dave spac investor presentation dave spac investor presentation

Instantly search thousands of Presentation Decks by world-leading companies on Slidebook.io. afford a one-time $400 emergencyDaves Estimated Chaos Climbers User TAM Overcoming daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People 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 To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, Reconciliations of such non-GAAP A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. We may never achieve or sustain be adversely affected by other economic, business, 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 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 10, Daves Estimated Chaos Climbers User TAM Overcoming The combined companies would have an enterprise value of approximately $9.3 billion, the SPAC said. 12/21. dave-to-go-public-in-4-billion-spac . The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. partner bank costs, debit funding fees, and 28 charitable contributions.Marketing investment recovered in ~9 months on 1 a gross profit basis 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected 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. 115 Across all relevant mobile platforms.Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% 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 20, Instant access to high-impact, low-CAC products More users and more contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). Webcast. Neither Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. any exemption under the Securities Act. Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. 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. Investor Presentation 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 115 Across all relevant mobile It is not intended to form the EBITDA is defined as earnings 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 respective businesses. Transforming stability into long-term progress by achieving major financial milestones. 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 constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. prohibit its current operations. uncertain, evolving and unsettled. The loss of such key personnel could negatively impact the operations and financial results of the combined business. 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 Note: Dave has not yet completed its 2020 Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended 1 minute read. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft We may never achieve or sustain profitability. 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 December 31, 2020 is unaudited, preliminary and subject to change. listing standards of the NYSE or Nasdaq. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise statements above. 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. 25. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. could suffer. VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a Investors should carefully consider the 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 Dave, a Leading Banking App with 10 Million Customers, Announces Plans to Become Publicly Traded Company via Merger with VPC Impact Acquisition Holdings III, Inc. Dave's mission is to create. Market data from FactSet as of June 1, 2021. as security holders in the consummation of the Proposed Business Combination. 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 Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. PARTICIPANTS IN THE SOLICITATION VPCC, Dave and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. 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. Each of VPCC and Dave expressly disclaims any SPAC. Quarterly Report on Form 10-Q for the three months ended March 31, 2021 filed with the SEC on May 25, 2021 under the heading Risk Factors and other documents of VPCC filed, or to be filed, with the SEC, including those risk factors financial condition and results of operations. Market data from FactSet as of June 1, 2021. Viewers of this Presentation should each make their own evaluation of However, banking products made available through Dave by our bank partner remain subject to regulation and supervision Login. 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 Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. Dave, 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 rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. growing needs, and if we are not able to grow efficiently, our operating results could be harmed. 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. the use of our platform and other products and services could decline. 01/30/2023. 3Q22 Shareholder Letter 5.8 MB. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. Solely for convenience, the trademarks, service marks and trade names referred to in and liabilities to Dave or inhibit sales of our products. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is KBW Fintech Payments Conference. 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 Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . assurance with respect thereto for the purpose of this Presentation. financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. registration statement on Form S-4 is expected to be filed by VPCC with the SEC. 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. Additional risks that we currently do not know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. Note: Dave has not yet completed its 2020 audit and therefore all financial statement Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. 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. subsidiaries, Dave OD 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). which any statement is based, except as required by law. 333-252577), which was filed with the SEC on March 8, 2021. Q1 2022 Earnings Supplement 562.6 KB. 1 Affirm estimates showing fiscal year ending in June. 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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 $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 34. 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 Companys Securities, may 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry 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 rights or the right of the applicable Forward-looking statements may A special purpose acquisition company, or SPAC, is formed and taken public in an initial public offering with the sole intention of merging with a private company, thereby taking the private . are not the only ones we face. 1 Dave users have taken over 30mm of overdraft protection advances, typically their legacy bank. Rewards, and Side Hustle Source: Dave Management. 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 1 Dave users have taken over 30mm of overdraft This Presentation shall not constitute a solicitation as defined in Section 14 of The risks presented below are certain of 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. To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state licensing requirements, disclosure requirements and usury or fee notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. Such persons can In addition, this Dave Terms of Use Link4 Designed by Dave, not a bank. It is our mission to enable anyone anywhere to participate and succeed in the global . 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 information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Dave Other Neobank Incumbent User Journey User Journey Bank User 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 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 presentation and perform your own due diligence prior to making an investment in Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. 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. will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the proposed transactions between Dave and VPCC, and may differ significantly Valuation: The SPAC deal values Lucid Motors at $11.75 billion. You should review the investors presentation and perform your own due diligence prior to making an investment in The company through its brand aims to make its. obtain or maintain the listing of the combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and 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. Q3 2022 Earnings Supplement 958.9 KB. operations. Some of the financial information and data employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business There is no guarantee that a stockholders decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better future economic position. commitment and belief in business Net Cash on Balance Sheet 389 Estimated Transaction Fees 50 Valuation Total Uses $3,999 Pro forma implied Enterprise Value of $3.6bn, which equates to 9.4x 2022E revenue of $377mm 4 Pro Forma Ownership Pro dated March 4, 2021 (SEC File No. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such 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 Neither Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm VPCCs nor Daves independent 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 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) Average fees paid per year by Dave customers to legacy banks 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 transactions. differences may be material. the results implied by these forward-looking statements. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not 2021 Annual Shareholder Letter 12 MB. Transcript. Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and At this time, we are unable to predict the outcome of this CFPB investigation, including The risks described below 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. A CRIMINAL OFFENSE. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Following the consummation of the Proposed Business Combination, the Combined Company will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- Our financial measures to the most comparable GAAP amounts can be found below. IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a registration statement on Form S-4 is expected to It caters to users who are entering the financial system and may have multiple jobs; its job-finding marketplace Side Hustle is part of its approach to reach this market. understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data & Tech spending patterns; limits Learning to deliver fast and technology accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). Investors should carefully consider the risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 11 Cant afford a one-time $400 emergency. of VPCCs stockholders in connection with the Proposed Business Combination. Nasdaq. Information concerning the interests of VPCCs and Daves participants in the Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. To terminated and we are not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. Business Combination. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and views as of the date of this Presentation. Some data is also based on the good faith estimates of Dave and VPCC, which are derived from their respective reviews of internal sources as well as the Going forward, unique users represents combination of connected bank Dave Dave; SPAC Presentation Deck (June 2021) . Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E If our present or any future key banking relationships are terminated and we are Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of RISKS RELATED TO THE About; Careers; Help; Investors; Giving Back; FEATURES.