We obtained this information and statistics from third-party Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. Third-party consumer research commissioned by Dave. Additionally, all information in Daves Dave. 15 Initial investment in the form of $2 million convertible 0.28 -0.00 ( -1.62% ) Vol: 76,441. VPCC and Dave believe that these non-GAAP financial measures provide useful remediation of practices, external compliance monitoring and civil money penalties. See Forward-Looking Statements paragraph above. Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. The assumptions and estimates underlying such projected financial information are inherently uncertain 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 rights or the right of the applicable Following the Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. conform to Regulation S-X promulgated under the Securities Act. of the stockholders of VPCC, certain 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 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. Fraudulent and risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. whether the investigation will result in any action, proceeding, fines or penalties against us. 02/28/2023 11:00 AM ET. 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 Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations Allscreen Supported by World-Class Investors 23, Service Revenue Transaction Revenue ExtraCash: Dave Bank: We generate 1 18 Based on third-party consumer research commissioned by Dave. Victory Park most . audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. NEW YORK-- ( BUSINESS WIRE )--Better HoldCo, Inc. (" Better " or the " Company "), one of the fastest-growing digital homeownership platforms in the U.S., and Aurora Acquisition Corp. (NASDAQ:. Some of the 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. You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. 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. 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. The public and private warrants of VPCC are accounted for as liabilities and the changes in limitations, among other things. 12/21. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. Note: Dave has not yet completed its 2020 audit and therefore 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash VPCCs sponsor, directors by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. 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 Its . PDF Bigbear.ai to Become Publicly Traded Company Via Merger With Gigcapital4 ~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 should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, Digital Homeownership Platform Better to Become a - Business Wire We are not currently subject to Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or 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 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. 2023E 41.4% 64.3% 40.4% 30.1% 27.7% 21.9% 23.1% 27.3% 42.8% 2 Growth-Adjusted Revenue Multiples 2022E 0.10x 0.11x 0.23x 0.46x 0.64x 0.57x 0.46x 0.41x 0.25x 2023E 0.16x 0.09x 0.21x 0.27x 0.55x 0.66x 0.60x 0.45x 0.19x Source: Dave Management, Nothing herein should be construed as legal, financial, tax or other advice. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers the opportunity described herein. RISKS RELATED TO THE PRIVATE PLACEMENT There can be no 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. 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. reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public notifications regarding violations, limits on activities or functions, 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. 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 Additional risks that we currently do not know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. prohibit its current operations. 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, Rewards, and Side Hustle Source: Dave Management. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 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 You should review the investors Some data is also based on the good faith estimates of Dave and VPCC, which are derived from their respective reviews of internal sources as well as the Actual events and circumstances are difficult or impossible to Presentations. 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. 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 avoiding ~$35 overdraft fee from their legacy bank. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to COMPANY. efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning RISKS RELATED TO THE any of which could have a material adverse effect on our business, financial position, and results of operations. rights or the right of the applicable licensor to these trademarks, service marks and trade names. operations. 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 their legacy bank. financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. 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 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 independent sources described above. forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Presentations | Open Lending Combination. $137 $216 % 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. Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) and minimum balance fees Massive and expensive brick / mortar ($10) for 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. financial condition and results of operations. 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. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. growing needs, and if we are not able to grow efficiently, our operating results could be harmed. DAVE Stock Alert: 10 Things to Know as Dave Starts - InvestorPlace The deal was announced in October. 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. This Presentation shall not If we are unable to acquire new customers and retain our current customers or sell additional functionality and services to them, our revenue growth will be RISK FACTORS The below list of risk factors has been prepared solely Dave positions itself as a company that enhances access to financial services. Aurora Investor Presentation - February 2023 . 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 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 $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 Sponsor Shares Implied Enterpise Value $3,563 1% Designed by Dave, not a bank. Viewers of this Presentation should each make their own evaluation of 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 presentation and perform your own due diligence prior to making an investment in Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. 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 1 Affirm estimates showing fiscal year ending in June. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. situations or financial needs. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and views as of the date of this Presentation. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. those contained in the projected financial information. Dave, 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 growth profitably, and retain its key employees; (ix) costs related to the Proposed Business Combination; (x) changes in applicable laws or regulations; (xi) the possibility that Dave, or VPCC may be adversely affected by other economic, business, Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 11 Cant of its banking platform with modest user adoption costs 17Solving Legacy Pain Points Building a Better Bank No Overdraft or Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle 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. 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 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. product. 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure 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. 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). Documents available for download Aspiration Announces Olivia Albrecht as CEO Aspiration Secures $315 Million of New Funding Fourth Quarter 2021 Results Download Third Quarter 2021 Results Download 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 transactions globally since inception Differentiated High Growth FinTech Strong Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to SPAC Presentation Deck by Dave. If any of our Dave - SPAC Presentation Deck. On your "Market Opportunity" slide you want to: Set forth . The 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 it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 25th Annual Needham Growth Conference Presentation . Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. These statements are based on various Access the audio replay here. donated. 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 Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. 1 Dave users have taken over 30mm of overdraft Accordingly, the Securities must continue to be held unless a subsequent If the Proposed Business The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates USE OF PROJECTIONS This Presentation contains projected financial information. registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. 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, financial condition and results of as a private placement to a limited number of institutional accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). 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. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Presentations | Dave Inc. 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 undertakes certain compliance obligations. Investor Relations. isolation or as an alternative to financial measures determined in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. VPCCs nor Daves independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an Dave, founded in 2016, raised about $61 million before its SPAC deal from investors such as venture-capital firm Norwest Venture Partners.