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These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). COMPANY. costly litigation, and could adversely affect our reputation and operating revenues. 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. forward-looking statements. Viewers of this Presentation should each make their own evaluation of conform to Regulation S-X promulgated under the Securities Act. The combination between Victory Park Capital's blank-check company and the banking app Dave is expected to be complete by the third or fourth quarter. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Neither subsidiaries, Dave OD 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). of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. Investor Presentation (March 2023) 21.8 MB. 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 115 Across all relevant mobile completion of the Proposed Business Combination. It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. Dave Terms of Use Link4 Designed by Dave, not a bank. the go-forward publicly traded company SPAC Cash in Trust 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 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 all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. Allows users to confidently track First neobank to help Total Revenue $17 $76 $122 $193 $377 $533 % Growth -- 340% 60% 59% 95% 41% 1 Gross Profit $8 $43 $75 $111 $223 $329 % Margin 45% 56% 62% 57% 59% 62% Operating Expenses (ex. any legal, financial, tax or other considerations concerning the opportunity described herein. Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability 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 Dave Other Neobank Incumbent User Journey User Journey Bank User into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit The consummation of the Proposed Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. EBITDA is defined as earnings In addition, this Presentation does not purport to be all inclusive or to contain This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. Momentus Investor Presentation - Powering In-Space Transportation 0.45x 0.19x Source: Dave Management, consensus broker research. the Securities Exchange Act of 1934, as amended. 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 Investor Presentation LOS ANGELES and CHICAGO - June 7, 2021 - Dave, the banking app on a mission to create financial opportunity that advances America's collective potential, and VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) ("VPCC"), a special purpose acquisition company sponsored by Victory Park Capital ("VPC"), today announced that they have entered into 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. Source: Dave Management. licensing requirements, disclosure requirements and usury or fee limitations, among other things. 34 slides. 61% $29 5.6 3.7 2.8 1.1 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020A 2021E 2022E 2023E Efficient user acquisition and Modest ARPU improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management or sell additional functionality and services to them, our revenue growth will be adversely affected. Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September Were going up against legacy banks and their 1 $30bn of overdraft obtain or maintain the listing of the 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 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. 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 comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. RISKS RELATED TO THE PRIVATE PLACEMENT There can be no A PIPE of $210 million was led by Tiger. Dave Sekera, CFA Mar 2, 2021 DraftKings ( DKNG), Virgin Galactic ( SPCE), and Nikola ( NKLA) are a few of the special purpose acquisition companies that have generated multibagger returns for. make no representation or warranty, express or implied, as to its accuracy or completeness. Going forward, unique users represents combination of connected bank Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Additional risks that we currently do not know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. results of operations. Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. 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 19Phased Launch To Date 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 should make such other investigations as they deem necessary. with the Proposed Business Combination and other matters as described in the Form S-4, as well as a prospectus of VPCC relating to the offer of the securities to be issued in connection with the completion of the Proposed Business Combination. See Virgin Galactic's Fall 2019 Investor Presentation. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. 20, Instant access to high-impact, low-CAC products More users and more We may not be able to scale our business quickly enough to meet our users 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. 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. RISKS RELATED TO THE 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. and subject to change. Note: Dave has not yet completed its 2020 audit and therefore all financial Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 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. 25. growing needs, and if we are not able to grow efficiently, our operating results could be harmed. Some of the financial information and data The PIPE is at $210M with Tiger, Wellington, and Corbin all . A CRIMINAL OFFENSE. operations as well as our prospects. The deal was announced in October. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in Valuation: The SPAC deal values Lucid Motors at $11.75 billion. 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. Investors should carefully consider the These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or be filed by VPCC with the SEC. registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. Q3 2022 Earnings Presentation. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. 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. 1 Unique users historically 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. 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. 24 slides. The assumptions and estimates underlying such projected prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. harmed. 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 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). Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, If we are unable to acquire new customers and retain our current customers Dave, Inc. has guaranteed Access the audio replay here. 1 Unique users historically measured as connected bank accounts. Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. The VPCC board has not obtained and will not obtain a third-party valuation or financial 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 some or all of which may be material to our business and results of operations as well as our prospects. 2021 Annual Shareholder Letter 12 MB. differences may be material. These forward-looking statements include, but should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, Victory Park most . We depend upon several third-party service providers for processing our transactions. In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 45% 56% 62% 57% 59% 62% Service Quarterly Report on Form 10-Q for the three months ended March 31, 2021 filed with the SEC on May 25, 2021 under the heading Risk Factors and other documents of VPCC filed, or to be filed, with the SEC, including those risk factors There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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 be completed. training. May tap Accordingly, the 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. 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. Such persons can You should review the investors 1 Dave users have taken over 30mm of overdraft 02/28/2023 11:00 AM ET. Economic, political and other conditions may adversely affect trends in consumer spending. 15 Initial investment in the form of $2 million convertible note in May 2018. The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or business. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. any exemption under the Securities Act. 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. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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 generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect, 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 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 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 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 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 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 Source: Dave Management. Many actual events and circumstances are beyond the control of Dave and VPCC. information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief Investors should be aware that they might be required to bear the final risk of technology stacks and call centers Source: Dave Management, industry reports and user feedback. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to Charity 2 1 Donated Avoided Jobs Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. undertakes certain compliance obligations. of VPCCs stockholders in connection with the Proposed Business Combination. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. Solving Legacy Pain Points Building a Better Bank No Overdraft or $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. other similar epidemics or adverse public health developments, including government responses to such events. consensus broker research. We are a biotherapeutics company built for consumer engagement. If you hold public warrants of 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. and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. USE OF PROJECTIONS This Presentation contains projected financial information. 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 Market data from FactSet as of June 1, 2021. and oral forward-looking statements concerning VPCC or Dave, the transactions described herein or other matters and attributable to VPCC, Dave or any person acting on their behalf are expressly qualified in their entirety by the cautionary VPCCs The public and private warrants of VPCC are accounted for as Company). All references to Dave, we, us or our refer to the business of Dave Inc. and Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December Combination when it becomes available. operations. PCAOB standards. consummation of the Proposed Business Combination, the Combined Company will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of 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 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, Here are some key takeaways for investors to consider for Lucid Motors. basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 333-252577), which was filed with the SEC on March 8, 2021. 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 investment decision in respect of the Business 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 For example, in May 2020, we SPAC. transactions globally since inception Differentiated High Growth FinTech Strong Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests as security holders in the consummation of the