dave spac investor presentation

Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Proposed Business Combination. Any May tap under the Securities Act. by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state 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 Average fees paid per year by Dave customers to legacy banks Investor Presentation from and be more extensive than those presented below. Some data is also based on the good faith estimates of Dave and VPCC, which are derived IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a Exhibit 99.2 June 2021 1Exhibit 99.2 June 2021 1, Disclaimer This presentation (together with oral statements made in There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are NEW YORK-- ( BUSINESS WIRE )--Better HoldCo, Inc. (" Better " or the " Company "), one of the fastest-growing digital homeownership platforms in the U.S., and Aurora Acquisition Corp. (NASDAQ:. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or 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 Investor Relations. COMPANY. Were going up against legacy banks and their 1 $30bn of overdraft resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us some or all of which may be material to our business and results of You should consult your own advisers concerning We transfer funds to our users daily, which in the aggregate comprise Investor Tools. All references to Dave, we, us or our refer to the business of Dave Inc. and Fraudulent activity 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 of VPCCs stockholders in This Presentation shall not Proposed Business Combination. Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, assurance with respect thereto for the purpose of this Presentation. ANY REPRESENTATION TO THE CONTRARY IS 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 Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 1 Unique users historically An oversubscribed PIPE deal that saw shares priced at $15 . Accordingly, the Securities must continue to be held unless a subsequent states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even prohibit its current operations. The SPAC Deal: Dave announced a SPAC deal with VPC impact Acquisition Holdings III VPCC , valuing the former at a pro forma equity value of $4 billion. 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 platforms. 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . The risks presented in such filings 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 business. Combined Company). Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020. Accordingly, the Presentation, and on the current expectations of Dave's and VPCC's management and are not predictions of actual performance. limitations, among other things. We are not currently subject to all of the regulations applicable to traditional banks. Investor Relations Aspiration is in the Business of Sustainability - Our mission is to empower people and businesses to Do Well and Do Good. Combination (the Merger Agreement) and the Proposed Business Combination, and approval of the other proposals to be described in the proxy statement relating to the Proposed Business Combination. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or training. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. PARTICIPANTS IN THE adversely affected. improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. Neither VPCCs nor Daves independent overdraft fees saved management skills Source: Dave Management. Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. It is not intended to form the Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. All subsequent written 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity 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 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. 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 Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. You should review the investors presentation and perform your own due diligence prior to making an investment in Revenue $533 $329 189 $377 CAGR: 98% $223 CAGR: 116 112% $193 $111 22 344 $122 262 $75 $76 171 $43 121 $17 $8 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020P 2021E 2022E 2023E Rapid scaling and 60% YoY Proven record of driving significant undertakes certain compliance obligations. We obtain and process a large amount of sensitive data and any real or perceived which any statement is based, except as required by law. 1 Dave users have taken over 30mm of overdraft protection advances, typically 0.28 -0.00 ( -1.62% ) Vol: 76,441. Combination. proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. 1 Affirm estimates showing fiscal year ending in June. regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state licensing requirements, disclosure requirements and usury or fee transactions between Dave and VPCC. remediation of practices, external compliance monitoring and civil money penalties. 333-252577), which was filed with the SEC on March 8, 2021. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may their legacy bank. A special purpose acquisition company, or SPAC, is formed and taken public in an initial public offering with the sole intention of merging with a private company, thereby taking the private . USE OF PROJECTIONS This Presentation contains projected financial information. To the fullest extent permitted by law, in no Presentation does not purport to be all inclusive or to contain all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. Changes in laws or regulations, or a failure to and/or competitive factors (xii) and those factors discussed in VPCCs final prospectus filed with the SEC on March 8, 2021 under the heading Risk Factors and VPCCs Quarterly Report on Form 10-Q for the three months ended financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could Aurora Investor Presentation - February 2023 . Transaction Structure Implied Sources & Uses ($mm) Dave to Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. Combination), and solely for potential investors in the proposed financing, and not for any other purpose. 6 3 Maximum proceeds to select existing since 2018 Unparalleled Business Diligence $100 million existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or We operate in an uncertain regulatory environment and may from Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 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 standards. Going forward, unique users represents combination of connected bank 115 Across all relevant mobile platforms.Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE There is no guarantee that a stockholders decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better future economic position. Some of the financial information and data TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement to be filed by VPCC with the SEC. 34 slides. Dave's Benefits & Perks We understand how important it is to get key benefits and perks from an employer. It is our mission to enable anyone anywhere to participate and succeed in the global . Note: Dave has not yet completed its 2020 practices (which may increase our operating expenses and/or 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, Q3 2021 Earnings Supplement 1.3 MB . 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 Owlet's $1.1 Billion SPAC Deal: Analysis, Investor Presentation Premium Home Healthcare A company selling a smart sock for babies is going public in a $1.1 billion SPAC deal. Changes in laws or regulations, or a failure to comply with any laws and The deal was announced in October. NO OFFER OR SOLICITATION This financial measures determined in accordance with GAAP. 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. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a 11 Cant afford a one-time $400 emergency. upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. could suffer. 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 The public and private warrants of VPCC are accounted for as liabilities and the changes in This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise 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. 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