Owlet's $1.1 Billion SPAC Deal: Analysis, Investor Presentation 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 FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. 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 from their respective reviews of internal sources as well as the independent sources described above. financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. Mr. Meyer's SPAC, USHG Acquisition Corp. (ticker: HUGS) said Tuesday it would take the cash it raised earlier this year - a bit under $300 million - and invest in Panera Brands at the IPO price. View All Posts 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 not be able to continue to operate our business as it is currently operated. Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. 2021 Annual Shareholder Letter 12 MB. Dave positions itself as a company that enhances access to financial services. You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. 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 user feedback. Neither VPCCs nor Daves independent Sign Up. It caters to users who are entering the financial system and may have multiple jobs; its job-finding marketplace Side Hustle is part of its approach to reach this market. trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. 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 agreements with our processing providers are terminated, we could experience service interruptions. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. 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 ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. The Space SPAC: Everything You Need to Know about Virgin Galactic Mark Cuban-backed banking app Dave going public via $4 billion SPAC - CNBC December 31, 2020 is unaudited, preliminary and subject to change. This Presentation shall not constitute a solicitation as defined in Section 14 of Our fraud detection and 12/21. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed 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 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship Our rapid growth also makes Investors should carefully consider the under the Securities Act. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. Dave App to Go Public Through SPAC, Not IPO - Market Realist An oversubscribed PIPE deal that saw shares priced at $15 . 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 Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger January 5, 2021. Our Reconciliations of such non-GAAP 9 Key Takeaways From The Lucid Motors SPAC Merger NO OFFER OR SOLICITATION This One of our wholly-owned subsidiaries, Dave OD 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 Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. Login. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. 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. Economic, political and other conditions may adversely affect trends in consumer spending. Acquisition Company ("SPAC") GigCapital4's IPO was completed in February 2021 Led by a proven management team of experienced entrepreneurs and executives Deep public company management and board experience Extensive global network of TMT business professionals and investors Proven experience with M&A, strategy and technology What You Need to Know About SPACs - Updated Investor Bulletin 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests immaterial that could also cause actual results to differ from those contained in the forward-looking statements. as security holders in the consummation of the Proposed Business Combination. $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% 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. 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, included in the proxy statement/prospectus contained in the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. These statements are based on various assumptions, whether or not identified in this 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 Securities Exchange Act of 1934, as amended. Here are some key takeaways for investors to consider for Lucid Motors. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug 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 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. 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 Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 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. 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 We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. 62 slides. Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. 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 01/30/2023. 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. costly litigation, and could adversely affect our reputation and operating revenues. decline. operations. 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. All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. Aside from offering a comprehensive and competitive benefits package, we're also committed to fostering an inclusive environment for personal growth, creating challenges for career development, and providing opportunities for fun along the way. completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. Presentations :: Aurora Innovation, Inc. (AUR) Mark Cuban-Backed Banking App Dave Gets SPAC Deal: What Investors improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our business. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. Side Hustle; FOLLOW US. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling Investor FAQ; Email Alerts; Contact IR; Presentations Presentations Q4 2022 Earnings Supplement 491.8 KB. If we cannot address any USE OF PROJECTIONS This Presentation contains projected financial information. Presentations | Sonder Holdings Inc. Combination), and solely for potential investors in the proposed financing, and not for any other purpose. The interests of the sponsor. Many actual events and circumstances are beyond the control of Dave and VPCC. We may never achieve or sustain profitability. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. adversely affected. 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 To Invest or Not to Invest in SPACs | Morningstar 34 slides. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash transactions globally since inception Differentiated High Growth FinTech Strong Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. It is not intended to form the PDF Momentus Investor Presentation - Powering In-Space Transportation banks Source: Dave Management. Some data is also based on the good faith estimates of Dave and VPCC, which are derived connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. See Virgin Galactic's Fall 2019 Investor Presentation. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other 1 Gross profit is net of COGS which includes processor fees, bad 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. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Mark Cuban-Backed Personal Finance App Dave to Go Public in $4 - WSJ A PIPE of $210 million was led by Tiger. 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 Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. Source: Dave management. 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. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT FinTech Dave Inc Announces Nasdaq Debut | PYMNTS.com 0.45x 0.19x Source: Dave Management, consensus broker research. JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. We are subject to governmental regulation and other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such 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, financial condition and results of operations. If you hold public warrants of Presentations | Dave Inc. 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 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. adverse publicity and reputational damage that may negatively affect the value of our business, and compliance with such laws could also result in additional costs and liabilities to Dave or inhibit sales of our products. BlackSky SPAC Investor Presentation Analysis - YouTube Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. Actual results may differ materially from the results contemplated by the projected financial information contained in this Digital Homeownership Platform Better to Become a - Business Wire 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 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. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. We transfer funds to our users daily, which in the aggregate comprise substantial You should consult your own advisers concerning Some of the amendments thereto and the definitive proxy 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 existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year Transforming stability into long-term progress by achieving major financial milestones. Payoneer - Investor Relations Solely for convenience, the trademarks, service services they need, at Solves immediate breakthrough speed and pricing. 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:. Presentation Decks by Dave (3) Investor Day. 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 VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a 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 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 These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. If we are unable to acquire new customers and retain our current customers 25% 50% Bank A Challenger 20% 28% 48% Bank B Very Favorable Somewhat Favorable 4.8 ~1M #1 1 Most Favored Brand App Store Rating Reviews in the Industry Source: Third-party consumer research commissioned by Dave. views as of the date of this Presentation. 2022E 2023E 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. Evolve Bank & Trust, Member FDIC, holds all deposits and issues . Katapult Transaction :: FinServ Acquisition Corp. (FSRV) 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, 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 Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. conform to Regulation S-X promulgated under the Securities Act. / 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 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 We may not be able to scale our business quickly enough to meet our users We are cooperating with the CFPB, including producing documents and technology stacks and call centers Source: Dave Management, industry reports and user feedback. platform and our business could suffer. Q1 2022 Earnings Supplement 562.6 KB. Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. If you hold public warrants of VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. Average fees paid per year by Dave customers to legacy banks 02/28/2023 11:00 AM ET. Aurora Investor Presentation - February 2023 . As a result, approximately 20.0% of VPCCs voting securities outstanding, representing Business Combination may not be completed. Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. Dave. & 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 as a private placement to a limited number of institutional accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). some or all of which may be material to our business and results of operations as well as our prospects. 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 While VPCC and Dave believe that their Proposed Business Combination. We may never achieve or sustain Overview | Sonder Holdings Inc. 1 Dave users have taken over 30mm of overdraft protection advances, typically Access the audio replay here. The PIPE is at $210M with Tiger, Wellington, and Corbin all . forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Business Combination. comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. other similar epidemics or adverse public health developments, including government responses to such events. Its . Consumer Finance Startup Dave Eyes Acquisitions, Crypto After SPAC Deal Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business Dave, founded in 2016, raised about $61 million before its SPAC deal from investors such as venture-capital firm Norwest Venture Partners. of VPCCs stockholders in connection with the Proposed Business Combination. financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 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. 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 Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. In addition, this Presentation does not purport to be all inclusive or to contain 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / SoFi Q4 2022 Earnings Conference Call. 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 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 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. 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 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
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