#1Dave Ⓡ 4Q22 Earnings Presentation March 6, 2023 Dave Welcome, Michael! Available balance $100 **** **** **** 1184 ExtraCash advances You're approved for $175! Dave Reach your goals faster Save every time you spend with Round Up McDonald's Get $20 back when you spend $200 A Home (3) Accounts • ExtraCash + & Grow Get an ExtraCash™ advance up to $500* Subject to eligibility requirements and opening an ExtraCash account. G Home ExtraCash™ FAQS Get started D Accounts ExtraCash Grow#2Disclaimer 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 statements may be identified by the use of words such as "future," "growth," "opportunity," "well-positioned," "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include, but are not limited to, projected financial information, statements regarding estimates and forecasts of other financial and performance metrics, projected costs, and projections of market opportunity. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the business of Dave are based on current expectations that are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Dave's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: the highly competitive industries in which Dave competes; the rapid technological developments in Dave's industry necessary to continue providing Dave's members with new and innovative products and services; if a substantial number of Dave members fail to repay the cash advance they receive; Dave may not be able to scale its business quickly enough to meet Dave members' growing needs; Dave's ability to acquire new members and retain current members or sell additional functionality and services to them; Dave may never achieve or sustain profitability; the uncertain regulatory environment in which Dave operates; Dave may be subject to governmental investigations or other inquiries by state, federal and local governmental authorities; the financial services industry continues to be targeted by new laws or regulations in many jurisdictions in which we operate; extensive regulation and oversight in a variety of areas, including registration and licensing requirements under federal, state and local laws and regulations; stringent and changing laws and regulations relating to privacy and data protection; Dave's ability to remediate the material weakness in its internal controls over financial reporting: Dave's forecasted operating results and projections rely in large part upon assumptions, analyses and internal estimates developed by Dave's management; fraudulent and other illegal activity involving Dave's products and services; a data security breach could expose us to liability and protracted and costly Dave's ability to maintain the listing Class A common stok on Nasdaq; Dave's management has limited experience operating a public company; Dave transfers funds to members daily, which in aggregate comprise substantial sums, and are subject to the risk of errors; Dave has guaranteed up to $50,000,000 of one of its subsidiary's obligations under a credit facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave's assets; if key banking relationships are terminated, Dave may not able to secure or successfully migrate client portfolios to a new bank partner or partners; Dave depends upon several third-party service providers for processing its transactions and providing other important services; Dave's recent rapid growth, including growth in Dave's volume of payments, may not be indicative of future growth. You are cautioned not to place undue reliance upon any forward-looking statements, including the projections, which speak only as of the date made. Dave does not undertake any commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this presentation are based on the Company's current expectations and beliefs concerning future developments and their potential effects on Dave. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of management's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Dave does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements. USE OF PROJECTIONS This presentation contains financial forecasts with respect to certain financial measurements of Dave, including, but not limited to Dave's projected Non-GAAP Revenue and Non-GAAP Variable Margin for Dave's fiscal year 2022. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Dave's independent registered public accounting firm did not audit, review, compile, or perform any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, it did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. These projections should not be relied upon as being necessarily indicative of future results. Dave does not undertake any commitment to update or revise the projections, whether as a result of new information, future events or otherwise. In this presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein), for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See "Forward-Looking Statements" paragraph above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Dave or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. INDUSTRY AND MARKET DATA In this presentation, Dave relies on and refers to information and statistics regarding the sectors in which Dave competes and other industry data. Dave obtained this information and statistics from third-party sources, including reports by market research firms. Although Dave believes these sources are reliable, the Company has not independently verified the information and does not guarantee its accuracy and completeness. Dave has supplemented this information where necessary with information from discussions with Dave members and Dave's own internal estimates, taking into account publicly available information about other industry participants and Dave's management's best view as to information that is not publicly available. Dave 2#3Disclaimer USE OF NON-GAAP FINANCIAL MEASURES The financial information and data contained in this presentation 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 adjusted in or may be presented differently in, any filing Dave makes with the SEC. This presentation contains references to Adjusted EBITDA, non-GAAP operating revenues, non-GAAP variable operating expenses, non-GAAP variable profit and non-GAAP variable profit margin of Dave, which are adjusted from results based on generally accepted accounting principles in the United States ("GAAP") and exclude certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA as net loss attributable to Dave before the impact of interest income or expense, provision for income taxes, depreciation and amortization, and adjusted to exclude legal settlement and litigation expenses, other strategic financing and transaction expenses, stock-based compensation expense, and certain other non-core items. The Company defines and calculates non-GAAP operating revenues as operating revenues, net excluding direct loan origination costs, ATM costs, and interchange fees. The Company defines and calculates non-GAAP operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, one-time Member account activation costs and non-recurring Dave Card expenses). The Company defines and calculates non-GAAP variable profit as non-GAAP operating revenues excluding non-GAAP operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of non-GAAP operating revenues. These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitates an alternative comparison amongst fiscal periods. The Company's management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods the Company uses to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Other companies may calculate non-GAAP measures differently, and therefore the non-GAAP measures of Dave included in this presentation may not be directly comparable to similarly titled measures of other companies. TRADEMARKS AND TRADE NAMES Dave owns or has rights to various trademarks, service marks and trade names that uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties" trademarks, service marks, trade names or products in this presentation is not intended in, and does not imply, a relationship with Dave, or an endorsement or sponsorship by or of Dave. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Dave will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor in these trademarks, service marks and trade names. Dave 3#4OUR MISSION Build products that level the financial playing field. OUR STRATEGY Build a superior banking solution for everyday Americans. Dave Dave debit 4#5Large addressable market exhibiting solid growth trajectory Dave TAM = 176MM Customers 6% Y-O-Y Growth (9MM Customers) in 2022 Financially Vulnerable 37MM Spending > Income • Minimal savings Overdraft 10-20x per year Need help building credit Need to find new work opportunities Financially Coping 139MM Spending ~ Income • Moderate near-term savings; insufficient long-term savings • Overdraft several times per year • Need help building credit Need access to affordable credit Note: TAM = total addressable market. Source: Financial Health Network's "Financial Health Pulse 2022 U.S. Trends Report"; 176 million represents the total number of financially vulnerable and financial coping consumers in that study. 5#6Differentiated Business strategy Achieve highly-efficient CAC by addressing members' most crucial need-Liquidity-and then deepening into long-term banking relationships Acquire • Acquire efficiently by marketing top of mind liquidity pain points • Grow prudently to facilitate break-even Dave Engage ● ExtraCash provides short-term advances to members in lieu of expensive overdraft fees • Enabled by continuous Al-driven underwriting Capital light product due to short duration • Automated settlement Deepen • Dave Card offers members a full service, no mandatory fee banking solution • Creates longer-term payments relationship with instant spending and early paycheck access 6#7Dave's ExtraCash product overview ExtraCash Attribute Advance Size Term Underwriting How Dave Makes Money Dave $25 - $500 Average: ~$144 Typically: 1-2 weeks Cash flow: based per linked bank account data Free Delivery: ACH (1-3 days) Tips: Optional Members Have Two Options Express Fee: via debit rails (Instant) Tips: Optional Benefits to Member • Bridges gaps between paychecks for essential expenses, e.g. rent, gas, groceries • Aligns with paycycle to smooth liquidity gaps between paychecks • Instant decisioning • No credit score or relationship requirements • Fee-free option provides flexibility in price / experience • Consumer friendly • Instant access to funds . More affordable than overdraft fees & other short-term credit Benefits to Dave • Efficient CAC by quickly addressing member pain point • Strategic entry point into banking relationship • Capital / balance sheet light . Short duration → rapid underwriting optimization Real-time data allows us to be highly responsive to changes in credit profiles (vs. lagged FICO) Optionality bolsters CAC efficiency • Tips and express fees provide predictable monetization and favorable unit economics 9:41 Dave Extra Cash balance + advance $250 Add funds How is my total available calculated? Extra Cash account balance Advance available O all Total available Transfer $0.00 $250.00 $250.00 7#8Dave's Card product overview Dave Card Attribute Spending Funding Payments Saving How Dave Makes Money Dave Dave Debit Card ExtraCash Paycheck Check Deposits ATM Withdrawals Instant Withdrawal Goals Account Interchange, incentives, deposit referral fees', IW fees, ATM fees Benefits to Member • Members automatically receive Dave Card bank account • Facilitates spending needs • ExtraCash instantly available • 2 day early access to paychecks • Remote check deposit capture . Fee-free ATM transactions at network of 40K terminals • Instant withdrawal capabilities • Allows members to set aside money towards milestones • No minimum balances • No account maintenance fees . No overdraft fees Benefits to Dave • Builds deeper payment relationship with members • Better member retention • Incentivizes cross-attach: ExtraCash and Dave Card • Fee income on Out of network ATM transactions • Instant withdrawal ("IW") fees • Supports constructive habits with members' finances • Primarily merchant & vendor driven revenue streams Consistent revenue stream ● Zero CAC cross sell ¹ Refers to fee income which is paid to us by our bank sponsor, Evolve Bank & Trust, based on Dave Member deposits. Dave® debit 8#9Dave Highlights 9#104Q22 highlights Quarterly Non-GAAP $59M 3Q22 Dave Revenue 5% Q-O-Q Growth $62M 4Q22 28 Day Delinquency Rate 4.07% 3.58% ~50bps Q-O-Q Improvement 11 3Q22 4Q22 Customer Acquisition $24 3Q22 Cost 31% Q-O-Q Improvement $17 4Q22 Note: See Glossary for the definition of Non-GAAP Revenue, 28 Day Delinquency Rate, Customer Acquisition Cost, and Adjusted EBITDA. Adjusted EBITDA ($29M) 3Q22 59% Q-O-Q Improvement ($12M) 4Q22 10#11Achieved fiscal year 2022 guidance Non-GAAP Revenue: Non-GAAP Variable Margin: Low $200M 40% High $215M 44% Actual $211M 41% Dave Note: See Glossary for the definition of Non-GAAP Revenue and Non-GAAP Variable Profit. Non-GAAP Variable Margin is calculated as Non-GAAP Variable Profit divided by Non-GAAP Revenue. 11#12Establishing fiscal year 2023 guidance Non-GAAP Revenue: Y-O-Y Growth: Non-GAAP Variable Margin: Y-O-Y Improvement: Adjusted EBITDA: Y-O-Y Improvement: Low $235M 11% 43% 200bps ($50M) 43% High $260M 23% 47% 600bps ($35M) 60% Dave Note: See Glossary for the definition of Non-GAAP Revenue and Non-GAAP Variable Profit. Non-GAAP Variable Margin is calculated as Non-GAAP Variable Profit divided by Non-GAAP Revenue. 12#13Dave Business Strategy 13#14Business strategy Acquire • Acquire efficiently by marketing top of mind liquidity pain points ● Grow prudently to facilitate break-even Dave Engage • Delight members with same-day cash advance access using Al underwriting • Profitably grow ExtraCash originations Deepen • Create a Dave Card payments relationship with instant spending and early direct deposit access ● Build primary direct deposit relationships 14#15Accelerating growth while improving CAC Product enhancements, channel optimization and favorable market conditions supporting continued CAC efficiency vs. prior periods. CAC improved 31% sequentially; increased efficiency is offsetting rationalization of marketing spend: Dave 50% reduction in spend vs. 28% reduction in new member acquisition in 4Q22 relative to 3Q22 CAC and New Member Acquisition (000s) Customer Acquisition Cost $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 498 $25 4Q21 463 $26 703 $30 1Q22 2Q22 New Member Acquisition (000) Note: See Glossary for the definition of Customer Acquisition Costs 998 $24 3Q22 ◇ CAC 44% Year- Over-Year Growth 715 (31%) QoQ Improvement $17 4Q22 1,200 1,000 800 600 400 200 0 New Member Acquisition (000s) 15#16Significant member scale We differentiate by first addressing Members' most crucial need-Liquidity-and then building long-term banking relationships. Product market fit, strong brand, and low-cost acquisition have enabled Dave to achieve consistent member growth at scale. Sizeable addressable market of 176 million (¹) U.S. consumers, which grew 6% YoY in 2022, provides a secular tailwind. Dave Total Members (MMS) 6.0 4Q21 6.4 1Q22 37% Year-Over-Year Growth 6.9 2Q22 7.8 3Q22 8.3 4Q22 Note: See Glossary for the definition of Total Members (1) Source: Financial Health Network's "Financial Health Pulse 2022 U.S. Trends Report"; 176 million represents the total number of financially vulnerable and financial coping consumers in that study. 16#17Business strategy Acquire • Acquire efficiently by marketing top of mind liquidity pain points • Grow prudently to facilitate break-even Dave Engage • Delight members with same-day cash advance access using Al underwriting • Profitably grow ExtraCash originations Deepen • Create a Dave Card payments relationship with instant spending and early direct deposit access ● Build primary direct deposit relationships 17#18Increasing engagement Growth driven by engagement-focused marketing, continued rollout + optimization of ExtraCash $500, and underwriting improvements which bolster retention. Increases in ExtraCash Member limits translate to a more compelling value proposition which drives top of funnel growth and down funnel engagement. Continued growth expected as we further optimize acquisition for member engagement, continue to refine our underwriting engine, and deepen engagement on Dave Card, which has more favorable retention characteristics Dave Total Monthly Transacting Members (MMS) 1.5 4Q21 27% Year-Over-Year Growth 1.4 1Q22 1.5 2Q22 Note: See Glossary for the definition of Monthly Transacting Members 1.8 3Q22 1.9 4Q22 18#19Sustained growth in originations Originations continue to reach record highs, reflecting ExtraCash's product-market fit which is magnified by the macro tailwinds. $801mm of originations translating into a $104mm net receivables balance as of 12/31/22 reflects capital efficient nature of the product. High velocity of the portfolio enables continuous underwriting optimization. Dave Advance Origination Volume ($MM) $451 4Q21 78% Year-Over-Year Growth $545 1Q22 Note: See Glossary for the definition of Origination Volume $606 2Q22 $757 3Q22 $801 4Q22 19#20Growth in ExtraCash advance sizes has bolstered ARPU Average ExtraCash Origination Size $104 4Q21 Dave 38% Year-Over-Year Growth $132 1Q22 $128 2Q22 $131 3Q22 $144 4Q22 Average Revenue per ExtraCash Origination¹ $7.75 4Q21 11% Year-Over-Year Growth $8.43 1Q22 $8.10 2Q22 (1) Average Revenue per ExtraCash Origination defined as sum of Tips (GAAP) + Fees (GAAP) generated divided by total advances disbursed over a given period. $8.21 3Q22 $8.60 4Q22 20#21Improving delinquency performance Significant improvements in DQ rates q-o-q (i.e. 49bps) while continuing to expand originations demonstrates our ability to strengthen unit economics as we scale. 4Q22 improvement of 62bps vs. 4Q19 i.e. pre-pandemic. Our underwriting is differentiated as our Al is primarily using bank account transaction data which allows us to detect, nearly in real-time, changes in income, spending, savings, and employment signals. FICO underwriting bases credit decisions on bureau data which are lagging indicators of risk. This structural advantage positions us well in a stressed economic environment. DQ rates are expected to continue q-o-q improvement given continued underwriting optimizations and seasonally strong performance in 1Q due to tax refunds. DQ rates controllable with dynamic nature of risk program, combined with short-term nature of ExtraCash. Dave 28 Day Average Quarterly Delinquency Rate 3.21% 3.99% 4.32% 4.20% 3.06% 3.52% 4.87% 5.93% 3.56% 4.47% 4.20% 3.48% Note: See Glossary for the definition of 28 Day Average Quarterly Delinquency Rate 49bps improvement QoQ 3.27% 3.67% 4.07% 3.58% ||| |||||||| 1Q19 2019 3Q19 4Q19 1020 2020 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2022 3Q22 4Q22 21#22ARPU/member monetization Enhanced underwriting has facilitated larger ExtraCash sizes, improving monetization. Ability for users to seamlessly spend ExtraCash funds via Dave Card has driven improved transaction revenue ARPU, which rolled out throughout 3Q22 and will continue to be a primary strategic focus in 2023. Upside as we increase focus on member retention, pricing/UW model optimization, income detection and payroll integration capabilities, accelerate Dave Card adoption and introduce additional revenue-generating products/features. Dave Annualized Revenue per Monthly Transacting Member $116 4Q21 13% Year-Over-Year Growth $121 1Q22 $122 2022 Note: See Glossary for the definition of Monthly Transacting Members $129 3Q22 $131 4Q22 22#23Business strategy Acquire • Acquire efficiently by marketing top of mind liquidity pain points • Grow prudently to facilitate break-even Dave Engage • Delight members with same-day cash advance access using Al underwriting • Profitably grow ExtraCash originations Deepen • Create a Dave Card payments relationship with instant spending and early direct deposit access • Build primary direct deposit relationships 23#24Dave Card spend volumes In 3Q22, every new Dave Member began receiving an ExtraCash account and a Dave Card, unlocking the synergies between the ExtraCash and Dave Card features. 4Q22 growth in Dave Card spend volumes was primarily driven by ExtraCash Members spending their advances with the Dave Card-an important step in our member journey of building trust on the way to a direct deposit relationship. Dave Dave Card Spend Volumes ($MM) $174 4Q21 51% Year-Over-Year Growth $182 1Q22 $171 2Q22 Note: See Glossary for the definition of Dave Card Spend Volumes $197 3Q22 $282mm quarterly run rate as of Dec. '22 $263 4Q22 24#25Flywheel effect between ExtraCash and Dave Card Growing Dave Card adoption amongst Members is driving more transactions per active, deeping the daily use case we have with our Members. Additional transactions per MTM also allows us to gain greater share of wallet to unlock the additional ARPU of our banking product. 12% q-o-q increase primarily driven by members spending ExtraCash on their Dave Cards. Dave Average Monthly Transactions per Monthly Transacting Member 4.7 4Q21 10% Year-Over-Year Growth 113% Growth Since 4Q20 (2.4 txns) 4.6 1Q22 4.5 2Q22 Note: See Glossary for the definition of Transactions Per Monthly Transacting Member 4.6 3Q22 5.2 4Q22 25#26Dave Financial Overview 26#27Accelerating revenue growth 46% y-o-y and 5% q-o-q non-GAAP revenue growth driven by: • Increase in transacting member base • Improved ExtraCash monetization given higher average origination size Accelerating growth in Transaction Revenue driven by ExtraCash to Dave Card cross-attach and growth in external funding Dave Total Non-GAAP Revenue ($MM) $42.2 4Q21 46% Year-Over-Year Growth $43.7 1Q22 Note: See Glossary for the definition of Non-GAAP Revenue $47.0 2Q22 $58.6 3Q22 $61.8 4Q22 27#28Attractive variable margin Variable Margin declined in 1H22 as i) we made long-term investments in the Dave Card and ii) ExtraCash advance sizes increased. Larger ExtraCash sizes typically have higher ARPU and variable profit, albeit at lower monetization rates. While 4Q22 Variable Margin benefited from the optimization of ExtraCash processing flows, the modest contraction was driven by an increase in loss provision expense due to write-offs related to ExtraCash originations growth during 3Q22. In light of improving credit performance (including seasonal strength in 1Q) and additional efficiencies being realized in payment processing and vendor cost structure, we expect further upside to Variable Margin in 1Q23. Dave Variable Profit Margin (Non-GAAP) 48% 41% 25% 1Q22 39% 32% 4Q21 Provision for Unrecoverable Advances - % of Non-GAAP Revenue 2Q22 29% 42% Other Variable Expenses - % of Non-GAAP Revenue 27% 28% 31% 3Q22 31% 27% ~43% Pro Forma for key Contract Renegotiation (1/1/23)* 41% 4Q22 33% 26% Note: Variable Profit Margin (Non-GAAP) is defined as Non-GAAP Variable Profit divided by Non-GAAP Revenue. See Glossary for the definition of Non-GAAP Variable Profit and Non-GAAP Revenue. *Reflects contractually agreed upon vendor rates applied to corresponding 4Q22 volumes. 28#29Adjusted EBITDA 4Q22 Adj. EBITDA loss improved 59% Q-o-Q driven by: Revenue growth • Improved payment processing economics and Dave Card cost structure Moderated marketing investment supported by continued CAC efficiencies Rationalization of fixed expenses, providing increasing operating leverage We believe recent investments in our product development team are sufficient for us to execute on our business plan. Accordingly, we expect to achieve substantial operating leverage as we scale which will further solidify our path to profitability. $193mm of cash, marketable securities and short-term investments as of Dec. 31, 2022: • Nearly 2 years of remaining term on credit facility • Advance rate on credit facility increases as facility utilization increases Dave Adjusted EBITDA (Non-GAAP) ($MM) 4Q21 ($12.6) 1Q22 ($18.3) Note: See Glossary for the definition of Adjusted EBITDA 2Q22 ($28.5) 3Q22 ($28.5) 4Q22 ($11.8) (59%) QoQ reduction in EBITDA loss 29#30Path to profitability: key milestones Pre-4Q22 Contribution Profit Positive Contribution margin profitable since pre-2020 Positions Dave for profitability as it scales Dave 4Q22 Adj. EBITDA Positive (Pre-Marketing) Achieved in 4Q22 i.e. earlier than prior guidance of 2023 Digital marketing spend can be flexed to optimize ROIS and preserve liquidity as needed Implies level of self-sustainability of business model given our solid levels of organic acquisition 2024 Adjusted EBITDA Positive Growth in MTMs: projected to turn break-even @ 2.2 - 2.4mm MTMs Conservative assumptions on continued ARPU improvement o Further optimizing ExtraCash e.g. funnel, monetization O Growing cross-attach to Dave Card o Deeper focus on incentivizing direct deposit relationships Margin expansion based largely on identified, quantifiable initiatives o Underwriting + settlement optimization; renegotiating contracts o Driving direct deposit relationships as Dave Card matures o Intensified focus on fraud controls and risk management Operating leverage of fixed cost base as contribution profit scales 30#31Investment summary Dave Acquire Market-leading CAC bolstered by profitable unit economics with credible growth prospects. Engage Differentiated Al driven underwriting with capital efficient business model. Deepen ExtraCash to Dave Card flywheel effect unlocks additional revenue potential within massive, growing TAM. Strong liquidity position sufficient to amply support company through to profitability. 31#32Dave Appendix 32#33Glossary 28 Day Average Quarterly Delinquency Rate defined as the amount of Origination Volume which is past due 28 days after the end of the month in which the ExtraCash advance was disbursed divided by the Origination Volume in that disbursement month Adjusted EBITDA defined as net loss attributable to Dave before the impact of interest income or expense, provision for income taxes, depreciation and amortization, and adjusted to exclude legal settlement and litigation expenses, other strategic financing and transaction expenses, stock-based compensation expense, and certain other non-core items Average Revenue per ExtraCash Advance defined as sum of Tips (GAAP) + Fees (GAAP) generated divided by total advances disbursed over a given period Customer Acquisition Costs ("CAC") defined as all advertising and marketing operating expenses in a given period divided by the number of new members who join the Dave platform in a given period by connecting an existing bank account to the Dave service or by opening a new Dave Banking account Dave Card Spend Volumes defined as the total dollar amount of Dave Card debit spending transactions over a given period Monthly Transacting Members ("MTMs") defined as the unique number of Members who have made a funding, spending, ExtraCash or subscription transaction within a particular month, measured as the average over a given period Non-GAAP Revenue defined as Revenue, net excluding direct loan origination costs, interchange fees and ATM fees Non-GAAP Variable Profit defined as Non-GAAP Revenues excluding Non-GAAP Variable Operating Expenses Dave 33#34Glossary (Cont'd) Non-GAAP Variable Operating Expenses defined as Operating Expenses excluding Non-Variable Operating Expenses Non-Variable Operating Expenses defined as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Card expenses) Origination Volume defined as the total dollar amount of ExtraCash advances disbursed to Members in a given period Total Members defined as the number of unique Members that have either connected an existing bank account to the Dave service or have opened a Dave Banking account, less the number of accounts deleted by Members or closed by Dave, as measured at the end of a period Transactions Per Monthly Transacting Member defined as the average number of transactions initiated per Monthly Transacting Member in each month, measured as the average over a given period Dave 34#35Consolidated statement of operations Dave Operating revenues: Service based revenue, net Transaction based revenue, net Total operating revenues, net Operating expenses: Provision for unrecoverable advances Processing and servicing costs Advertising and marketing Compensation and benefits Other operating expenses Total operating expenses Other expenses (income): Interest expense, net Legal settlement and litigation expenses Other strategic financing and transactional expenses Gain on extinguishment of liability DAVE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions) (unaudited) Changes in fair value of earnout liabilities Changes in fair value of derivative asset on loans to stockholders Changes in fair value of warrant liabilities Total other expense (income) Net loss before (benefit from) provision for income taxes (Benefit from) provision for income taxes Net loss S $ For the Three Months Ended December 31, 2022 2021 53.8 S 5.8 59.6 20.3 8.3 11.9 22.1 16.9 79.5 1.8 0.1 (0.2) 1.7 (21.6) (0.1) (21.5) $ 38.0 3.2 41.2 10.5 6.5 12.6 14.9 11.3 55.8 1.4 0.7 (1.7) 0.1 0.5 (15.1) 0.1 (15.2) $ $ For the Year Ended December 31, 2022 2021 188.9 15.9 204.8 66.3 31.9 69.0 103.4 68.6 339.2 6.2 6.3 4.6 (4.3) (9.6) 5.6 (14.2) (5.4) (129.0) (0.1) (128.9) $ $ 142.2 10.8 153.0 32.2 23.5 51.5 49.5 43.2 199.9 2.2 1.7 0.3 (34.8) 3.6 (27.0) (19.9) 0.1 (20.0) 35#36Reconciliation of net loss to adjusted EBITDA Net loss Interest expense, net (Benefit from) provision for income taxes Depreciation and amortization Stock-based compensation Legal settlement and litigation expenses Other strategic financing and transactional expenses Gain on extinguishment of liability DAVE INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (in millions) (unaudited) Changes in fair value of earnout liabilities Changes in fair value of derivative asset on loans to stockholders Changes in fair value of warrant liabilities Adjusted EBITDA Dave $ $ For the Three Months Ended December 31, 2022 2021 (21.5) $ 1.8 (0.1) 1.5 6.6 0.1 (0.2) (11.8) $ (15.2) 1.4 0.1 1.0 1.0 0.7 (1.7) 0.1 (12.6) $ $ For the Year Ended December 31, 2022 2021 (128.9) $ 6.2 (0.1) 6.7 40.6 6.3 4.6 (4.3) (9.6) 5.6 (14.2) (87.1) $ (20.0) 2.2 0.1 3.0 7.4 1.7 0.3 (34.8) 3.6 (36.5) 36#37Reconciliations Dave Operating revenues, net ExtraCash origination and ATM-related fees Non-GAAP operating revenues Operating expenses Non-variable operating expenses Non-GAAP variable operating expenses Non-GAAP operating revenues Non-GAAP variable operating expenses Non-GAAP variable profit Non-GAAP variable profit margin DAVE INC. RECONCILIATION OF OPERATING REVENUES, NET TO NON-GAAP OPERATING REVENUES (in millions) (unaudited) $ $ $ $ For the Three Months Ended December 31 2022 2021 RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (in millions) (unaudited) $ 59.6 $ 2.2 61.8 $ $ For the Three Months Ended December 31 2022 2021 79.5 $ (43.2) 36.3 CALCULATION OF NON-GAAP VARIABLE PROFIT (in millions) (unaudited) $ (36.3) 25.5 41% For the Three Months Ended December 31 2022 2021 61.8 $ 41.2 1.0 42.2 $ $ 55.8 $ (33.8) 22.0 42.2 (22.0) 20.2 48% $ $ $ $ For the Year Ended December 31, 2022 2021 $ 204.8 6.3 211.1 $ For the Year Ended December 31, 2022 2021 339.2 $ (213.6) 125.6 $ For the Year Ended December 31, 2022 2021 211.1 $ (125.6) 85.5 $ 41% 153.0 4.6 157.6 199.9 (126.3) 73.6 157.6 (73.6) 84.0 53% 37#38Liquidity and capital resources Dave Cash, cash equivalents and restricted cash Marketable securities Short-term investments Working capital Total stockholders' equity DAVE INC. LIQUIDITY AND CAPITAL RESOURCES (in millions) (unaudited) $ December 31, 2022 23.7 0.3 168.8 272.2 106.6 $ December 31, 2021 32.4 8.2 - 31.6 38.7 38