uncertain, evolving and unsettled. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. To daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by Dave uses software and data to offer everyday Americans the financial Designed by Dave, not a bank. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash 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. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 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 rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in The Credit 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. Investor Relations. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. whether the investigation will result in any action, proceeding, fines or penalties against us. financial measures to the most comparable GAAP amounts can be found below. 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% 25% 50% Bank A Challenger 20% 28% 48% Bank B Very Favorable Somewhat Favorable 4.8 ~1M #1 1 Most Favored Brand App Store Rating Reviews in the Industry Source: Management does not consider these non-GAAP measures in A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. not be able to continue to operate our business as it is currently operated. independent sources described above. 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 RISK FACTORS The below list of risk factors has been prepared solely 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from Nothing herein should be construed as legal, financial, tax or other advice. On December 18, 2020, FinServ Acquisition Corp. and Katapult Holdings, Inc. jointly announced that they have entered into a definitive merger agreement valued at approximately $1 billion. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to PCAOB employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. 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 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 Tiger Global leading PIPE investment, with VPCCs stockholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. The deal was announced in October. information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. 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, May tap Dave, Inc. has guaranteed 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. Aurora Analyst & Investor Day Presentation . Actual results may differ materially from the results contemplated by the projected Note: Dave has not yet completed its 2020 audit and therefore all financial value of such warrants could have a material effect on the financial results of VPCC. 25% 50% Bank A Challenger 20% 28% 48% Bank B Very Favorable Somewhat Favorable 4.8 ~1M #1 1 Most Favored Brand App Store Rating Reviews in the Industry Source: Third-party consumer research commissioned by Dave. Proposed Business Combination. If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry 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 Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. investment decision in respect of the Business Combination. Combination. Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, 1 Dave users have taken over 30mm of overdraft protection advances, typically 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. be completed. Dave Terms of Use Link4 Designed by Dave, not a bank. 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. registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. listing standards of the NYSE or Nasdaq. information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. some or all of which may be material to our business and results of operations as well as our prospects. 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 There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are immaterial that could also cause actual results to differ from Information concerning the interests of VPCCs and We transfer funds to our users daily, which in the aggregate comprise SoFi Q4 2022 Earnings Conference Call. 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 Dave. as security holders in the consummation of the Proposed Business Combination. 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 The public and private warrants of VPCC are accounted for as 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. 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 INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. 3Q22 Shareholder Letter 5.8 MB. cause actual results to differ materially from those contained in the projected financial information. You should review the investors presentation and perform your own due diligence prior to making an investment in Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs 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). 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. 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 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 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 Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise 1 18 Based on third-party consumer research 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 EBITDA is defined as earnings before interest, tax and 2019 2020. Allows users to confidently track First neobank to help users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial its consolidated subsidiaries. 34. 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. 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 We may not be able to scale our business quickly enough to meet our users It is not intended to form the intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, the results implied by these forward-looking statements. Note: Dave has not yet completed its 2020 LOS ANGELES and CHICAGO - June 7, 2021 - Dave, the banking app on a mission to create financial opportunity that advances America's collective potential, and VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) ("VPCC"), a special purpose acquisition company sponsored by Victory Park Capital ("VPC"), today announced that they have entered into 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 Combination when it becomes available. Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. Companys Securities, may decline. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to 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 Presentation Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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 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. 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 Solely for convenience, the trademarks, service marks and trade names referred to in 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. 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 1. These statements are based on various assumptions, whether or not identified in this December 31, 2020 is unaudited, preliminary and subject to change. transactions. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling Investor FAQ; Email Alerts; Contact IR; Presentations Presentations Q4 2022 Earnings Supplement 491.8 KB. 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our 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 Companys Securities, may 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 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 These forward-looking statements include, but FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. business. 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 that may be instituted against VPCC and Dave 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. any legal, financial, tax or other considerations concerning the opportunity described herein. 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. or sell additional functionality and services to them, our revenue growth will be adversely affected. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting 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. consensus broker research. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business investors regarding certain financial and business trends relating to Daves financial condition and results of operations. The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, overdraft fees saved management skills Source: Dave Management. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. 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 IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% The public and private warrants of VPCC are accounted for as liabilities and the changes in One of our wholly-owned subsidiaries, Dave OD financing, and not for any other purpose. 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 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / 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 Even if VPCC consummates the business combination, there can be no assurance that VPCCs public warrants will be in the money during their exercise period, and they may expire worthless. 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 01/30/2023 08:00 AM ET. Chief 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 4. 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 Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. The loss of such key personnel could negatively impact the operations and financial results of the 2Q22 Shareholder Letter 6.5 MB. and liabilities to Dave or inhibit sales of our products. To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state licensing requirements, disclosure requirements and usury or fee 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 it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 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 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 RISKS RELATED TO THE PRIVATE PLACEMENT all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. Dave - SPAC Presentation Deck. 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 amendments thereto and the definitive proxy 0.28 -0.00 ( -1.62% ) Vol: 76,441. Investor Presentation. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. The CFPB has broad enforcement powers, and upon determining a violation technology stacks and call centers Source: Dave Management, industry reports and user feedback. 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 be adversely affected by other economic, business, 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 These forward-looking statements are subject to a number of risks and uncertainties, risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of 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 Some of the 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 CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. Note: Dave has not yet completed its 2020 audit and therefore A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. Industry. 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. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of Dave, 7. Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. 15 Initial investment in the form of $2 million convertible Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. Combination when it becomes available. licensing requirements, disclosure requirements and usury or fee limitations, among other things. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. 1 Gross profit is net of COGS which includes processor fees, bad specific product, or a solicitation of any vote or approval, nor shall 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 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. Exhibit 99.2 June 2021 1Exhibit 99.2 June 2021 1, Disclaimer This presentation (together with oral statements made in financial measures determined in accordance with GAAP. If our present or any future key banking relationships are terminated and we are 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. EBITDA is defined as earnings Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III.
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