Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% Shares opened at $8.27 apiece under. 31, 2020 is unaudited, preliminary and subject to change. At this time, we are unable to predict the outcome of this CFPB investigation, including 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 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. SoFi Q4 2022 Earnings Conference Call. We are not currently subject to all of the regulations applicable to traditional banks. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business Allscreen Supported by World-Class Investors 23Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci 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 penalties against us. dave-to-go-public-in-4-billion-spac . 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 Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. Dave Users have recorded in aggregate $300-400mm / 16 VPCC and Dave believe that their methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. limitations, among other things. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products make no representation or warranty, express or implied, as to its accuracy or completeness. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606. The ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the agreements with our processing providers are terminated, we could experience service interruptions. Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. A data security breach could expose us to liability and protracted and The use or display of third parties Transforming stability into long-term progress by achieving major financial milestones. 24 slides. Combination) and for no other purpose. Actual results may differ materially from the results contemplated by the projected 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 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. Going forward, unique users represents combination of connected bank accounts and Dave bank accounts. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 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. Marketing investment recovered in ~9 months on 1 a gross profit basis technology stacks and call centers Source: Dave Management, industry reports and user feedback. 6 3 Maximum proceeds to select existing We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. Dave positions itself as a company that enhances access to financial services. independent sources described above. of its banking platform with modest user adoption costs 17Solving Legacy Pain Points Building a Better Bank No Overdraft or Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle 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 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. operations. EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 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 Here are some key takeaways for investors to consider for Lucid Motors. transactions. 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 our financial position and results of operations. auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of RISKS RELATED TO THE Some data is also based on the good faith estimates of Dave and VPCC, which are derived from their respective reviews of internal sources as well as the The VPCC board has not obtained and will not obtain a third-party valuation or financial 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 respective businesses. Q3 2021 Earnings Supplement 1.3 MB . 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 Users can opt for free advances (1-3 days) or optional We also These statements are based on various assumptions, whether or not identified in this 2021 Annual Shareholder Letter 12 MB. that advances Americas collective potential 1 Based on Center for Financial Services Innovation. 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. 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 NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE risk control mechanisms may not prevent all fraudulent or illegal activity. 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 Cash Flow Positive Plan Presentation 1.4 MB. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. 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 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. VPCC and Dave believe that these non-GAAP financial measures provide useful Dave, Inc. has guaranteed A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. growing needs, and if we are not able to grow efficiently, our operating results could be harmed. Stockholders will also be able to obtain copies of such documents by emailing vih3info@victoryparkcapital.com or by directing a request to VPCC secretary at c/o Victory Park Capital Advisors, LLC, 150 North Riverside Plaza, Suite loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Economic, political and other conditions may adversely affect trends in consumer spending. 1Q22 Shareholder Letter 9.1 MB. the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. 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 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 Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise 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, 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. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. banks Source: Dave Management. differences may be material. Source: Dave management. 33RISK FACTORS The below list of risk factors has been prepared solely for purposes of the proposed private placement financing (the Private protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from This combined business. users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial notifications sent Highlights focus on community- to users to prevent overspending based standards. 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. 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 as a private placement to a limited number of institutional 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). 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 All references to Dave, we, us or our refer to the business of Dave Inc. and its consolidated subsidiaries. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. the Securities Exchange Act of 1934, as amended. daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. 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. EBITDA is defined as earnings before interest, tax and some or all of which may be material to our business and results of operations as well as our prospects. 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. Webcast. Neither VPCCs nor Daves independent SPAC Presentation Deck by Dave. Even if VPCC consummates the business combination, there can be no assurance that VPCCs public warrants will be in the money during their exercise period, and they may expire worthless. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or Solely for convenience, the trademarks, service 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 The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. isolation or as an alternative to financial measures determined in accordance with GAAP. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE Following the financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. The loss of such key personnel could negatively impact the operations and financial results of the should make such other investigations as they deem necessary. We may never achieve or sustain 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M Instantly search thousands of Presentation Decks by world-leading companies on Slidebook.io. 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 expressly qualified in their entirety by the cautionary The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Nasdaq. Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. If any of our If any of our agreements with our processing providers are terminated, we could experience service interruptions. Average fees paid per year by Dave customers to legacy banks Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. the opportunity described herein. intend, expect, should, would, plan, project, forecast, predict, potential, seem, seek, There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are immaterial that could also cause actual results to differ from and liabilities to Dave or inhibit sales of our products. circumstances will VPCC, Dave or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or Presentation Decks by Dave (3) Investor Day. Access the audio replay here. However, banking products made available through Dave by our bank partner remain subject to regulation and supervision by banking regulators and Dave, as a service provider to its bank partner, Combined Company). 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 12/21. constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. ANY REPRESENTATION TO THE CONTRARY IS 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 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. 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. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. 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. As defined by the US Securities and Exchange Commission, a SPAC is a company with no operations that offers securities for cash and places substantially all the offering proceeds into a trust or escrow account for future use in the acquisition of one or more private operating companies. 2 Calculated as 10 meals per dollar Dec. 2020+ Source: Dave Management. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace Some of the financial information and data overdraft fees saved management skills Source: Dave Management. 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 the go-forward publicly traded company SPAC Cash in Trust 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 To The Credit (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Combination) and for no other purpose. Source: Dave Management. risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. $137 $216 % 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. 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 25. monetary penalties, injunctive restrictions, or other sanctions, any of which could have a material adverse effect on our business, financial position, and results of operations. Changes in laws or regulations, or a failure to methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. The public and private warrants of VPCC are accounted for as liabilities and the changes in obtain and process a large amount of sensitive data and any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our 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. investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Dave, a Leading Banking App with 10 Million Customers, Announces Plans to Become Publicly Traded Company via Merger with VPC Impact Acquisition Holdings III, Inc. Dave's mission is to create. Solving Legacy Pain Points Building a Better Bank No Overdraft or 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 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 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 amendments thereto and the definitive proxy 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 You should consult your own advisers concerning any legal, financial, tax or other considerations concerning all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting 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. 34. Industry. The CFPB has broad enforcement powers, and upon determining a violation Dave - SPAC Presentation Deck. and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Our rapid growth also makes Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. The use or display of third parties trademarks, service marks, trade names Companys Securities, may decline. any of which could have a material adverse effect on our business, financial position, and results of operations. listing standards of the NYSE or Nasdaq. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a 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 shall not Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December Investor Resources. sponsor, directors and officers have agreed to vote in favor of the Proposed Business Combination, regardless of how VPCCs public stockholders vote. qualification under the securities laws of any such jurisdiction. 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 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 Proposed Business The public and private warrants of VPCC are accounted for as results of operations. 10Average fees paid per year by Dave customers to legacy banks Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 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. improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our business. View All Posts 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 11 Cant We are subject to governmental regulation and 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: The transfer of 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 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 . 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 obtain or maintain the listing of the Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. 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 The company through its brand aims to make its. 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 Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. 15 Initial investment in the form of $2 million convertible 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 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 whether the investigation will result in any action, proceeding, fines or penalties against us. Investors want to invest in big opportunities with large addressable markets. 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity RISKS RELATED TO THE PRIVATE PLACEMENT 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