The list below is qualified in 3Q22 Shareholder Letter 5.8 MB. should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, make no representation or warranty, express or implied, as to its accuracy or completeness. The ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain key personnel SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. We may never achieve or sustain profitability. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to Nasdaq. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 01/30/2023. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private 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. forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. 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 penalties against us. 1 Affirm estimates showing fiscal year ending in June. risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. avoiding ~$35 overdraft fee from their legacy bank. In addition, this Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. 1 Dave users have taken over 30mm of overdraft 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. Q3 2021 Earnings Supplement 1.3 MB . The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. risk control mechanisms may not prevent all fraudulent or illegal activity. 19Phased Launch To Date There can be no assurance that the Combined Companys common stock will be approved for listing on the NYSE or Nasdaq or that the Combined Company will be able to comply with the continued expressly qualified in their entirety by the cautionary statements above. 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 Nothing herein should be construed as legal, financial, tax or other advice. operations. In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. 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 Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. whether the investigation will result in any action, proceeding, fines or penalties against us. Many actual events and circumstances are beyond the control of Dave and VPCC. It is not intended to form the 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). 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 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. We operate in an uncertain regulatory environment and may from Our fraud detection and be completed. 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 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 . financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. results of operations. since 2018 Unparalleled Business Diligence $100 million 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 Dave, If our present or any future key banking relationships are terminated and we are Instantly search thousands of Presentation Decks by world-leading companies on 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. You should review the investors presentation and perform your own due diligence prior to making an investment in 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 Neither 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 opinion or provided any other form of 5200, Chicago, IL 60606. completion of the Proposed Business Combination. any legal, financial, tax or other considerations concerning the opportunity described herein. 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. The financial services industry continues to be targeted by 7. Combination. Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products predict and may differ from assumptions and such differences may be material. 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 Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. These forward-looking statements are provided for illustrative Presentation Decks by Dave (3) Investor Day. 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 Investors should carefully consider the Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs transactions. 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. 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. It is our mission to enable anyone anywhere to participate and succeed in the global . Companys Securities, may decline. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or Proposed Business Combination. 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 could suffer. 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation Combination. These forward-looking statements are subject to a number of risks and uncertainties, 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to We operate in an uncertain regulatory environment and may from time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, The Credit Facility contains 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) 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 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, Reconciliations of such non-GAAP licensing requirements, disclosure requirements and usury or fee limitations, among other things. 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 banks Source: Dave Management. Information concerning the interests of VPCCs and Daves participants in the 1 Dave users have taken over 30mm of overdraft 25. $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% There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are Revenue Transaction Revenue ExtraCash: Dave Bank: We generate 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 We obtain and process a large amount of sensitive data and any real or perceived 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. All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. 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 The consummation of the Proposed or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law. 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. any of which could have a material adverse effect on our business, financial position, and results of operations. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY Shares opened at $8.27 apiece under. EBITDA is defined as earnings If you hold public warrants of Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Dave Other Neobank Incumbent User Journey User Journey Bank User Facebook; Twitter; . 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. 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 0.28 -0.00 ( -1.62% ) Vol: 76,441. Combination when it becomes available. The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. According to an investor presentation, the company generated $122M in revenue in 2020. Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and Source: Dave Management projections. 12/21. 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 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 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. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. Login. commitment and belief in business Net Cash on 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 02/28/2023 11:00 AM ET. future, outlook, 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. Market data from FactSet as of June 1, 2021. combined business. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 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 are not the only ones we face. Proposed Business 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. 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

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dave spac investor presentation