Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E June 2021 (34 slides) 1 of . BlackSky SPAC Investor Presentation Analysis | Merger with SFTW, Osprey Technology | Space Spac Time in the Market 604 subscribers Subscribe 14 Share Save 795 views 1 year ago An analysis of. 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, 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. Forma Cash 1 87% Existing Dave Shareholders $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC Additionally, all information in Daves Investor Presentation (March 2023) 21.8 MB. This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and should not be assumed to be, complete or to constitute all the 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. views as of the date of this Presentation. 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity independent sources described above. offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 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 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 11 Cant 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. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting 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). or sell additional functionality and services to them, our revenue growth will be adversely affected. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace transactions. 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. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. 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. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting thresholds (25% of all founder shares).Transaction the results implied by these forward-looking statements. 03/22. 25. 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. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests as security holders in the consummation of the remediation of practices, external compliance monitoring and civil money penalties. Actual events and circumstances are difficult or impossible to undertakes certain compliance obligations. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. 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 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 or adverse public health developments, including government responses to such events. 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 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. If our present or any future key banking relationships are terminated and we are their legacy bank. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of Allows users to confidently track First neobank to help Evolve Bank & Trust, Member FDIC, holds all deposits and issues . 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. 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. Investor Relations. 1. Combination when it becomes available. Dave, founded in 2016, raised about $61 million before its SPAC deal from investors such as venture-capital firm Norwest Venture Partners. 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. 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. 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 3Disclaimer INDUSTRY AND MARKET DATA Although all information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, 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 for purposes of the proposed private placement financing (the Private Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business If our present or any future key banking relationships are 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 playing. Such persons can Some of the financial information and data RISKS 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, financial condition and results of Note: Dave has not yet completed its 2020 audit and therefore all financial statement Amid all the news of the last few days, you might have missed that eToro, an Israeli consumer stock-trading service, is going public in the United States via a SPAC.. Don't worry about the SPAC . 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. Source: Dave Management projections. Investors should carefully consider the Note: Dave has not yet completed its 2020 audit and therefore all financial Note: Dave has not yet completed its 2020 audit and therefore Solely for convenience, the trademarks, service measures. If we cannot address any Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC 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 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. 6 3 Maximum proceeds to select existing Aurora Analyst & Investor Day Presentation . 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 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 If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. limitations, among other things. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such According to an investor presentation, the company generated $122M in revenue in 2020. The risks presented in such filings efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. 5200, Chicago, IL 60606. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from For example, in May 2020, we VPCC and Dave believe that the use of these non-GAAP financial measures provides an Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship since 2018 Unparalleled Business Diligence $100 million 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. 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. 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 connection with the Proposed Business Combination. direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of overdraft fees saved management skills Source: Dave Management. COMPANY. Investor Presentation. 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 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. 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 rights or the right of the applicable licensor to these trademarks, service marks and trade names. This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and You should review the investors their investment for an indefinite period of time. Investors want to invest in big opportunities with large addressable markets. intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, 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. 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, 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. and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. results of operations. Dave uses software and data to offer everyday Americans the financial Some data is also based on the good faith estimates of Dave and VPCC, which are derived 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 . its consolidated subsidiaries. thresholds (25% of all founder shares). These forward-looking statements are subject to a number of risks and uncertainties, NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in RISKS RELATED TO THE PRIVATE PLACEMENT and significant pain Up to $200 of ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Allscreen Supported by World-Class Investors 23Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci 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 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. 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. PARTICIPANTS IN THE 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 included in the proxy statement/prospectus contained in the 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 existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or training. 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. We may never achieve or sustain Our 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. document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other investment decision in respect of the Business Dec. 2020+ Source: Dave Management. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 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 2019 2020. Allows users to confidently track First neobank to help users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. Dave Users have recorded in aggregate $300-400mm / 16 Neither VPCCs nor Daves independent Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are immaterial that could also cause actual results to differ from If any of our agreements with our processing providers are terminated, we could experience service interruptions. VPCC and Dave believe that these non-GAAP financial measures provide useful 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. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. An oversubscribed PIPE deal that saw shares priced at $15 . 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 Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Neither On your "Market Opportunity" slide you want to: Set forth . 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. The deal was announced in October. Our rapid growth also makes In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and 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 You should review the investors presentation and perform your own due diligence prior to making an investment in The company has attracted institutional investors. risk control mechanisms may not prevent all fraudulent or illegal activity. 1 Unique users historically and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. 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 completion of the Proposed Business Combination. completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. We transfer funds to our users daily, which in the aggregate comprise substantial those contained in the projected financial information. Special purpose acquisition companies (SPACs) have become a preferred way for many experienced management teams and sponsors to take companies public. transactions between Dave and VPCC. Katapult Transaction. 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). 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. should make such other investigations as they deem necessary. Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. Management does not consider these non-GAAP measures in transactions globally since inception Differentiated High Growth FinTech Strong Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to 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 Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. the use of our platform and other products and services could decline. Market data from FactSet as of June 1, 2021. year in fees from their legacy banks in 2019 2020.Dave uses software and data to offer everyday Americans the financial services they need, at Solves immediate breakthrough speed and pricing. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. If any of our 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. If we are unable to acquire new customers and retain our current customers users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial notifications sent Highlights focus on community- to users to prevent overspending based 115 Across all relevant mobile all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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 All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 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. 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. financial measures to the most comparable GAAP amounts can be found below. 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. It is our mission to enable anyone anywhere to participate and succeed in the global . 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, platforms. as a private placement to a limited number of institutional accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). 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 playing field, today announced that the Company will participate in three upcoming investor conferences in March 2023:. Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, NO OFFER OR SOLICITATION This The risks described below The Credit product. USE OF PROJECTIONS This Presentation contains projected financial information. 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

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