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. target or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. 34. those contained in the forward-looking statements. The risks described below Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E 1 18 Based on third-party consumer research commissioned by Dave. banks Source: Dave Management. Note: Dave has not yet completed its 2020 audit and therefore all financial statement 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. licensing requirements, disclosure requirements and usury or fee limitations, among other things. scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. connection with the Proposed Business Combination. Webcast. Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. Combination. Market data from FactSet as of June 1, 2021. data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no additional CAC High-impact products significantly revenue-generative even before cross-attach, Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs Total Revenue $17 $76 $122 $193 $377 $533 % Growth -- 340% 60% 59% 95% 41% 1 Gross Profit $8 $43 $75 $111 $223 $329 % Margin 45% 56% 62% 57% 59% 62% Operating Expenses (ex. 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. 19Phased Launch To Date profitability. 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 Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. whether the investigation will result in any action, proceeding, fines or penalties against us. 333-252577), which was filed with the SEC on March 8, 2021. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting thresholds (25% of all founder shares).Transaction 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft It is our mission to enable anyone anywhere to participate and succeed in the global . dave-to-go-public-in-4-billion-spac . IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a registration statement on Form S-4 is expected to There can be no 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 Proposed Business Combination. dated March 4, 2021 (SEC File No. 03/22. Combined Company). With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . Here are some key takeaways for investors to consider for Lucid Motors. Mark Cuban-backed Dave begins trading on Nasdaq after completing SPAC As a result, investors should be aware that although most of the . You should review the investors trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. AeroFarms home The Vertical Farming, Elevated Flavor company PDF Momentus Investor Presentation - Powering In-Space Transportation 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 One of our wholly-owned subsidiaries, Dave OD 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 Users have recorded in aggregate $300-400mm / 16 Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. Katapult Transaction :: FinServ Acquisition Corp. (FSRV) Dec. 2020+ Source: Dave Management. results of operations. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue 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 Companys Securities, may decline. Information concerning the interests of VPCCs and 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 expressly qualified in their entirety by the cautionary
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