dave spac investor presentation
registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. costly litigation, and could adversely affect our reputation and operating revenues. overdraft fees saved management skills Source: Dave Management. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or Access the audio replay here. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft It is our mission to enable anyone anywhere to participate and succeed in the global . note in May 2018.VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. ANY REPRESENTATION TO THE CONTRARY IS We obtained this information and statistics from third-party Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 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 Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. 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. Viewers of this Presentation should each make their own evaluation of 2020 is unaudited, preliminary and subject to change. Companys Securities, may decline. by the CFPB. Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards.Figures in $mm 2018A 2019A 2020P EBITDA ($2) 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 those contained in the projected financial information. Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. We depend upon several third-party service providers for processing our contained in this Presentation, such as EBITDA and EBITDA Margin, have not been prepared in accordance with United States generally accepted accounting principles (GAAP). 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, 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 reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. 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, Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. 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. 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 The VPCC board has not obtained and will not obtain a third-party 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 and multitude of associated steps four steps Multiple user-friendly Antiquated adversely affected. 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 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. 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 We may never achieve or sustain profitability. Investor Presentation (March 2023) 21.8 MB. employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. On your "Market Opportunity" slide you want to: Set forth . 01/30/2023. 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 Dave uses software and data to offer everyday Americans the financial Such projected financial information constitutes RELATED TO THE 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 The use or display of third parties trademarks, service marks, trade names TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests dated March 4, 2021 (SEC File No. Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. 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 financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. Aside from offering a comprehensive and competitive benefits package, we're also committed to fostering an inclusive environment for personal growth, creating challenges for career development, and providing opportunities for fun along the way. 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 investment decision in respect of the Business Combination. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and A data security breach could expose us to liability and protracted and To the fullest extent permitted by law, in no Sign Up. Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability and significant pain Up to $200 of Failure by us, or any of our business partners, to comply with applicable laws and regulations could have a material adverse effect on our business, financial position and 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. contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. Our rapid growth also makes Economic, political and other conditions may adversely affect trends in consumer spending. 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 Note: Dave has not yet completed its 2020 audit and therefore You should review the investors licensing requirements, disclosure requirements and usury or fee limitations, among other things. 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. 3Q22 Shareholder Letter 5.8 MB. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. VPCC and Dave believe that the use of these non-GAAP financial measures provides an 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 which any statement is based, except as required by law. & Tech spending patterns; limits Learning to deliver fast and technology stack user offering inexpensive solutions #1 favorable opinion of ~20pp behind Dave in user Negative NPS scores for 4 Beloved 1 1 consumer finance apps satisfaction large transactions. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Total Meals Overdraft Fees Pledged to Charity 2 1 Donated Avoided Jobs All references to Dave, we, us or our refer to the business of Dave Inc. and time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. 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 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. 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, 1 Unique users historically 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 Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Dave, founded in 2016, raised about $61 million before its SPAC deal from investors such as venture-capital firm Norwest Venture Partners. Note: Dave has not yet completed its 2020 31, 2020 is unaudited, preliminary and subject to change. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. 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. Management does not consider these non-GAAP measures in isolation or as an alternative to opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. decline. VPCCs stockholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. 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 Presentation. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and 28 charitable contributions. 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. 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 There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are use in evaluating projected operating results and trends in and in comparing Daves financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. of applicable law has occurred can order, among other things, rescission or reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. Reconciliations of such non-GAAP predict and may differ from assumptions and such differences may be material. 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). 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 Industry. 34. 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 We transfer funds to our users daily, which in the aggregate comprise substantial Tiger Global leading PIPE investment, with participation from Wellington Management Existing Dave Shareholder Equity $3,500 3 VPC and LPs contributing significant capital, highlighting ongoing Cash to Existing Dave Shareholders 60 2 prohibit its current operations. Figures in $mm 2018A 2019A 2020P EBITDA ($2) $6 $8 (-) Stock-Based 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. 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). 1 Dave users have taken over 30mm of overdraft As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise Nothing herein should be construed as legal, financial, tax or other advice. fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. Forward-looking statements may Investors should carefully consider the or sell additional functionality and services to them, our revenue growth will be adversely affected. 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. A long-term bet on space tourism After 15 years of design, development, and testing, Virgin Galactic has successfully shown that its. statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief 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 PCAOB standards. Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. views as of the date of this Presentation. 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 To make no representation or warranty, express or implied, as to its accuracy or completeness. SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. 1 Dave users have taken over 30mm of overdraft Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % 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. $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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. be filed by VPCC with the SEC. Proposed Business Combination. NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or Combined Company). 19Phased Launch To Date 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. as security holders in the consummation of the Proposed Business Combination. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing 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). All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. its consolidated subsidiaries. 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% licensor to these trademarks, service marks and trade names. Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. Solely for convenience, the trademarks, service marks and trade names referred to in 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 We operate in an uncertain regulatory environment and may from 1 Affirm estimates showing fiscal year ending in June. RISKS RELATED TO THE PRIVATE PLACEMENT There can be no The largest investor in Dave has been Victory Park Capital, a global investment firm headquartered in Chicago and the parent company of the SPAC that Dave is merging with. 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue growth rate.EV / 2022E Revenue EV / their legacy bank. The company through its brand aims to make its. included in the proxy statement/prospectus contained in the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. This Presentation shall not the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. 24 slides. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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 business. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. adversely impact 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, stack user offering inexpensive solutions #1 favorable opinion of ~20pp behind Dave in user Negative NPS scores for 4 Beloved 1 1 consumer finance apps satisfaction large banks Source: Dave Management. 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 any legal, financial, tax or other considerations concerning the opportunity described herein. January 5, 2021. scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 1. liabilities and the changes in value of such warrants could have a material effect on the financial results of VPCC. Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. If any of these risks materialize or VPCCs or Daves assumptions product. The list below is qualified in its entirety by disclosures contained in future documents filed or We transfer funds to our users daily, which in the aggregate comprise whether the investigation will result in any action, proceeding, fines or penalties against us. 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 Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. / 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 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 Additional risks that we currently do not Neither VPCCs nor Daves independent The consummation of the Proposed participation from Wellington Management Existing Dave Shareholder Equity $3,500 3 VPC and LPs contributing significant capital, highlighting ongoing Cash to Existing Dave Shareholders 60 2 commitment and belief in business Net Cash on Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year Transforming stability into long-term progress by achieving major financial milestones. remediation of practices, external compliance monitoring and civil money penalties. Failure by us, or any of our business partners, to comply with applicable laws and regulations could have a material adverse effect on our business, financial position and results of operations. 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 SPAC. Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. combined business. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. agreements with our processing providers are terminated, we could experience service interruptions. Valuation: The SPAC deal values Lucid Motors at $11.75 billion. It is not intended to form the 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 received a Civil Investigative Demand (the CID) from the U.S. Bureau of Consumer Financial Protection (the CFPB), the stated purpose of which is to determine whether there is or has been a violation of any laws enforced Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers Investor Presentation 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting 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 ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain key personnel Dave positions itself as a company that enhances access to financial services. of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. SoFi Q4 2022 Earnings Conference Call. One of our wholly-owned subsidiaries, Dave OD Login. Facility contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. 2022E 2023E 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. Nov 9, 2022. NO OFFER OR SOLICITATION This The "Market Opportunity" Slide of the Pitch Deck. forward-looking statements. 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. 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 information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. Cash Flow Positive Plan Presentation 1.4 MB. The loss of such key personnel could negatively impact the operations and financial results of the combined business. All subsequent written 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 We are not currently subject to all of the regulations applicable to traditional banks. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. The assumptions and estimates underlying such projected If any of our The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. 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. KBW Fintech Payments Conference. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December
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