dave spac investor presentation

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. Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. decline. 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. BigBear.ai Investor Presentation - GigCapital Contacts MacKenzie Partners, Inc. 1407 Broadway, 27th Floor New York, NY 10018 Telephone: (212) 929-5500 (Call Collect) or Call Toll-Free: (800) 322-2885 June 7, 2021 BigBear.ai Investor Presentation 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 Fathom is a leading on-demand digital manufacturing platform at the forefront of the Industry 4.0 revolution. The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not The loss of such key personnel could negatively impact the operations and financial results of the combined business. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, 1 Dave users have taken over 30mm of overdraft 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 Combination. VPCCs stockholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. A data security breach could expose us to liability and protracted and 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. the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. COMPANY. 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. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers Allows users to confidently track First neobank to help investment decision in respect of the Business Combination. Information concerning the interests of VPCCs and EBITDA is defined as earnings reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our As a result, investors should be aware that although most of the . Actual events and circumstances are difficult or impossible to Login. prohibit its current operations. views as of the date of this Presentation. Dave, founded in 2016, raised about $61 million before its SPAC deal from investors such as venture-capital firm Norwest Venture Partners. the use of our platform and other products and services could decline. 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 One of our wholly-owned 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 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. We obtained this information and statistics from third-party and significant pain Up to $200 of 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 banks Source: Dave Management. Such persons can 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. 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 Facebook; Twitter; . Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. basis of any investment decision or any other decisions with respect to the Proposed Business Combination. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is disposition is exempt from the registration requirements of the Securities Act. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE RISK FACTORS The below list of risk factors has been prepared solely the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. 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 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, We transfer funds to our users daily, which in the aggregate comprise substantial 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 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 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 0.45x 0.19x Source: Dave Management, 25th Annual Needham Growth Conference Presentation . The PIPE is at $210M with Tiger, Wellington, and Corbin all . In addition, this Presentation does not purport to be all inclusive or to contain Presentation does not purport to be all inclusive or to contain all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. 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. 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 are not the only ones we face. 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. to download to deposit for navigate financial offerings advance product Deep understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data 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. connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. profitability. Presentations. NO OFFER OR SOLICITATION This Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. Inc. has guaranteed up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. Chief 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 4. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to PCAOB Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. The list below is qualified in Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace 3Q22 Shareholder Letter 5.8 MB. A CRIMINAL OFFENSE. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT 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 28 charitable contributions. We are not currently subject to financing, and not for any other purpose. EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 6 3 Maximum proceeds to select existing 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. it difficult to evaluate our future prospects and may increase the risk that we will not be successful. 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. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. Any scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 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 Proposed Business The public and private warrants of VPCC are accounted for as Nov 9, 2022. 06/21. Marketing investment recovered in ~9 months on 1 a gross profit basis sums, and are subject to the risk of errors, which could result in financial losses, damage to our reputation, or loss of trust in our brand, which would harm our business and financial results. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). 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 Actual results may differ materially from the results contemplated by the projected The company through its brand aims to make its. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE However, banking products made available through Dave by our bank partner remain subject to regulation and supervision by banking regulators and Dave, as a service provider to its bank partner, The Credit We operate in an uncertain regulatory environment and may from 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft Information concerning the interests of VPCCs and Daves participants in the 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 Accordingly, the commissioned by Dave.Dave Other Neobank Incumbent User Journey User Journey Bank User Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. Katapult Transaction. all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. standards. 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 including (i) the occurrence of any event, change, or 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 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. Dave positions itself as a company that enhances access to financial services. Learn More. decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, monetary penalties, injunctive restrictions, or other sanctions, Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. We are not currently subject to all of the regulations applicable to traditional banks. 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. 0.28 -0.00 ( -1.62% ) Vol: 76,441. forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests 11 Cant afford a one-time $400 emergency. Exhibit 99.2 June 2021 1Exhibit 99.2 June 2021 1, Disclaimer This presentation (together with oral statements made in The risks described below are not the only ones we face. 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. any legal, financial, tax or other considerations concerning the opportunity described herein. 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 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 Business Combination may not loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. 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. results of operations. Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which the Company competes and other industry data. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such unaudited, preliminary and subject to change. 1 Affirm estimates showing fiscal year ending in June. An oversubscribed PIPE deal that saw shares priced at $15 . Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E 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 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates RISKS RELATED TO THE PRIVATE PLACEMENT There can be no and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could cause actual results to differ materially from Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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 connection with the Proposed Business Combination. Transforming stability into long-term progress by achieving major financial milestones. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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, 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. additional CAC High-impact products significantly revenue-generative even before cross-attach, fueling marketing spend 21, Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash measures. 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 training. 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 The transfer of 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 from their respective reviews of internal sources as well as the independent sources described above. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. Investor Relations. Dave - SPAC Presentation Deck. Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. To of its banking platform with modest user adoption costs 17Solving Legacy Pain Points Building a Better Bank No Overdraft or Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle 1 Dave users have taken over 30mm of overdraft 1 Dave users have taken over 30mm of overdraft protection advances, typically risk control mechanisms may not prevent all fraudulent or illegal activity. Many actual events and circumstances are beyond the control of Dave and VPCC. statements above. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from donated. Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. Side Hustle; FOLLOW US. 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. June 2021 (34 slides) 1 of . As defined by the US Securities and Exchange Commission, a SPAC is a company with no operations that offers securities for cash and places substantially all the offering proceeds into a trust or escrow account for future use in the acquisition of one or more private operating companies. avoiding ~$35 overdraft fee from their legacy bank. 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. Investors should carefully consider the Combination. Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. SPAC. Our rapid growth also makes Neither Q2 2022 Earnings Supplement 510.8 KB. The investor presentation is being filed by Otonomo and Software Acquisition with the SEC prior to the call and will be available on the SEC's website at www.sec.gov. 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. The cost of responding to investigations can be substantial and an adverse 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 intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, VPCCs 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 dave-to-go-public-in-4-billion-spac . 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 Tiger Global leading PIPE investment, with At this time, we are unable to predict the outcome of this CFPB investigation, including 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. information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. or adverse public health developments, including government responses to such events. Some of the 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. up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. Fraudulent and INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY The use or display of third parties Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. expressly qualified in their entirety by the cautionary statements above. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other 01/30/2023. 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 Webcast. 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 Here are some key takeaways for investors to consider for Lucid Motors. 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. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Transaction Structure Implied Sources & Uses ($mm) Dave to Solely for convenience, the trademarks, service marks and trade names referred to in 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity involves a high degree of risk. 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 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 training. 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 to download to deposit for navigate financial offerings advance product Deep Investors should carefully consider the risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. 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. Third-party consumer research commissioned by Dave. 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. 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). Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. If any of these risks materialize or VPCCs or Daves assumptions express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. increases dramatically as users attach to Dave Bank ARPU Uplift reflects mix of new bank (first twelve mos) $43 revenue and increased engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 45% 56% 62% 57% 59% 62% Service adversely affected. 1 Gross profit is net of COGS which includes processor fees, bad / 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

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