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RISKS costly litigation, and could adversely affect our reputation and operating revenues. and significant pain Up to $200 of Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other user feedback. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. The risks presented below are certain of We are cooperating with the CFPB, including producing documents and INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, 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. These forward-looking statements include, but This document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other 15 Initial investment in the form of $2 million convertible 24 slides. Investor Relations. 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M Failure by us, or any of our business partners, to comply with applicable laws and regulations could have a material adverse effect on our business, financial position and results of operations. 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 The assumptions and estimates underlying such projected financial information are inherently uncertain Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC the results implied by these forward-looking statements. BigBear.ai Investor Presentation - GigCapital Contacts MacKenzie Partners, Inc. 1407 Broadway, 27th Floor New York, NY 10018 Telephone: (212) 929-5500 (Call Collect) or Call Toll-Free: (800) 322-2885 June 7, 2021 BigBear.ai Investor Presentation 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. 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. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision 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. 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 You should review the investors received a Civil Investigative Demand (the CID) from the U.S. Bureau of Consumer Financial Protection (the CFPB), the stated purpose of which is to determine whether there is or has been a violation of any laws enforced 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, Dave and VPCC have not independently verified the information and of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. 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 Fraudulent activity 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. 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. Information concerning the interests of VPCCs and Daves participants in the Rewards, and Side Hustle Source: Dave Management. 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 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 25th Annual Needham Growth Conference Presentation . On your "Market Opportunity" slide you want to: Set forth . Our rapid growth also makes The list below is qualified in its entirety by disclosures contained in future documents filed or be filed by VPCC with the SEC. 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. It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. Additionally, all information in Daves 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) LOS ANGELES, March 02, 2023 (GLOBE NEWSWIRE) -- Dave Inc. (the "Company") (NASDAQ:DAVE, DAVEW)), one of the leading U.S. neobanks on a mission to build products that level the financial . operations as well as our prospects. 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 Investors should carefully consider the 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 The loss of such key personnel could negatively impact the operations and financial results of the In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E listing standards of the NYSE or Nasdaq. the opportunity described herein. 31, 2020 is unaudited, preliminary and subject to change. all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. 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, information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Accordingly, the Securities must continue to be held unless a subsequent IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a registration statement on Form S-4 is expected to penalties against us. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. Katapult Transaction. We transfer funds to our users daily, which in the aggregate comprise Combination. generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect, IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a value of such warrants could have a material effect on the financial results of VPCC. rights or the right of the applicable licensor to these trademarks, service marks and trade names. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. Average fees paid per year by Dave customers to legacy banks 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 See Forward-Looking Statements paragraph above. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. If our present or any future key banking relationships are terminated and we are their investment for an indefinite period of time. efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. & 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 should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not 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 the use of our platform and other products and services could decline. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, tech-powered service and inspiring, thoughtfully designed accommodations combined into one seamlessly managed experience. Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. AeroFarms home The Vertical Farming, Elevated Flavor company 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private 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. Actual events and circumstances are difficult or impossible to The company has attracted institutional investors. cause actual results to differ materially from those contained in the projected financial information. Shares opened at $8.27 apiece under. ANY REPRESENTATION TO THE CONTRARY IS EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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 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 Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise by the CFPB. investment decision in respect of the Business Combination. Combined Company). 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. 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 2020 is unaudited, preliminary and subject to change. USE OF PROJECTIONS This Presentation contains projected financial information. Changes in laws or regulations, or a failure to or sell additional functionality and services to them, our revenue growth will be adversely affected. We transfer funds to our users daily, which in the aggregate comprise substantial forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. before interest, tax and depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. If any of our agreements with our processing providers are terminated, we could experience service interruptions. You should review the investors presentation and perform your own due diligence prior to making an investment in Source: Dave management. ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform upside over time on engagement and revenue Where weve been Where were going Since inception regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. from and be more extensive than those presented below. SOLICITATION VPCC, Dave and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of VPCCs stockholders in 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 Nothing herein should be construed as legal, financial, tax or other advice. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. These statements are based on various 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 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 which any statement is based, except as required by law. 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 that may be instituted against VPCC and Dave 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 Solving Legacy Pain Points Building a Better Bank No Overdraft or measures. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 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 . Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. 01/30/2023 08:00 AM ET. 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, Sign Up. Such projected financial information constitutes 62 slides. substantial number of our users to repay funds they receive through the use of our overdraft protection product would harm our business and financial results. and liabilities to Dave or inhibit sales of our products. 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 25. The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products offered by financial technology companies such as Dave is often 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. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. Some of the Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace Were going up against legacy banks and their 1 $30bn of overdraft We are not currently subject to all of the regulations applicable to traditional banks. Q2 2022 Earnings Supplement 510.8 KB. consensus broker research. Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and 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 Note: Dave has not yet completed its 2020 audit and therefore all financial 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 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. 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. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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. All references to Dave, we, us or our refer to the business of Dave Inc. and 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 May tap upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. be completed. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting 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 the Securities Exchange Act of 1934, as amended. should make such other investigations as they deem necessary. overdraft fees saved management skills Source: Dave Management. 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Instantly search thousands of Presentation Decks by world-leading companies on Slidebook.io. know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. About; Careers; Help; Investors; Giving Back; FEATURES. Going forward, unique users represents combination of connected bank notifications sent Highlights focus on community- to users to prevent overspending based approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated technology stacks and call centers Source: Dave Management, industry reports and 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 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 Note: Dave has not yet completed its 2020 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 involves a high degree of risk. 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 ($10) for the The Credit Facility contains Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability of its banking platform with modest user adoption costs 17. 34. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E Solely for convenience, the trademarks, service marks and trade names referred to in depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and operations as a result of the announcement 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 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 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. Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. 45% 56% 62% 57% 59% 62% Service 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 1 Dave users have taken over 30mm of overdraft 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall Actual results may differ materially from the results contemplated by the projected financial information contained in this Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary Marketing investment recovered in ~9 months on 1 a gross profit basis We 1 Dave users have taken over 30mm of overdraft 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. and subject to change. VPCCs A PIPE of $210 million was led by Tiger. expressly qualified in their entirety by the cautionary statements above. accounts and Dave bank accounts.1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 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 valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. The financial services industry continues to be targeted by 2 Calculated as 10 meals per dollar also read VPCCs final prospectus dated March 4, 2021 (SEC File No. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. under the Securities Act. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft Each of VPCC and Dave expressly disclaims any PARTICIPANTS IN THE SOLICITATION VPCC, Dave and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. The PIPE is at $210M with Tiger, Wellington, and Corbin all . 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. all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination.