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. 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. amendments thereto and the definitive proxy statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the 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. Changes in laws or regulations, or a failure to VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates Many actual events and circumstances are beyond the control of Dave and VPCC. connection with the operation of their respective businesses. Quarterly Report on Form 10-Q for the three months ended 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 19Phased Launch To Date 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 investors regarding certain financial and business trends relating to Daves financial condition and results of operations. Aurora Analyst & Investor Day Presentation . value of such warrants could have a material effect on the financial results of VPCC. valuation or financial opinion in determining whether to proceed with the Proposed Business Combination. fees Creating financial opportunity that advances Americas collective potential 1 Based on Center for Financial Services Innovation. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are 01/30/2023 08:00 AM ET. 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 financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Cash Flow Positive Plan Presentation 1.4 MB. in VPCCs final prospectus dated March 4, 2021 (SEC File No. EBITDA is defined as earnings 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. Side Hustle; FOLLOW US. 1 Dave users have taken over 30mm of overdraft Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined Companys Securities, may undertakes certain compliance obligations. 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 EBITDA is defined as earnings before interest, tax and The investor presentation is being filed by Otonomo and Software Acquisition with the SEC prior to the call and will be available on the SEC's website at www.sec.gov. 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. Any The assumptions and estimates underlying such projected See Forward-Looking Statements paragraph above. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Daves financial statements. the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE 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, transactions between Dave and VPCC. 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. 4 Reflects zero dilution from warrants and excludes impact of founder shares based on vesting upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. Such projected financial information constitutes harmed. Fraudulent and 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. and multitude of associated steps four steps Multiple user-friendly Antiquated onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and 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. Transaction Structure Implied Sources & Uses ($mm) Dave to providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. 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 These forward-looking statements include, but 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 These statements are based on various assumptions, whether or not identified in this 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 The loss of such key personnel could negatively impact the operations and financial results of the combined business. Company). PCAOB standards. Investors should be aware that they might be required to bear the final risk of Dave Other Neobank Incumbent User Journey User Journey Bank User Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 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 Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability of its banking platform with modest user adoption costs 17. record of driving significant scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. 1 Gross profit is net of COGS which includes processor fees, bad For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of 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 & 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 Amid all the news of the last few days, you might have missed that eToro, an Israeli consumer stock-trading service, is going public in the United States via a SPAC.. Don't worry about the SPAC . engagement with core ExtraCash Dave Banking, product Insights, Side Insights, Side Hustle and Hustle and ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform 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 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. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, Solely for convenience, the trademarks, service 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. should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, 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. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE Sign Up . 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. 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 measures. notifications regarding violations, limits on activities or functions, remediation of practices, external compliance monitoring and civil money penalties. 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of We operate in an uncertain regulatory environment and may from You should review the investors 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. Valuation: The SPAC deal values Lucid Motors at $11.75 billion. 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. Such persons can those contained in the forward-looking statements. 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. 1 Unique users historically 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. 31, 2020 is unaudited, preliminary and subject to change. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. 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 The assumptions and estimates underlying such projected financial information are inherently uncertain 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. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. 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. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) and minimum balance fees Massive and expensive brick / mortar ($10) for the In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and views as of the date of this Presentation. 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 Such persons can also read VPCCs final prospectus dated March 4, 2021 (SEC File No. 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. These forward-looking statements are subject to a number of risks and uncertainties, Archived Events & Presentations. debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. costly litigation, and could adversely affect our reputation and operating revenues. 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 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 7. SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . 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. The consummation of the Proposed Source: Dave Management. 11 Cant and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. 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, onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult to download to deposit for navigate financial offerings advance product Deep We aim to transform weight management through our proprietary biomimetic technology. Third-party consumer research commissioned by Dave. This Presentation shall not constitute a solicitation as defined in Section 14 of 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 Transcript. 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% 1. 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. could suffer. We depend upon several third-party service providers for processing our If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may not be able to continue to operate our business as it is currently operated. connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations.