06/21. Our fraud detection and Neobanks: $75-100 10M 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. depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. make no representation or warranty, express or implied, as to its accuracy or completeness. views as of the date of this Presentation. To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, NO REPRESENTATION OR WARRANTY No representations or warranties, May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% We obtain and process a large amount of sensitive data and any real or perceived This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and Margin 20% 38% 38% 27% 36% 40% Marketing Spend 5 23 38 61 124 187 EBITDA ($2) $6 $8 ($9) $12 $29 % Margin (11%) 8% 7% (5%) 3% 5% Source: Dave Management. 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 The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. Aurora Analyst & Investor Day Presentation . 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 prohibit its current operations. by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. In addition, this Presentation does not purport to be all inclusive or to contain Some of the 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 donated. The company through its brand aims to make its. all of the regulations applicable to traditional banks. Archived Events & Presentations. financial information and data contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). Structure Implied Sources & Uses ($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 Many actual events and circumstances are beyond the control of Dave and VPCC. Solely for convenience, the trademarks, service marks and trade names referred to in If we are unable to acquire new customers and retain our current customers 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, This Powered by a global private aviation marketplace connecting its growing base of approximately 13,000 members and customers to a network of more than 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. Proposed Business Combination. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. Users can opt for free advances (1-3 days) or optional We also 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, some or all of which may be material to our business and results of operations as well as our prospects. Investor Relations. Q3 2022 Earnings Presentation. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of immaterial that could also cause actual results to differ from those contained in the forward-looking statements. / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22, Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin 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. SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. 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 Nasdaq. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting These forward-looking statements are provided for illustrative See Forward-Looking Statements paragraph above. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and views as of the date of this Presentation. 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. methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Solving Legacy Pain Points Building a Better Bank No Overdraft or 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 We are subject to governmental regulation and 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. 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 NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE 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 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue You should review the investors presentation and perform your own due diligence prior to making an investment in Some data is also based on the good faith estimates of Dave and VPCC, which are derived transactions between Dave and VPCC. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. The any exemption under the Securities Act. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. profitability. 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 Dave Users have recorded in aggregate $300-400mm / 16 harmed. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. Actual results may differ materially from the results contemplated by the projected the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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 protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated June 7, 2021 (the Merger Agreement); (ii) the outcome of any legal proceedings that may be instituted against VPCC and Dave Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in We operate in an uncertain regulatory environment and may from We transfer funds to our users daily, which in the aggregate comprise 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 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 listing standards of the NYSE or 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 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 It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up Facebook; Twitter; . reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. RISKS RELATED TO THE the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. 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. The financial services industry continues to be targeted by 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. 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 transactions between Dave and VPCC. 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. statements above. 2021 Annual Shareholder Letter 12 MB. These forward-looking statements are subject to a number of risks and uncertainties, IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a A data security breach could expose us to liability and protracted and 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 This Presentation shall not 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 Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to PCAOB 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
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