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06/21. obligations could harm our business by resulting in litigation, fines, penalties, or adverse publicity and reputational damage that may negatively affect the value of our business, and compliance with such laws could also result in additional costs 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December Evolve Bank & Trust, Member FDIC, holds all deposits and issues . If the Proposed Business Source: Dave Management. that may be instituted against VPCC and Dave following the announcement of the Merger Agreement and the transactions contemplated therein; (iii) the inability to complete the Proposed Business Combination, including due to failure to obtain approval The cost of responding to investigations can be substantial and an adverse 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 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 Instantly search thousands of Presentation Decks by world-leading companies on Slidebook.io. 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. Information concerning the interests of VPCCs and RISK FACTORS The below list of risk factors has been prepared solely There can be no 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 methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. 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 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 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, measured as connected bank accounts. reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. Our Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended 31, 2020 is unaudited, preliminary and subject to change. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 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. 25Service which any statement is based, except as required by law. 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 If we are unable to acquire new customers and retain our current customers or sell additional functionality and services to them, our revenue growth will be The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. We are cooperating with the CFPB, including producing documents and PCAOB standards. prohibit its current operations. 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M 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. by the CFPB. 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 VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to 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 Forma Cash 1 87% Existing Dave Shareholders fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. Investor Presentation. 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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, This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall 34 slides. These statements are based on various assumptions, whether or not identified in this be completed. RISKS RELATED TO THE We may not be able to scale our business quickly enough to meet our users growing needs, and if we are not able to grow efficiently, our operating results could be Source: Dave Management. investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Reconciliations of such non-GAAP The public and private warrants of VPCC are accounted for as Combination. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 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. 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. Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 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 These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Financial Officer Senior Partner & Co-Founder Executive Officer Joined Dave in 2017 Co-founded VPC in 2007 Founded Dave in 2017 Heads Finance & Operations Serial Entrepreneur 4Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief The risks described below the opportunity described herein. Combination) and for no other purpose. 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 KBW Fintech Payments Conference. 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 information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. Transforming stability into long-term progress by achieving major financial milestones. 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 Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing HIPP-sters People paycheck By High Income, Paycheck to Paycheck Building credit Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. its consolidated subsidiaries. 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 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 and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. SPAC Presentation Deck by Dave. You should review the investors improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. 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, As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting COMPANY. penalties against us. 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 officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Investors should carefully consider the Dave, founded in 2016, raised about $61 million before its SPAC deal from investors such as venture-capital firm Norwest Venture Partners. If our present or any future key banking relationships are 25th Annual Needham Growth Conference Presentation . 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. You should consult your own advisers concerning 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. the use of our platform and other products and services could decline. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to 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. all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. 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, 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 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. Many actual events and circumstances are beyond the control of Dave and VPCC. The Credit Facility contains Solely for convenience, the trademarks, service Changes in laws or regulations, or a failure to the go-forward publicly traded company SPAC Cash in Trust 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 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 protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. 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 Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. Access the audio replay here. Neither VPCCs nor Daves independent Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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% Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. forward-looking statements. respective businesses. Our fraud detection and risk control mechanisms may not prevent all fraudulent or illegal activity. Accordingly, the Securities must continue to be held unless a subsequent 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% We transfer funds to our users daily, which in the aggregate comprise substantial 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). differences may be material. 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 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 Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics SoFi Q4 2022 Earnings Conference Call. listing standards of the NYSE or Nasdaq. furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed transactions between Dave and VPCC. In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. those contained in the projected financial information. Investor Relations. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, Legal Disclaimers 3 Important Information For Investors and Shareholders; Participants in Solicitation In connection with the proposed business combination, Spartan will be required to file a registration statement (which will include a proxy statement/prospectus of Spartan) and other relevant documents with the Management does not consider these non-GAAP measures in VPCC and Dave believe that the use of these non-GAAP financial measures provides an FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated services they need, at Solves immediate breakthrough speed and pricing. most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated technology stacks and call centers Source: Dave Management, industry reports and 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 . 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. With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . VPCCs sponsor, directors 7. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. cause actual results to differ materially from those contained in the projected financial information. 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 Has Allowed for User Positioned for Rapid Scaling 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 Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Q3 2021 Earnings Supplement 1.3 MB . 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. 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. 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests fueling marketing spend 21Instant access to high-impact, low-CAC products More users and more data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no The loss of such key personnel could negatively impact the operations and financial results of the Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. connection with the Proposed Business Combination. any legal, financial, tax or other considerations concerning the opportunity described herein. Webcast. 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 should make such other investigations as they deem necessary. A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up 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 Investor Resources. 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. 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 Cash Flow Positive Plan Presentation 1.4 MB. licensor to these trademarks, service marks and trade names. These forward-looking statements include, but 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash 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. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. 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. We may never achieve or sustain profitability. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business practices (which may increase our operating expenses and/or financial information are inherently uncertain 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 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. 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. The public and private warrants of VPCC are accounted for as liabilities and the changes in 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. Investor Tools. To 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. Webcast. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. 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. 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 Combination when it becomes available. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % and subject to change. 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