If our present or any future key banking relationships are terminated and we are Our Industry. 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. 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 . 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). If you hold public warrants of Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace 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 and subject to change. 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. Merger Agreement or could otherwise 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 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 Revenue Transaction Revenue ExtraCash: Dave Bank: We generate 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 be filed by VPCC with the SEC. Neither VPCCs nor Daves independent 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 Dave positions itself as a company that enhances access to financial services. 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 Q3 2021 Earnings Supplement 1.3 MB . growth rate. We are not currently subject to ~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 We obtain and process a large amount of sensitive data and any real or perceived focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 transactions globally since inception Differentiated High Growth FinTech Strong sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. 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, 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. adversely impact the Proposed Business Combination. Investors should be aware that they might be required to bear the final risk of 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). Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or commissioned by Dave.Dave Other Neobank Incumbent User Journey User Journey Bank User Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers 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. NO OFFER OR SOLICITATION This In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. Figures in $mm 2018A 2019A 2020P EBITDA ($2) $6 $8 (-) Stock-Based 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 Source: Dave Management. platform and our business could suffer. 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. Economic, political and other conditions may adversely affect trends in consumer spending. Inc. has guaranteed up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. Fraudulent activity The financial services industry continues to be targeted by new laws or regulations in many jurisdictions, including the U.S. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Dave to grow and manage This Presentation shall not constitute a solicitation as defined in Section 14 of We operate in an uncertain regulatory environment and may from time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. Going forward, unique users represents combination of connected bank ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform upside over time on engagement and revenue Where weve been Where were going Since inception / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22, Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from Exhibit 99.2 June 2021 1Exhibit 99.2 June 2021 1, Disclaimer This presentation (together with oral statements made in 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. For example, in May 2020, we Aurora Analyst & Investor Day Presentation . ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. harmed. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our platform and our business accounts and Dave bank accounts.1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 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 This Presentation shall not from and be more extensive than those presented below. $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 Sponsor Shares Implied Enterpise Value $3,563 1% If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may The financial services industry continues to be targeted by methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. 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 We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. be completed. and liabilities to Dave or inhibit sales of our products. or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law. banks 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 1 Unique users historically The transfer of operations as a result of the announcement and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, 7. The assumptions and estimates underlying such projected $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. One of our wholly-owned dave-to-go-public-in-4-billion-spac . with respect to a potential business combination between Dave Inc. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business 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 of the stockholders of VPCC, certain Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such These forward-looking statements include, but Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. differences may be material. NO OFFER OR SOLICITATION This Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. 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 6 3 Maximum proceeds to select existing Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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. June 7 (Reuters) - Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a We are not currently subject to all of the regulations applicable to traditional banks. EBITDA is defined as earnings before interest, tax and Dave Terms of Use Link4 Designed by Dave, not a bank. Market data from FactSet as of June 1, 2021. 31, 2020 is unaudited, preliminary and subject to change. Dave and VPCC have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business 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 costly litigation, and could adversely affect our reputation and operating revenues. 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure 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 rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. Neobanks: $75-100 10M 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. Powered by a global private aviation marketplace connecting its growing base of approximately 13,000 members and customers to a network of more than 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. A PIPE of $210 million was led by Tiger. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action, proceeding, fines or JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . 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 Total Revenue $17 $76 $122 $193 $377 $533 % Growth -- 340% 60% 59% 95% 41% 1 Gross Profit $8 $43 $75 $111 $223 $329 % Margin 45% 56% 62% 57% 59% 62% Operating Expenses (ex. the use of our platform and other products and services could decline. 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 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. Some of the financial information and data We may never achieve or sustain profitability. and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. If any of these risks materialize or VPCCs or Daves assumptions 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. Sign Up. Momentus Investor Presentation - Powering In-Space Transportation Dave - SPAC Presentation Deck. The deal was announced in October. our financial position and results of operations. any exemption under the Securities Act. KBW Fintech Payments Conference. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no additional CAC High-impact products significantly revenue-generative even before cross-attach, 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. 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, registration statement on Form S-4 is expected to be filed by VPCC with the SEC. 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. its entirety by disclosures contained in future documents filed or 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 Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. 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, Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, Actual results may differ materially from the results contemplated by the projected SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. As a result, investors should be aware that although most of the . Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 It is not intended to form the Our fraud detection and 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. limitations, among other things. Nothing herein should be construed as legal, financial, tax or other advice. Evolve Bank & Trust, Member FDIC, holds all deposits and issues . Business Combination. 1 Gross profit is net of COGS which We are subject to governmental regulation and Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates 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. 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% 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: and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 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 Dave, Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. These forward-looking statements are subject to a number of risks and uncertainties, We are cooperating with the CFPB, including producing documents and valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. 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 Average fees paid per year by Dave customers to legacy banks 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 offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. 3Q22 Shareholder Letter 5.8 MB. 1 minute read. 34. 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity 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 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). 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 06/21. 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 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, Presentations. The PIPE is at $210M with Tiger, Wellington, and Corbin all . 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. 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 Combination) and for no other purpose. competition, the ability of Dave to grow and manage 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 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. These statements are based on various assumptions, whether or not identified in this 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 This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and Dave, Inc. has guaranteed Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. Rewards, and Side Hustle Source: Dave Management. 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). 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our Structure Implied Sources & Uses ($mm) Dave to merge with VPCC through a reverse-subsidiary merger Sources Dave to become a wholly-owned subsidiary of VPCC, which will be Existing Dave Shareholder Equity $3,500 renamed Dave and be 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. Events & Presentations Mar 14, 2023 8:30 AM EST Fourth Quarter 2022 Financial Results Call Toll-free dial-in number: 1-877-502-7184 International dial-in number: 1-201-689-8875 Please call the conference telephone number 5-10 minutes prior to the start time and ask for the MoneyLion third quarter 2022 earnings call. and significant pain Up to $200 of 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. penalties against us. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. See Virgin Galactic's Fall 2019 Investor Presentation. Source: Dave management. 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. Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. The 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 Management does not consider these non-GAAP measures in isolation or as an alternative to generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, intend, expect,