dave spac investor presentation

standards. 34. 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, Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 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, IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a registration statement on Form S-4 is expected to 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 The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products 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. licensor to these trademarks, service marks and trade names. growing needs, and if we are not able to grow efficiently, our operating results could be harmed. 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. 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 also read VPCCs final prospectus dated March 4, 2021 (SEC File No. 2021 Annual Shareholder Letter 12 MB. 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 RISKS RELATED TO THE 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. 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. know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. 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 the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. 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 cost of responding to investigations can be substantial and an adverse 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 FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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 Market data from FactSet as of June 1, 2021. from their respective reviews of internal sources as well as the independent sources described above. SoFi Q4 2022 Earnings Conference Call. 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 Dave Users have recorded in aggregate $300-400mm / 16 USE OF PROJECTIONS This Presentation contains projected financial information. 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, The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. / 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 securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. the opportunity described herein. 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. 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. VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to 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. 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. express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. We may never achieve or sustain The deal was announced in October. You should consult your own advisers concerning Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or A CRIMINAL OFFENSE. the Securities Exchange Act of 1934, as amended. These forward-looking statements are provided for illustrative Each of VPCC and Dave expressly disclaims any Industry. 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 and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. At this time, we are unable to predict the outcome of this CFPB investigation, including On your "Market Opportunity" slide you want to: Set forth . 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 Source: Dave Management. Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. As a result, investors should be aware that although most of the . make no representation or warranty, express or implied, as to its accuracy or completeness. If our present or any future key banking relationships are terminated and we are 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 we are unable to acquire new customers and retain our current customers 25th Annual Needham Growth Conference Presentation . As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting In addition, this Presentation does not purport to be all inclusive or to contain 62 slides. unaudited, preliminary and subject to change. Neither VPCCs nor Daves independent 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. Our fraud detection and 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 2023E 41.4% 64.3% 40.4% 30.1% 27.7% 21.9% 23.1% 27.3% 42.8% 2 Growth-Adjusted Revenue Multiples 2022E 0.10x 0.11x 0.23x 0.46x 0.64x 0.57x 0.46x 0.41x 0.25x 2023E 0.16x 0.09x 0.21x 0.27x 0.55x 0.66x 0.60x will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the proposed transactions between Dave and VPCC, and may differ significantly Instantly search thousands of Presentation Decks by world-leading companies on Slidebook.io. 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, Rewards, and Side Hustle Source: Dave Management. For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry 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. uncertain, evolving and unsettled. We obtained this information and statistics from third-party agreements with our processing providers are terminated, we could experience service interruptions. all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. 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 Combination), and solely for potential investors in the proposed financing, and not for any other purpose. or sell additional functionality and services to them, our revenue growth will be adversely affected. 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 The financial services industry continues to be targeted by 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.

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