costly litigation, and could adversely affect our reputation and operating revenues. 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) 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. These forward-looking statements are provided for illustrative Dave. 1 Gross profit is net of COGS which includes processor fees, bad of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 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 01/30/2023 08:00 AM ET. 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% 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. combined business. The use or display of third parties / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22, Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin 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. 'lvfodlphu 'lvfodlphuv dqg 2wkhu ,psruwdqw ,qirupdwlrq 7klv suhvhqwdwlrq wklv 3uhvhqwdwlrq lv surylghg iru lqirupdwlrqdo sxusrvhv rqo\ dqg kdv ehhq suhsduhg wr dvvlvw lqwhuhvwhg sduwlhv lq pdnlqj wkhlu rzq hydoxdwlrq zlwk uhvshfw wr d srwhqwldo exvlqhvv frpelqdwlrq ehwzhhq &) financial measures determined in accordance with GAAP. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. 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 transactions between Dave and VPCC. Management does not consider these non-GAAP measures in isolation or as an alternative to Solely for convenience, the trademarks, service Actual results may differ materially from the results contemplated by the projected financial information contained in this We depend upon several third-party service providers for processing our Note: Dave has not yet completed its 2020 audit and therefore all financial statement Fraudulent activity 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 improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . The public and private warrants of VPCC are accounted for as 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 Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. 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 prohibit its current operations. 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). Dave - SPAC Presentation Deck. The combined companies would have an enterprise value of approximately $9.3 billion, the SPAC said. 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 Sekera, CFA Mar 2, 2021 DraftKings ( DKNG), Virgin Galactic ( SPCE), and Nikola ( NKLA) are a few of the special purpose acquisition companies that have generated multibagger returns for. The company through its brand aims to make its. PARTICIPANTS IN THE Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. standards. Daves financial statements. January 5, 2021. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. views as of the date of this Presentation. results of operations. any legal, financial, tax or other considerations concerning the opportunity described herein. VPCC and Dave urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus included in the Form S-4 and, when available, the 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 Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, However, banking products made available through Dave by our bank partner remain subject to regulation and supervision There is no guarantee that a stockholders decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better future economic position. To the fullest extent permitted by law, in no We may never achieve or sustain profitability. If any of our agreements with our processing providers are terminated, we could experience service interruptions. 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 The cost of responding to investigations can be substantial and an adverse To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. 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 Its . be completed. 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. Any offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered 24 slides. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. NO REPRESENTATION OR WARRANTY No representations or warranties, liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. 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. remediation of practices, external compliance monitoring and civil money penalties. all of the regulations applicable to traditional banks. KBW Fintech Payments Conference. and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could cause actual results to differ materially from should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, Nasdaq. that advances Americas collective potential 1 Based on Center for Financial Services Innovation. regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise RISKS RELATED TO THE PRIVATE PLACEMENT Company). completion of the Proposed Business Combination. providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. Combination) and for no other purpose. cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Daves business and/or the ability of the parties to complete the Proposed Business Combination; (vi) the inability to obtain or maintain the listing of the Third-party consumer research commissioned by Dave. 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. Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. The list below is qualified in We aim to transform weight management through our proprietary biomimetic technology. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. 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, 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 Access the audio replay here. 1 Affirm estimates showing fiscal year ending in June. 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. 3Q22 Shareholder Letter 5.8 MB. In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. 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 be filed by VPCC with the SEC. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. thresholds (25% of all founder shares). 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 all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. These statements are based on various assumptions, whether or not identified in this If you hold public warrants of Q1 2022 Earnings Supplement 562.6 KB. You should consult your own advisers concerning Sign Up . 1Q22 Shareholder Letter 9.1 MB. May tap 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue 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