Slide 1: Dave: Banking for humans
Exhibit 99.1 Dave Banking for humans” sh advance gona 250179 ach ‘cet Ce for waves 2° who tal March 2022
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer 2 REGARDING FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS This presentation of Dave Inc. (“Dave” or the “Company”) includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
Slide 3: Disclaimer: Use of Non-GAAP Financial Measures
Disclaimer 3 USE OF NON-GAAP FINANCIAL MEASURES The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, such information and data may not be included in, may be adjust
Slide 4: Agenda
Intro & Market Jason Wilk Product Roadmap Stan Hsing Agenda Growth & Opportunity Michael Goodbody Financial Overview Kyle Beilman 4
Slide 5: Today's presenters
Today’s presenters Jason Wilk Kyle Beilman Co-Founder and CEO CFO Michael Goodbody Stan Hsing CMO VP Product 5
Slide 6: Jason Wilk, CEO: Our mission
Jason Wilk, CEO Our Mission is to build products that level the financial playing field 6
Slide 7: Financially vulnerable and coping populations
35 131 MILLION MILLION Vulnerable Coping By our estimates, there are ~35 million people that are financially And there are an estimated 135mm people that are financially vulnerable, struggling with every aspect of their financial life. coping, struggling with some but not all aspects of their financ
Slide 8: Our Founding
Our Founding (31 year old me, convincing investors that overdraft fees were bad in 2017) (5 Years later) 8
Slide 9: Dave Started as a Powerful App to Disrupt Overdraft
Dave Started as a Powerful App To Disrupt Overdraft For Americans… • Insights. Connect any bank account and • SideHustle. First neobank to help Dave confidently tracks user’s upcoming users put money in their pockets by bills to determine what’s ‘yours to spend’ tapping into the gig economy • Million
Slide 10: We've made a major impact already
… We’ve made a major impact already ~50,000,000 ExtraCash Transactions Delivered $1,500,000,000 1 in overdraft fees saved Source: Dave Management. 1 Dave users have taken over 45mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Dave Users have 10 reco
Slide 11: Dave by the numbers
Dave by the numbers 6.0M $3.7bn 1.5M Total Members Origination Volume Monthly Transacting Members ~950k 1.8M $169M App/Play Store Reviews Debit cards issued Q4 Run-Rate Revenue Source: Dave Management. 11 Metrics as of December 31, 2021.
Slide 12: Our strategy: Build a superior banking solution
Our strategy: Build a superior banking solution for anyone living paycheck to paycheck 12
Slide 13: Dave wins by starting with free access to credit
Dave wins by starting the banking relationship with free access to credit. ACQUIRE ENGAGE PARTNER Become primary banking Solve the biggest need for our Make Dave the best place to partner for Dave members core customer base – short spend the credit. Grow and support all aspects of term credit – and
Slide 14: Three Pillars of Growth
Three Pillars of Growth Accelerate banking adoption and spend Utilize data-driven frequency underwriting Grow population of advantage to multi-transacting profitably grow Extra members Cash Originations and ● New user ARPU acquisition ● Increased engagement of large existing base 14
Slide 15: Stan Hsing, VP Product: What we're doing next
Stan Hsing, VP Product What we’re doing next 15
Slide 16: Product ecosystem
Credit Building Primary Account Spend with Dave Loans / Lines Extra Cash Side Hustle Home with Dave Crypto Rewards Investing 16 RETAIN & EARN
Slide 17: How are we able to do this? Underwriting
Top FI / Lenders How are we able to do this? Underwriting Once at account Continuous Philosophy opening We approach risk evaluation differently. This gives us the ability to offer more Realtime Cashflow 30 day old (or older) Data data from 14,000 Americans access to credit at a lower cost. credit bure
Slide 18: Superior Banking Member Journey
Superior Banking Member Journey “What else I need” Buy a Home “Why I feel like I belong” “Why I join” Lending Primary Account Side Hustle Spend with Dave Credit Building Extra Cash 18
Slide 19: Doubling down on Data
1. Investing in understanding gig, freelance and other non-standard income situations better than anyone in the world[widen our moat] a. According to recent data, the gig economy grew by 33%in 2020, which meant it registered an 8.25x faster expansion than the US economy. As a result, around 34% of t
Slide 20: Increasing Access
Increasing Access Our members have told us that they need more. Repay rates for members taking our largest advances gives us confidence we can do this at scale safely. 20
Slide 21: Building your Credit with Dave
Building your Credit with Dave We help our members improve their credit score by just doing what they already do today. 21
Slide 22: Using Credit to differentiate our Bank product
Using Credit to differentiate our Bank product Dave Banking is a companion product for everyone signing up for our Extra Cash product. Sending advance funds through Dave Banking gives us the opportunity win members spend and banking relationships with targeted rewards and other benefits. 22
Slide 23: Better Credit when you bank with Dave
Better Credit when you bank with Dave As our banking relationship with members deepens advance amounts increase, cost of credit is lowered and repay flexibility expands. By plowing more value into our Credit offering we will increasing separation between us and our credit competitors. 23
Slide 24: Cheaper Credit, ExtraCash, New Credit Products
Cheaper Credit ExtraCash Instant Relief New Credit Products Targeting Aimed at Wants Rewards / Bank Relationship Building Higher better credit LTV Relationship with members wants/goals Strong cross attach (better credit Network effects with Dave Banking) 24
Slide 25: Q+A
Q+A 25
Slide 26: Michael Goodbody, CMO: How We Grow
Michael Goodbody, CMO How We Grow: Data + Brand + Opportunity Here’s why we win - long term 26
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Slide 28: Dave grew faster than major financial services companies
Dave has leveraged extreme product market fit to grow faster than most major financial services companies since launch 40M Total Downloads – Dave vs FS Ecosystem 30 20 10 0 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Ally Amex Chime Dave Discover Wells Fargo Source: Sensor Tower 28
Slide 29: Top consumer fintech apps cross-sell into ecosystems
Top performing consumer fintech apps have focus on acquisition message + cross sell into broader ecosystem: P2P > Trading, Crypto, Spending, Taxes Free Credit Scores > Saving, Spending, Taxes Free trading > Spending, Crypto Early paycheck > Saving, Credit Crypto trading > Spend, Borrow 29
Slide 30: Heavily differentiated in short term credit
Top performing consumer fintech apps have focus on acquisition message + cross sell into broader ecosystem: Short Term Credit > Spending, Saving, P2P, Crypto $3.7BN ~50M ~15M of advances total advances total downloads We are heavily differentiated in short term credit space. 30
Slide 31: At a fraction of the cost: customer acquisition costs
At a fraction of the cost Customer Acquisition Costs: Dave <$20 Leading neobank #1 >$ 100 Leading neobank #2 ~ $236 Traditional banks >$ 300 31 Source: Dave Management Customer Acquisition Costs <$20 Leading >$100 ~$236 Traditional banks >$300
Slide 32: Combination of advantages lead innovation
Combination of advantages allow us to lead innovation for our core value prop What consumers want: Consumer Need Dave Messaging Market Leading? 1. Higher limits Up to $250 … Yes 2. Speed to Access Instant availability with Extra Cash Yes 3. Lowest Cost Free to advance in 2-3 days Yes 4. Accessibilit
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Slide 34: Dave's brand awareness and perceived quality
Dave’s brand awareness and user perception of our quality gives us a significant advantage over our competitors Daveʼs brand familiarity among GenZ and Millennial audience is comparable with significantly larger financial services brands despite having spent a fraction on marketing Dave’s brand aware
Slide 35: Dave's brand quality score leads financial services
Dave’s brand quality score leads all other financial services companies including major fintechs The Dave brand resounds strongly with consumers. Dave scores higher than all other major financial services brands for quality and second only to one brand for consideration. 65 Quality Score Dave 57.2 Top
Slide 36: Highly motivated users who love the Dave experience
From a highly motivated set of users who love the Dave experience 4.8 4.8 4.8 4.7 4.7 4.7 4.2 549k reviews 387k reviews 147k reviews 2.1M reviews 1.6M reviews 10k reviews 3.9M reviews ~50% of Dave Acquisition is organic 36 Source: Dave Management
Slide 37: Positioned to take share at largest point of need
Dave is uniquely positioned to take share by focusing on largest point of need The number of consumers living paycheck to paycheck has increased steadily since April 2021 and was 64% in January 2022 — 12 percentage points higher than April 2021 — with a 3% jump in just a month between December 2021
Slide 38: Government benefits drove record household liquidity
Government benefits drove record household liquidity through the pandemic which is now waning 35% 30 Aer seeing a ft significant boost 25 through stimulus payments, the 20 household savings rate in January 2022 in the US 15 dropped to its lowest level since 10 December 2013 5 May Sep Jan May Sep Jan
Slide 39: Price inflation outstripping wage growth
And price inflation is outstripping wage growth, creating a cash crunch for American households 8% Aer seeing a ft Consumer price 6.2% index significant boost 6 through stimulus payments, the Avg hourly 4.9% household savings earnings rate in January 4 2022 in the US dropped to its lowest level since
Slide 40: Peak demand season for Extra Cash
Just as we enter peak demand season for our core Extra Cash product Extra Cash demand aligns closely with household liquidity trends and high points in the year as it relates to consumer spending activity 40
Slide 41: Kyle Beilman, CFO: Financial Overview
Kyle Beilman, CFO Financial Overview 41
Slide 42: Our Revenue Framework
Our Revenue Framework Acquisition Spend & CAC A Revenue Retention curves B Members ARPU ● Total Originations C ● Total Card Spend ● Paying Subs ● Optional Fees (ExtraCash) D ● Subscriptions Acquisition Retention Engagement Monetization ● Interchange + OON ATM ● Other A B C D 42
Slide 43: Total Member Growth
A B Total Member Growth Significant & sustained Total Member growth 1.5M+ Monthly Transacting Members as of Q4 2021 4.5 Avg. Monthly Transactions per Transacting Member as of Q4 2021 (~86% YoY Growth) Note: Total Members displayed on a net-basis, excluding deleted & fraudulent accounts 43 +45% Growth
Slide 44: Member Acquisition Cost
A Member Acquisition Cost Q4 ‘21: $28.55 Customer Acquisition Costs remain attractive, Q4 ‘20: despite annual increase in $25.00 2021 Modest increase in Q4 YoY Significant ability to scale as we focus on acquiring transacting members Note: Reflects total marketing expense including advertising, brand
Slide 45: Member Monetization Overview
C D Member Monetization Overview per Total Members (Annual) Average Revenue Macro backdrop impacted Total Member ARPU via lower overall engagement Significant upside opportunity as we evolve towards transaction oriented acquisition and engagement strategy (Q421 Annualized)Transacting Member Aervage R
Slide 46: Cumulative ARPU by Transacting Member Cohort
B C D Cumulative ARPU by Transacting Member Cohort: Sample Jan. 2019 vs. Jan. 2021 Cumulative 12 Month ARPU: +13% for Jan. 2021 vs. Jan. 2019 We have improved the monetization of our Transacting Member cohorts over time Newer cohorts showing further upside Note: Transacting Member ARPU calculated as
Slide 47: Sustained Growth in Quarterly Origination Volumes
C Sustained Growth in Quarterly Origination Volumes Q4 ‘21: ExtraCash volume $451M; +53% YoY continues to scale as we’ve increased Member limits Q4 ‘20: $295M; +20% YoY Key driver of top of funnel and engagement ARPU and LTV upside based on continued scaling Note: Reflects principal amount of ExtraCa
Slide 48: Improving ExtraCash Portfolio Performance
9% Improvement C Improving ExtraCash Portfolio Performance Q4 ‘20 Avg: 5.92% Demonstrated ability to scale total volume and Q4 ‘21 Avg: per unit size, while 3.49% (+41% improvement YoY) maintaining consistent portfolio performance ~2% overall loss rates Note: Credit Performance calculated as: percen
Slide 49: Average Revenue per ExtraCash Origination
D Average Revenue per ExtraCash Origination Q4 ‘21: +15% YoY Meaningful increase in per-unit monetization year-over-year Optional fee stream engagement is consistent and predictable 49 +17% Growth
Slide 50: Dave Banking Spend Volumes
C D Dave Banking Spend Volumes Q4 ‘21: $173M (+548% YoY) Dave Banking Engagement grew significantly in 2021 Focus on integration ExtraCash and Spend key growth focus moving Q4 ‘20: forward $27M Take-Rate % 1.8% 1.9% Note: Spending Volume reflects Dave Banking Member debit spending volumes; Take Rate c
Slide 51: Our Model has Powerful Unit Economics
A B C D Our Model has Powerful Unit Economics Cohort Return Profile (Dec ‘18 Cohort - 3 yr Return) AVcarquisition Spendiable Profit Cumulativ Dec ember 2 e Non- 018 GA AP Our marketing engine and unit economics drive strong returns Currently managing to 12-18 month payback Growth model orientation tow
Slide 52: Total Revenue
Total Revenue Q4 ‘21: Delivered significant $42.2M growth despite macro Q4 ‘20: backdrop $36.5M Capital constraints limited ability to invest in 2H Note: Service Based Revenue includes GAAP Service Based Revenue adjusted for related Contra Revenue Items; Transaction Based Revenue includes GAAP Transa
Slide 53: Variable Profit Margin Overview
Variable Profit Margin Overview Strong fundamental profitability Q4 ‘20: 48% Margin efficiencies Q4 ‘21: 48% realized as banking business scales Long-term upside via tech in-sourcing 53
Slide 54: We have the growth capital to execute
We have the growth capital to execute… +$200M SPAC Capital Infusion +$100M FTX Capital Infusion ~$300M+ Total Available Growth Capital Prior to completion of business combination, just $61 million of primary equity capital raised since inception 54
Slide 55: Fiscal Year 2022 Guidance
Fiscal Year 2022 Guidance Low High $200M $230M Non-GAAP Operating Revenues: 44% 48% Non-GAAP Variable Profit Margin: Note: see Glossary for non-GAAP definitions 55
Slide 56: Appendix
Appendix 56
Slide 57: Consolidated Statement of Operations
Consolidated Statement of Operations 57
Slide 58: Liquidity and Capital Resources
Liquidity and Capital Resources 58
Slide 59: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA 59
Slide 60: Reconciliations
Reconciliations NETTO_NON-GAAP $ millions ‘Three Months Ended December 31, 2021 2020 ‘Operating revenues, net $ 412 $ 355 ExtraCash origination and ATM-related fees 1 Non-GAAP operating revenues $422 $ 365 NON-GAAP. ‘Operating expenses $558 $ 456 Non-variable operating expenses (338) (26.8) Non-GAAP
Slide 61: Equity Capitalization Detail
Equity Capitalization Detail 1 2 3 3 Note: Weighted-average exercise prices rounded to the nearest cent 1 Weighted-average exercise price of $0.62 2 Weighted-average exercise price of $0.72 61 3 Exercise price of $11.50
Slide 62: Glossary
Glossary Non-GAAP Operating Revenues defined as Operating Revenues, net excluding direct loan origination costs and ATM fees Non-GAAP Variable Profit defined as Non-GAAP Operating Revenues excluding Non-GAAP Operating Expenses Non-GAAP Operating Expenses defined as Operating Expenses excluding Non-Varia