Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of See Virgin Galactic's Fall 2019 Investor Presentation. The transfer of all of the regulations applicable to traditional banks. Combination. We are not currently subject to all of the regulations applicable to traditional banks. 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 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 connection with the operation of their respective businesses. The risks presented in such filings 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. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to This vote by VPCCs stockholders in connection with the Proposed Business Combination and other matters as described in the Form S-4, as well as a prospectus of VPCC relating to the offer of the securities to be issued in connection with the 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. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their 15 Initial investment in the form of $2 million convertible note in May 2018. 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. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. Our fraud detection and risk control mechanisms may not prevent all fraudulent or illegal activity. RISK FACTORS The below list of risk factors has been prepared solely Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. business. differences may be material. The combined companies would have an enterprise value of approximately $9.3 billion, the SPAC said. 15 Initial investment in the form of $2 million convertible 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. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm 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 platform and our business could suffer. our financial position and results of operations. Investor Relations. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. AeroFarms home The Vertical Farming, Elevated Flavor company Fraudulent and These statements are based on various assumptions, whether or not identified in this 2021 Annual Shareholder Letter 12 MB. Information concerning the interests of VPCCs and A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. 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 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. Average fees paid per year by Dave customers to legacy banks should make such other investigations as they deem necessary. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 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 SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. the opportunity described herein. View All Posts be completed. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. since 2018 Unparalleled Business Diligence $100 million existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. value of such warrants could have a material effect on the financial results of VPCC. 2Q21 & Beyond Feedback and Product Optimization ~31% penetration 1.3 mm Dave Bank Users Projected Dave Bank Users of Dave user base 1.2 mm 1.1mm 943k ~95% CAGR 784k 633k 273k 176k 141k 128k 114k 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Even if VPCC consummates the business combination, there can be no assurance that VPCCs public warrants will be in the money during their exercise period, and they may expire worthless. Investor Tools. All references to Dave, we, us or our refer to the business of Dave Inc. and connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. Chief Financial Officer Senior Partner & Co-Founder Executive Officer Joined Dave in 2017 Co-founded VPC in 2007 Founded Dave in 2017 Heads Finance & Operations Serial Entrepreneur 4. 1 Dave users have taken over 30mm of overdraft 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue avoiding ~$35 overdraft fee from their legacy bank. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. undertakes certain compliance obligations. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Fraudulent activity Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020.1 Capital Raised / Users Acquired Dave: $6 Other 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. in VPCCs final prospectus dated March 4, 2021 (SEC File No. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise 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 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 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. The risks described below 31, 2020 is unaudited, preliminary and subject to change. Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. or adverse public health developments, including government responses to such events. You should review the investors Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in 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 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 1 Gross profit is net of COGS which includes processor fees, bad Source: Dave management. 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. 1 Dave users have taken over 30mm of overdraft risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 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. Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% An oversubscribed PIPE deal that saw shares priced at $15 . 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 1 Unique users historically measured as connected bank accounts. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing PARTICIPANTS IN THE information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. 1 Unique users historically Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. their investment for an indefinite period of time. 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% 11 Cant afford a one-time $400 emergency. 5200, Chicago, IL 60606. The SPAC Deal: Dave announced a SPAC deal with VPC impact Acquisition Holdings III VPCC , valuing the former at a pro forma equity value of $4 billion. $137 $216 % 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. Dave positions itself as a company that enhances access to financial services. VPCC and Dave urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus included in the Form S-4 and, when available, the amendments thereto and the definitive proxy The consummation of the Proposed Investors should carefully consider the growing needs, and if we are not able to grow efficiently, our operating results could be harmed. Each of VPCC and Dave expressly disclaims any scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. Learn More. June 2021 (34 slides) 1 of . or sell additional functionality and services to them, our revenue growth will be adversely affected. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business 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 USE OF PROJECTIONS This Presentation contains projected financial information. completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. 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. regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs 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 1. 20ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) increases dramatically as users attach to Dave Bank ARPU Uplift reflects mix of new bank (first twelve mos) $43 revenue and increased If any of these risks materialize or VPCCs or Daves assumptions 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. RISKS RELATED TO THE PRIVATE PLACEMENT There can be no any exemption under the Securities Act. the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. Note: Dave has not yet completed its 2020 Industry. 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 proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Victory Park most . 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. 11 Cant Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B 115 Across all relevant mobile be filed by VPCC with the SEC. 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 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft of the stockholders of VPCC, certain regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the could suffer. 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 vote by VPCCs stockholders in connection Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, 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. Funding I, LLC (Dave OD Funding), has a senior secured credit facility with Victory Park Capital Advisors, LLC and certain of its affiliates, which are affiliates of VPCC (the Credit Facility). decline. 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. 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). understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data & Tech spending patterns; limits Learning to deliver fast and technology For example, in May 2020, we Investor Presentation | Virgin Orbit Vision Launch The Virgin Way Missions Investor Information Careers Orbit for Everyone Team Contact Us The Latest Media Center Service Guide Launch with us Investor Presentation Investor Presentation August 23, 2021 Looking for more? Such persons can 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 be adversely affected by other economic, business, growth rate. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. 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. Investor Relations. Our fraud detection and A data security breach could expose us to liability and protracted and This Presentation shall not A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. 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. One of our wholly-owned 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 Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. 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 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 LOS ANGELES, March 02, 2023 (GLOBE NEWSWIRE) -- Dave Inc. (the "Company") (NASDAQ:DAVE, DAVEW)), one of the leading U.S. neobanks on a mission to build products that level the financial . To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, Nothing herein should be construed as legal, financial, tax or other advice. NO REPRESENTATION OR WARRANTY No representations or warranties, Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. Cash Flow Positive Plan Presentation 1.4 MB. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. immaterial that could also cause actual results to differ from those contained in the forward-looking statements. 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 Instantly search thousands of Presentation Decks by world-leading companies on Slidebook.io. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. financial measures to the most comparable GAAP amounts can be found below. 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. 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. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. USE OF PROJECTIONS This Presentation contains projected financial information. Designed by Dave, not a 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. 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, substantial 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. 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 obtain or maintain the listing of the and minimum balance fees Massive and expensive brick / mortar ($10) for the most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated 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 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 Daves participants in the solicitation, which may, in some cases, be different than those of VPCCs and Daves equity holders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business transactions. Solving Legacy Pain Points Building a Better Bank No Overdraft or To the fullest extent permitted by law, in no Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. 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. In addition, this Rewards, and Side Hustle Source: Dave Management. 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) 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 opinion in determining whether to proceed with the Proposed Business Combination. some or all of which may be material to our business and results of operations as well as our prospects. 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, consensus broker research. 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 Many actual events and circumstances are beyond the control of Dave and VPCC. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling LOS ANGELES and CHICAGO - June 7, 2021 - Dave, the banking app on a mission to create financial opportunity that advances America's collective potential, and VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) ("VPCC"), a special purpose acquisition company sponsored by Victory Park Capital ("VPC"), today announced that they have entered into Were going up against legacy banks and their 1 $30bn of overdraft Proposed Business Combination. and liabilities to Dave or inhibit sales of our products. Combination) and for no other purpose. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting 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, transactions between Dave and VPCC. 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 Source: Dave Management. Reconciliations of such non-GAAP 2, Disclaimer INDUSTRY AND MARKET DATA Although all information and contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. 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
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