We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such The VPCC board has not obtained and will not obtain a third-party Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended 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. 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 connection with the Proposed Business Combination. Dave Terms of Use Link4 Designed by Dave, not a bank. On your "Market Opportunity" slide you want to: Set forth . financing, and not for any other purpose. Our rapid growth also makes 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). Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. SoFi Q4 2022 Earnings Conference Call. 34. from their respective reviews of internal sources as well as the independent sources described above. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to additional CAC High-impact products significantly revenue-generative even before cross-attach, fueling marketing spend 21, Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash 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. . connection with the operation of their respective businesses. from and be more extensive than those presented below. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, Q3 2021 Earnings Supplement 1.3 MB . VPCC and Dave believe that the use of these non-GAAP financial measures provides an liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. by the CFPB. Many actual events and circumstances are beyond the control of Dave and VPCC. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the 3Disclaimer INDUSTRY AND MARKET DATA Although all information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, 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 The Credit valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. Revenue $533 $329 189 $377 CAGR: 98% $223 CAGR: 116 112% $193 $111 22 344 $122 262 $75 $76 171 $43 121 $17 $8 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020P 2021E 2022E 2023E Rapid scaling and 60% YoY Proven record of driving significant year in fees from their legacy banks in 2019 2020.Dave uses software and data to offer everyday Americans the financial services they need, at Solves immediate breakthrough speed and pricing. Nothing herein should be construed as legal, financial, tax or other advice. 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 note in May 2018.VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 KBW Fintech Payments Conference. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. Our recent rapid growth, including growth in our volume of payments, may not be indicative of future growth, and if we continue to grow rapidly, we may not be able to manage our growth effectively. The loss of such key personnel could negatively impact the operations and financial results of the combined business. be completed. measures. Daves participants in the solicitation, which may, in some cases, be different than those of VPCCs and Daves equity holders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. Structure Implied Sources & Uses ($mm) Dave to 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 $3,500 renamed Dave and be 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 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. understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data & Tech spending patterns; limits Learning to deliver fast and technology Solving Legacy Pain Points Building a Better Bank No Overdraft or To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market We obtained this information and statistics from third-party Dave, a Leading Banking App with 10 Million Customers, Announces Plans to Become Publicly Traded Company via Merger with VPC Impact Acquisition Holdings III, Inc. Dave's mission is to create. Reconciliations of such non-GAAP Note: Dave has not yet completed its 2020 audit and therefore VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a If our present or any future key banking relationships are The Credit Facility contains The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. Here are some key takeaways for investors to consider for Lucid Motors. SPAC Presentation Deck by Dave. VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and or sell additional functionality and services to them, our revenue growth will be adversely affected. or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law. Transforming stability into long-term progress by achieving major financial milestones. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. Q2 2022 Earnings Supplement 510.8 KB. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E EBITDA is defined as earnings before interest, tax and that advances Americas collective potential 1 Based on Center for Financial Services Innovation. Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Q3 2022 Earnings Supplement 958.9 KB. 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 We are not currently subject to 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. To the fullest extent permitted by law, in no and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, ~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 Each of VPCC and Dave expressly disclaims any SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Forma Cash 1 87% Existing Dave Shareholders $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC necessary to continue providing our users with new and innovative products and services, the use of our platform and other products and services could decline. other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated June 7, 2021 (the Merger Agreement); (ii) the outcome of any legal proceedings that may be instituted against VPCC and Dave 1 Dave users have taken over 30mm of overdraft The Form S-4 will include a proxy statement to be distributed to holders of VPCCs common stock in connection with VPCCs solicitation for proxies for the vote by VPCCs stockholders in connection of applicable law has occurred can order, among other things, rescission or reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public PROPOSED BUSINESS COMBINATION VPCCs directors and officers have potential conflicts of interest in recommending that VPCCs stockholders vote in favor of the adoption of the merger agreement relating to the Proposed Business includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 45% 56% 62% 57% 59% 62% Service The and subject to change. combined business. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 product. You should consult your own advisers concerning their investment for an indefinite period of time. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other remediation of practices, external compliance monitoring and civil money penalties. Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. 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 VPCC and Dave believe that their methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private Archived Events & Presentations. differences may be material. 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. January 5, 2021. Investor Relations. View All Posts 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven to download to deposit for navigate financial offerings advance product Deep understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data 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 Many actual events and circumstances are beyond the control of Dave and VPCC. '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 &) We operate in an uncertain regulatory environment and may from Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business Combination), and solely for potential investors in the proposed These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). We obtain and process a large amount of sensitive data and any real or perceived 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 Actual events and circumstances are difficult or impossible to As a result, investors should be aware that although most of the . are not the only ones we face. 1 Unique users historically measured as connected bank accounts. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / 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. 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. The risks presented below are certain of Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. Note: Dave has not yet completed its 2020 independent sources described above. These forward-looking statements include, but 1 Dave users have taken over 30mm of overdraft protection advances, typically 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. Market data from FactSet as of June 1, 2021. We may never achieve or sustain In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. 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 5200, Chicago, IL 60606. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in The company through its brand aims to make its. adversely impact the Proposed Business Combination. See Virgin Galactic's Fall 2019 Investor Presentation. We transfer funds to our users daily, which in the aggregate comprise Sign Up . The PIPE is at $210M with Tiger, Wellington, and Corbin all . Cash Flow Positive Plan Presentation 1.4 MB. offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. 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 Presentation Decks by Dave (3) Investor Day. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 1 Affirm estimates showing fiscal year ending in June. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our 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 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 qualification under the securities laws of any such jurisdiction. Aurora Investor Presentation - February 2023 . audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. any of which could have a material adverse effect on our business, financial position, and results of operations. Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. A PIPE of $210 million was led by Tiger. know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. 03/22. Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship since 2018 Unparalleled Business Diligence $100 million The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 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 The company has amassed 10 million users with its innovative checking account that was first to market in 2017 with fee-free overdraft, credit building, expense predictions and a gig-economy focused job board. generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect, Following the These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or 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 immaterial that could also cause actual results to differ from those contained in the forward-looking statements. 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. 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. 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:. the Securities Exchange Act of 1934, as amended. 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.
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