Dave Results Presentation Deck

Attractive 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

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