The combined companies would have an enterprise value of approximately $9.3 billion, the SPAC said. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. 333-252577), which was filed with the SEC on March 8, 2021. EBITDA is defined as earnings Archived Events & Presentations. 1 18 Based on third-party consumer research focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 transactions globally since inception Differentiated High Growth FinTech Strong If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from Download pdf . All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. and multitude of associated steps four steps Multiple user-friendly Antiquated onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. The cost of responding to investigations can be substantial and an adverse thresholds (25% of all founder shares). Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended 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 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 Proposed Business Combination. 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 Access the audio replay here. The public and private warrants of VPCC are accounted for as liabilities and the changes in At this time, we are unable to predict the outcome of this CFPB investigation, including Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Q2 2022 Earnings Supplement 510.8 KB. 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 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. immaterial that could also cause actual results to differ from those contained in the forward-looking statements. We obtained this information and statistics from third-party 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. Investor Presentation. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. EBITDA is defined as earnings before interest, tax and Such persons can If the Proposed Business 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 Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. We may never achieve or sustain profitability. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and 1 Gross profit is net of COGS which At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action, proceeding, fines or $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC Sponsor Shares Implied Enterpise Value $3,563 1% licensing requirements, disclosure requirements and usury or fee limitations, among other things. Rewards, and Side Hustle Source: Dave Management. Investor Presentation Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in These forward-looking statements are subject to a number of risks and uncertainties, Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% View All Posts Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. risk control mechanisms may not prevent all fraudulent or illegal activity. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. 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 NO OFFER OR SOLICITATION This 1 minute read. The interests of the sponsor. January 5, 2021. its entirety by disclosures contained in future documents filed or furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed any legal, financial, tax or other considerations concerning the opportunity described herein. Combined Company). The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. We transfer funds to our users daily, which in the aggregate comprise Going forward, unique users represents combination of connected bank Dave Terms of Use Link4 Designed by Dave, not a bank. If you hold public warrants of assumptions, whether or not identified in this Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. should make such other investigations as they deem necessary. the opportunity described herein. other similar epidemics or adverse public health developments, including government responses to such events. securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. 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 involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. expressly qualified in their entirety by the cautionary statements above. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash 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. AeroFarms home The Vertical Farming, Elevated Flavor company Forward-looking statements may 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 Management does not consider these non-GAAP measures in isolation or as an alternative to financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 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 views as of the date of this Presentation. After the Form S-4 has been filed and declared effective, the definitive proxy statement/prospectus will be mailed to VPCCs stockholders as of a record date to be established for voting on the Proposed Business Some data is also based on the good faith estimates of Dave and VPCC, which are derived The CFPB has broad enforcement powers, and upon determining a violation Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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% Dave Other Neobank Incumbent User Journey User Journey Bank User 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 This Presentation shall not Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. Facebook; Twitter; . Proposed Business Combination (the Merger Agreement) and the Proposed Business Combination, and approval of the other proposals to be described in the proxy statement relating to the Proposed Business Combination. 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 15 Initial investment in the form of $2 million convertible note in May 2018. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. competition, the ability of Dave to grow and manage 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 Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Investor Relations. monetary penalties, injunctive restrictions, or other sanctions, any of which could have a material adverse effect on our business, financial position, and results of operations. Following the 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, 1 Dave users have taken over 30mm of overdraft statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the Proposed Business Combination. Actual results may differ materially from the results contemplated by the projected financial information contained in this 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 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. fueling marketing spend 21Instant access to high-impact, low-CAC products More users and more data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no 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. SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. 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 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation 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 To the fullest extent permitted by law, in no 34. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. This If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry Momentus Investor Presentation - Powering In-Space Transportation 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
dave spac investor presentation
