prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Documents available for download Aspiration Announces Olivia Albrecht as CEO Aspiration Secures $315 Million of New Funding Fourth Quarter 2021 Results Download Third Quarter 2021 Results Download Business Combination may not be completed. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. 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% 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% The loss of such key personnel could negatively impact the operations and financial results of the combined business. other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business by resulting in litigation, fines, penalties, or 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. Such projected financial information constitutes The 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. Q2 2022 Earnings Supplement 510.8 KB. 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. 1 Dave users have taken over 30mm of overdraft sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Going forward, unique users represents combination of connected bank product. 06/21. Learn More. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in One of our wholly-owned 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 As a result, investors should be aware that although most of the . Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. 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, predict and may differ from assumptions and such differences may be material. 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Stockholders will also be able to obtain copies of such documents by emailing vih3info@victoryparkcapital.com or by directing a request to VPCC secretary at c/o Victory Park Capital Advisors, LLC, 150 North Riverside Plaza, Suite At this time, we are unable to predict the outcome of this CFPB investigation, including NO REPRESENTATION OR WARRANTY No representations or warranties, To 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 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. situations or financial needs. The company has attracted institutional investors. Marketing investment recovered in ~9 months on 1 a gross profit basis This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other Dave Dave; SPAC Presentation Deck (June 2021) . 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:. views as of the date of this Presentation. 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, In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. 01/30/2023 08:00 AM ET. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are We depend upon several third-party service providers for processing our transactions. 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. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended with respect to a potential business combination between Dave Inc. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business 'lvfodlphu 'lvfodlphuv dqg 2wkhu ,psruwdqw ,qirupdwlrq 7klv suhvhqwdwlrq wklv 3uhvhqwdwlrq lv surylghg iru lqirupdwlrqdo sxusrvhv rqo\ dqg kdv ehhq suhsduhg wr dvvlvw lqwhuhvwhg sduwlhv lq pdnlqj wkhlu rzq hydoxdwlrq zlwk uhvshfw wr d srwhqwldo exvlqhvv frpelqdwlrq ehwzhhq &) Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci Paras Chitrakar Grahame Fraser Kate Holmes Brian Li VP Support GC CTO Head of Product VP Design VP Business Operations Dec. 2020+ Source: Dave Management. 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. 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. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. decline. The assumptions and estimates underlying such projected 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. all of the regulations applicable to traditional banks. If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry necessary to continue providing our users with new and innovative products and services, Following the there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. the results implied by these forward-looking statements. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in Fraudulent activity The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in & 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 Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to Q3 2021 Earnings Supplement 1.3 MB . 10, Daves Estimated Chaos Climbers User TAM Overcoming 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) Momentus Investor Presentation - Powering In-Space Transportation June 2021 (34 slides) 1 of . 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. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. Each of VPCC and Dave expressly disclaims any Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. You should consult your own advisers concerning 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 Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. obtain and process a large amount of sensitive data and any real or perceived 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 avoiding ~$35 overdraft fee from their legacy bank. operations as a result of the announcement 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, Market data from FactSet as of June 1, 2021. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning If the Proposed Business KBW Fintech Payments Conference. rss_feed RSS Access the audio replay here. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us some or all of which may be material to our business and results of Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. thresholds (25% of all founder shares). Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE The public and private warrants of VPCC are accounted for as forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. Transaction Structure Implied Sources & Uses ($mm) Dave to Combination when it becomes available. consummation of the Proposed Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed 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 1 Unique users historically If any of our harmed. 1 Affirm estimates showing fiscal year ending in June. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a 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 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Merger Agreement or could otherwise cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Daves business and/or the ability of the parties to complete the Proposed Business Combination; (vi) the inability to information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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 Aurora Analyst & Investor Day Presentation . financial measures determined in accordance with GAAP. Proposed Business Combination. Source: Dave Management. 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 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M If we cannot address any of the following risks and uncertainties effectively, or any other risks remediation of practices, external compliance monitoring and civil money penalties. 1 minute read. Viewers of this Presentation should each make their own evaluation of The company has amassed 10 million users with its innovative checking account that was first to market in 2017 with fee-free overdraft, credit building, expense predictions and a gig-economy focused job board. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary conform to Regulation S-X promulgated under the Securities Act. January 5, 2021. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E in VPCCs final prospectus dated March 4, 2021 (SEC File No. / 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 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 Economic, political and other conditions may adversely affect trends in consumer spending. Solving Legacy Pain Points Building a Better Bank No Overdraft or valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. should make such other investigations as they deem necessary. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash 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. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. Such persons can All subsequent written rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 25Service future, outlook, 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. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a 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 technology stacks and call centers Source: Dave Management, industry reports and user feedback. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, RISKS RELATED TO THE 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. An oversubscribed PIPE deal that saw shares priced at $15 . Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to Combination) and for no other purpose. Here are some key takeaways for investors to consider for Lucid Motors. 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 also read VPCCs final prospectus dated March 4, 2021 (SEC File No. 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 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 The assumptions and estimates underlying such projected financial information are inherently uncertain growing needs, and if we are not able to grow efficiently, our operating results could be harmed. Business Combination. The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law. Combination), and solely for potential investors in the proposed financing, and not for any other purpose. Financial Officer Senior Partner & Co-Founder Executive Officer Joined Dave in 2017 Co-founded VPC in 2007 Founded Dave in 2017 Heads Finance & Operations Serial Entrepreneur 4Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 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 commitment and belief in business Net Cash on This Presentation shall not 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 25. 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 Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. Neither VPCCs nor Daves independent Its . Actual events and circumstances are difficult or impossible to Accordingly, the 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. Download pdf . 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 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. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. PCAOB standards. that advances Americas collective potential 1 Based on Center for Financial Services Innovation. We are not currently subject to The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. 2Q22 Shareholder Letter 6.5 MB. Company). Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. 333-252577), which was filed with the SEC on March 8, 2021. If we are unable to acquire new customers and retain our current customers or sell additional functionality and services to them, our revenue growth will be Investor Resources. audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. as security holders in the consummation of the Proposed Business Combination. All subsequent written 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 independent sources described above. SPAC. Our rapid growth also makes June 7 (Reuters) - Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the. Dave Terms of Use Link4 Designed by Dave, not a bank. VPCCs sponsor, directors 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 These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). 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. 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 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. Q3 2022 Earnings Supplement 958.9 KB. Archived Events & Presentations. 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. We depend upon several third-party service providers for processing our Evolve Bank & Trust, Member FDIC, holds all deposits and issues . 15 Initial investment in the form of $2 million convertible Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates by a 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. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated be completed. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. 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. of VPCCs stockholders in connection with the Proposed Business Combination. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. NO OFFER OR SOLICITATION This the opportunity described herein. 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of Side Hustle; FOLLOW US. and subject to change. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. Note: Dave has not yet completed its 2020 The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. Revenue $533 $329 189 $377 CAGR: 98% $223 CAGR: 116 112% $193 $111 22 344 $122 262 $75 $76 171 $43 121 $17 $8 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020P 2021E 2022E 2023E Rapid scaling and 60% YoY Proven record of driving significant If any of our agreements with our processing providers are terminated, we could experience service interruptions. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers Structure Implied Sources & Uses ($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