Following the The issuance of shares of the Combined Companys securities in connection with the Private Placement will substantially dilute the voting power of the Combined Companys stockholders. 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). results of operations. 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure 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, The PIPE is at $210M with Tiger, Wellington, and Corbin all . PARTICIPANTS IN THE Investors should carefully consider the risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers in VPCCs final prospectus Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% presentation and perform your own due diligence prior to making an investment in Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Victory Park most . Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. Nov 9, 2022. The transfer of under the Securities Act. and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Dave to grow and manage future, outlook, target or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. financial information and data contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E & 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 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, SPAC Presentation Deck by Dave. Changes in laws or regulations, or a failure to comply with any laws and Our rapid growth also makes In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and VPCC and Dave believe that the use of these non-GAAP financial measures provides an 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 If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may not be able to continue to operate our business as it is currently operated. and subject to change. additional tool for investors to use in evaluating projected operating results and trends in and in comparing Daves financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Combined Company). 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 Securities Exchange Act of 1934, as amended. Investors want to invest in big opportunities with large addressable markets. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. While 15 Initial investment in the form of $2 million convertible '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 &) Q3 2022 Earnings Supplement 958.9 KB. 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 Economic, political and other conditions may adversely affect trends in consumer spending. BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY 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. 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. We are cooperating with the CFPB, including producing documents and providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. We are not currently subject to all of the regulations applicable to traditional banks. The 25. The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to its consolidated subsidiaries. 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 1 Affirm estimates showing fiscal year ending in June. Aurora Analyst & Investor Day Presentation . Transforming stability into long-term progress by achieving major financial milestones. circumstances will VPCC, Dave or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or This 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 The CFPB has broad enforcement powers, and upon determining a violation 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. 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 Note: Dave has not yet completed its 2020 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, 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. user feedback. Login. Solely for convenience, the trademarks, service marks and trade names referred to in assurance with respect thereto for the purpose of this Presentation. offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered as a private placement to a limited number of institutional Management does not consider these non-GAAP measures in isolation or as an alternative to 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. 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. We operate in an uncertain regulatory environment and may from the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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. 20ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) increases dramatically as users attach to Dave Bank ARPU Uplift reflects mix of new bank (first twelve mos) $43 revenue and increased costly litigation, and could adversely affect our reputation and operating revenues. Investors should carefully consider the 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. contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT 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 The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Source: Dave Management. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a 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 the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. BlackSky SPAC Investor Presentation Analysis | Merger with SFTW, Osprey Technology | Space Spac Time in the Market 604 subscribers Subscribe 14 Share Save 795 views 1 year ago An analysis of. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. financing, and not for any other purpose. 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, Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is 01/30/2023 08:00 AM ET. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. 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. 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 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 independent sources described above. 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 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 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. 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 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. are not the only ones we face. 333-252577), which was filed with the SEC on March 8, 2021. 1 minute read. 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. 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 One of our wholly-owned 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 our financial position and results of operations. The interests of the sponsor. Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of 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 Business Combination may not Marketing investment recovered in ~9 months on 1 a gross profit basis The public and private warrants of VPCC are accounted for as liabilities and the changes in 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) 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 . intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, 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 HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. Daves financial statements. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. measures. We obtained this information and statistics from third-party This Presentation shall not constitute a solicitation as defined in Section 14 of donated. 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% Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 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 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. 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. Combination. See Forward-Looking Statements paragraph above. The risks described below are not the only ones we face. 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 product. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. any exemption under the Securities Act. situations or financial needs. Actual results may differ materially from the results contemplated by the projected 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 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a any legal, financial, tax or other considerations concerning the opportunity described herein. adversely affected. The deal was announced in October. differences may be material. 2020 is unaudited, preliminary and subject to change. Information concerning the interests of VPCCs and Sign Up . As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of We obtain and process a large amount of sensitive data and any real or perceived Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. Daves participants in the 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 Our fraud detection and risk control mechanisms may not prevent all fraudulent or illegal activity. offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. 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 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 Actual events and circumstances are difficult or impossible to 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 We may never achieve or sustain profitability. Our fraud detection and A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. 20, Instant access to high-impact, low-CAC products More users and more sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. The "Market Opportunity" Slide of the Pitch Deck. 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 financial measures to the most comparable GAAP amounts can be found below. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from Source: Dave management. The assumptions and estimates underlying such projected The risks described below 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 some or all of which may be material to our business and results of risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. disposition is exempt from the registration requirements of the Securities Act. financial measures determined in accordance with GAAP. users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial notifications sent Highlights focus on community- to users to prevent overspending based 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 All subsequent written 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. Investors should be aware that they might be required to bear the final risk of Going forward, unique users represents combination of connected bank standards. In addition, this Presentation does not purport to be all inclusive or to contain Dave Users have recorded in aggregate $300-400mm / 16 According to an investor presentation, the company generated $122M in revenue in 2020. financial information are inherently uncertain 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 measured as connected bank accounts. KBW Fintech Payments Conference. Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of overdraft fees saved management skills Source: Dave Management. A data security breach could expose us to liability and protracted and and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Nothing herein should be construed as legal, financial, tax or other advice. 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 in VPCCs final prospectus dated March 4, 2021 (SEC File No. 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 Dec. 2020+ Source: Dave Management. be filed by VPCC with the SEC. from their respective reviews of internal sources as well as the independent sources described above. 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. To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. Q2 2022 Earnings Supplement 510.8 KB. Tiger Global leading PIPE investment, with participation from Wellington Management Existing Dave Shareholder Equity $3,500 3 VPC and LPs contributing significant capital, highlighting ongoing Cash to Existing Dave Shareholders 60 2
1st Virginia Cavalry,
Articles D