0001193125-22-025767 | S-1 | XBRL Viewer

Prepaid expenses and other current assets

2,701,000

4,008,000

Restricted cash, current

83,000

3,478,000

4,062,000

1,462,000

Deferred issuance costs

3,469,000

Property and equipment, net

89,578,000

69,352,000

62,215,000

636,000

516,000

421,000

Lease right-of-use assets (related party of $1,184 and $1,379 as of December 31, 2020 and 2019, respectively)

3,169,000

1,378,000

1,759,000

Intangible assets, net

6,504,000

4,505,000

2,090,000

Derivative asset on loans to stockholders

33,505,000

457,000

Debt facility commitment fee, long-term

145,000

Restricted cash, net of current portion

319,000

197,000

146,000

Lease liabilities, short-term (related party of $205 and $171 as of December 31, 2020 and 2019, respectively)

133,856,000

76,405,000

67,088,000

Current Liabilities

Accounts payable

14,577,000

8,492,000

6,502,000

Accrued expenses

9,836,000

5,324,000

1,890,000

Line of credit

3,910,000

1,898,000

400,000

369,000

Other current liabilities

508,000

Legal settlement accrual

3,201,000

Note payable

14,608,000

777,000

2,853,000

306,000

Lease liabilities, long-term (related party of $1,065 and $1,270 as of December 31, 2020 and 2019, respectively)

44,897,000

24,180,000

9,575,000

1,484,000

1,088,000

1,488,000

Long-term debt facility

30,000,000

Convertible debt, long-term

695,000

Interest payable, convertible notes

22,000

13,000

1,000

Warrant Liabilities

3,586,000

545,000

585,000

37,000

81,229,000

26,561,000

11,796,000

Commitments

72,173,000

Common Stock

100

Treasury stock

(5,000)

(154,000)

13,285,000

5,493,000

3,712,000

Loans to stockholders

(15,121,000)

(14,764,000)

(14,492,000)

(17,705,000)

(12,904,000)

(5,947,000)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

(19,546,000)

(22,329,000)

(16,881,000)

133,856,000

76,405,000

67,088,000

Current Assets

Cash

119,603

$ 0

Prepaid expenses

917,988

Deferred issuance costs

100,000

Investments held in Trust Account

1,037,591

253,782,146

254,819,737

100,000

Current Liabilities

Accrued expenses

2,268,718

604

Accrued offering costs

75,000

Deferred underwriting fee payable

2,268,718

75,604

Warrant Liabilities

21,811,105

8,881,809

Class A common stock subject to possible redemption 25,376,598 shares at redemption value of $10.00 per share

32,961,632

Commitments

253,765,980

Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding

24,353

(31,908,509)

(604)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

(31,907,875)

24,396

254,819,737

100,000

Class A [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Current Liabilities

Class A common stock subject to possible redemption 25,376,598 shares at redemption value of $10.00 per share

253,765,980

Class B [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Common Stock

Series A Convertible Preferred Stock [Member]

Common Stock

634

$ 647

^[1]

Series B One Convertible Preferred Stock [Member]

9,881,000

Series B Two Convertible Preferred Stock [Member]

49,675,000

$ 12,617,000

[1]	Includes up to 843,750 shares of Class B common stock that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 6)

Balance Sheet (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Par Value	$ 0.000001	$ 0.000001	$ 0.000001
Common Stock, Shares Authorized	290,000,000	290,000,000	285,000,000
Common Stock, Shares, Issued	105,460,096	103,062,319	101,391,560
Common Stock, Shares, Outstanding	102,620,971	100,223,194	99,449,310
Member advances,Allowance for unrecoverable advances	$ 11,340	$ 12,580	$ 9,355
Related party lease right of use assets	1,026	1,184	1,379
Related Party Short term lease liabilities	233	205	171
Related Party long term lease liabilities	$ 886	$ 1,065	$ 1,270
VPC Impact Acquisition Holdings III, Inc [Member]
Preferred Stock, Par Value	$ 0.0001
Preferred Stock, Shares Authorized	1,000,000
Preferred Stock, Shares Issued	0
Preferred Stock, Shares Outstanding	0
Common Stock Subject To Possible Redemption	25,376,598
Class A [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Temporary Equity, Par Value	$ 10.00
Common Stock, Par Value	$ 0.0001
Common Stock, Shares Authorized	200,000,000
Common Stock, Shares, Issued	0
Common Stock, Shares, Outstanding	0
Common Stock Subject To Possible Redemption	25,376,598
Temporary equity shares issued	25,376,598
Temporary equity shares outstanding	25,376,598
Class B [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common Stock, Par Value	$ 0.0001
Common Stock, Shares Authorized	20,000,000
Common Stock, Shares, Issued	6,344,150
Common Stock, Shares, Outstanding	6,344,150
Series A Convertible Preferred Stock [Member]
Temporary Equity, Shares Authorized	133,216,940	133,216,940	133,216,940
Temporary Equity, Par Value	$ 0.000001	$ 0.000001	$ 0.000001
Temporary equity shares issued	133,216,940	133,216,940	133,216,940
Temporary equity shares outstanding	133,216,940	133,216,940	133,216,940
Temporary equity Liquidation preference	$ 130,686	$ 130,686	$ 124,558
Series B One Convertible Preferred Stock [Member]
Temporary Equity, Shares Authorized	13,326,050	13,326,050	13,326,050
Temporary Equity, Par Value	$ 0.000001	$ 0.000001	$ 0.000001
Temporary equity shares issued	13,326,050	13,326,050	13,326,050
Temporary equity shares outstanding	13,326,050	13,326,050	13,326,050
Temporary equity Liquidation preference	$ 50,000	$ 50,000	$ 50,000
Series B Two Convertible Preferred Stock [Member]
Temporary Equity, Shares Authorized	3,991,610	3,991,610	3,991,610
Temporary Equity, Par Value	$ 0.000001	$ 0.000001	$ 0.000001
Temporary equity shares issued	3,991,610	3,991,610	3,991,610
Temporary equity shares outstanding	3,991,610	3,991,610	3,991,610
Temporary equity Liquidation preference	$ 11,981	$ 11,981	$ 11,981

Statement of Operations - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 22, 2021

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Revenues [Abstract]

Revenues

$ 111,853,000

$ 86,344,000

$ 121,796,000

$ 76,227,000

Operating Expenses [Abstract]

Processing And Servicing Fees

21,693,000

14,311,000

25,539,000

19,688,000

16,920,000

15,696,000

21,646,000

15,216,000

Advertising and marketing

38,844,000

22,642,000

38,019,000

22,934,000

Compensation expense

34,685,000

14,898,000

22,210,000

9,242,000

Other operating expenses

31,987,000

10,032,000

15,763,000

7,370,000

144,129,000

77,579,000

123,177,000

74,450,000

Interest earned on marketable securities held in Trust Account

(610,000)

(339,000)

(409,000)

(429,000)

Gain on conversion of 2018 convertible note

(841,000)

Derivative liability

536,000

Interest expense

1,494,000

3,000

17,000

852,000

Legal settlement and litigation expenses

952,000

948,000

4,467,000

327,000

Other strategic financing and transactional expenses

253,000

1,305,000

1,356,000

Derivative asset on loans to stockholders

(33,043,000)

Changes in fair value of warrant liability

3,480,000

Other expense, net

(27,474,000)

1,917,000

5,431,000

445,000

Net (loss) income before provision for income taxes

(4,802,000)

6,848,000

(6,812,000)

1,332,000

(1,000)

(20,805,000)

145,000

545,000

Net loss

$ (4,801,000)

$ 27,653,000

$ (6,957,000)

$ 787,000

Net (loss) income per share:

$ (0.05)

$ 0.08

$ (0.08)

$ 0.00

Weighted-average shares used to compute net income (loss) per share

$ (0.05)

$ 0.08

$ (0.08)

$ 0.00

100,176,295

88,943,115

90,986,048

76,918,167

Service Based Revenue [Member]

100,176,295

99,364,554

90,986,048

247,773,816

Revenues [Abstract]

Revenues

$ 104,142,000

$ 85,614,000

$ 120,595,000

$ 76,194,000

Transaction Based Revenue [Member]

Revenues [Abstract]

Revenues

$ 7,711,000

$ 730,000

$ 1,201,000

$ 33,000

Formation and operational costs

$ 604

$ 1,319,447

$ 3,401,685

Loss from operations

(1,319,447)

(3,401,685)

Transaction costs allocated to warrant liabilities

(600,571)

Interest earned on marketable securities held in Trust Account

3,266

16,166

Changes in fair value of warrant liability

(1,360,659)

(3,819,820)

Other expense, net

(1,357,393)

(4,404,225)

Net loss

$ (604)

$ (2,676,840)

$ (7,805,910)

Basic and diluted net income (loss) per share

^[1]

5,625,000

$ 0.00

Class A [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Basic and diluted net income (loss) per share

25,376,598

20,481,452

$ (0.08)

$ (0.29)

Class B [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Basic and diluted net income (loss) per share

^[2]

6,344,150

6,207,710

$ (0.08)

$ (0.29)

[1]

Excludes 843,750 shares of Class B common stock that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 6).

[2]

In connection with the underwriters’ partial exercise of the over-allotment option and the forfeiture of the remaining overallotment option on March 9, 2021, 124,600 Founder Shares were forfeited and 719,150 Founder Shares are no longer subject to forfeiture resulting in an aggregate of 6,344,150 Founder Shares outstanding at September 30, 2021. These shares were excluded from the calculation of weighted average shares outstanding until they were no longer subject to forfeiture. If forfeited, they have been excluded from the calculation of weighted average shares outstanding.

Statement of Operations (Parenthetical) - shares			9 Months Ended
Statement of Operations (Parenthetical) - shares	Mar. 09, 2021	Jan. 22, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Shares, Outstanding			102,620,971	100,223,194	99,449,310
Common Class B [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common Stock, Shares, Outstanding		6,468,750	6,344,150
Common Class B [Member] \| Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Forfeiture of Founder Shares, Shares	124,600		124,600
Common stock shares not subject to forfeiture			719,150
Common Stock, Shares, Outstanding		6,408,750	6,344,150
Common stock share subject to forfeiture		843,750
Common Class B [Member] \| VPCC Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common stock share subject to forfeiture		843,750

Statement of Changes in Stockholders' Equity - USD ($)

Total

VPC Impact Acquisition Holdings III, Inc [Member]

Class B [Member]

VPC Impact Acquisition Holdings III, Inc [Member]

Series A Convertible Preferred Stock [Member]

Series B One Convertible Preferred Stock [Member]

Series B Two Convertible Preferred Stock [Member]

Common Stock [Member]

Class B [Member]

VPC Impact Acquisition Holdings III, Inc [Member]

Additional Paid in Capital

VPC Impact Acquisition Holdings III, Inc [Member]

Accumulated Deficit

VPC Impact Acquisition Holdings III, Inc [Member]

Loans TO Stockholders [Member]

Treasury Stock [Member]

Beginning balance at Dec. 31, 2018

$ (3,507,000)

$ 100

$ 3,227,000

$ (6,734,000)

Beginning balance, Shares at Dec. 31, 2018

98,798,160

Beginning balance, Shares, Convertible preferred stock at Dec. 31, 2018

133,216,940

Beginning balance, Convertible preferred stock at Dec. 31, 2018

$ 9,881,000

$ 0

Issuance of series B-1 convertible preferred stock, net of issuance costs of $325 thousand, Value

$ 49,675

Issuance of series B-1 convertible preferred stock, net of issuance costs of $325 thousand, Shares

13,326,050

Issuance of restricted stock, Shares

14,500,000

Issuance of common stock for stock option exercises, Value

39,000

Issuance of common stock for stock option exercises, Shares

446,830

Cancellation of restricted stock

(14,250,000)

Conversion of notes and accrued interest to series B-2 preferred stock, Value

$ 12,617,000

Conversion of notes and accrued interest to series B-2 preferred stock, Shares

3,991,610

Treasury stock

(154,000)

$ (45,680)

$ (154,000)

Stockholder loans

(14,492,000)

$ (14,492,000)

Stock-based compensation—restricted stock

178,000

Stock-based compensation—stock options

268,000

Ending balance at Dec. 31, 2019

787,000

(16,881,000)

$ 100

3,712,000

(5,947,000)

(14,492,000)

(154,000)

Ending balance, Shares at Dec. 31, 2019

99,449,310

Ending balance, Shares, Convertible preferred stock at Dec. 31, 2019

133,216,940

13,326,050

3,991,610

Ending balance, Convertible preferred stock at Dec. 31, 2019

72,173,000

$ 9,881,000

$ 49,675,000

$ 12,617,000

Issuance of common stock for stock option exercises, Value

178,000

Issuance of common stock for stock option exercises, Shares

1,013,543

Issuance of common stock for stock option early exercises, Shares

322,917

Stockholder loans interest

(204,000)

Stock-based compensation

932,000

Ending balance at Sep. 30, 2020

27,653,000

11,678,000

$ 100

4,822,000

21,706,000

(14,696,000)

(154,000)

Ending balance, Shares at Sep. 30, 2020

100,785,770

Ending balance, Shares, Convertible preferred stock at Sep. 30, 2020

133,216,940

13,326,050

3,991,610

Ending balance, Convertible preferred stock at Sep. 30, 2020

$ 9,881,000

$ 49,675,000

$ 12,617,000

Beginning balance at Dec. 31, 2019

(16,881,000)

$ 100

3,712,000

(5,947,000)

(14,492,000)

(154,000)

Beginning balance, Shares at Dec. 31, 2019

99,449,310

Beginning balance, Shares, Convertible preferred stock at Dec. 31, 2019

133,216,940

13,326,050

3,991,610

Beginning balance, Convertible preferred stock at Dec. 31, 2019

72,173,000

$ 9,881,000

$ 49,675,000

$ 12,617,000

Issuance of common stock for stock option exercises, Value

$ 256,000

256,000

Issuance of common stock for stock option exercises, Shares

1,441,795

1,253,045

Cancellation of restricted stock

(653,125)

Stock-based compensation—restricted stock

$ 68,000

68,000

Stock-based compensation—stock options

1,457,000

Issuance of common stock for stock option early exercises, Shares

403,131

Cancellation of common stock issued for stock option early exercise

$ (229,167)

Stockholder loans interest

(272,000)

Ending balance at Dec. 31, 2020

(6,957,000)

(22,329,000)

$ 100

5,493,000

(12,904,000)

(14,764,000)

(154,000)

Ending balance, Shares at Dec. 31, 2020

100,223,194

Ending balance, Shares, Convertible preferred stock at Dec. 31, 2020

133,216,940

13,326,050

3,991,610

Ending balance, Convertible preferred stock at Dec. 31, 2020

72,173,000

$ 9,881,000

$ 49,675,000

$ 12,617,000

Issuance of common stock for stock option exercises, Value

$ 1,375,000

1,375,000

Issuance of common stock for stock option exercises, Shares

2,433,761

2,353,547

Stockholder loans

$ (208,000)

(357,000)

149,000

Vesting of stock option early exercises

75,000

Stock-based compensation

6,342,000

Stockholder Loans (Shares)

44,230

Ending balance at Sep. 30, 2021

(4,801,000)

(19,546,000)

$ (31,907,875)

$ 100

$ 634

13,285,000

$ 0

(17,705,000)

$ (31,908,509)

(15,121,000)

(5,000)

Ending balance, Shares at Sep. 30, 2021

102,620,971

6,344,150

Ending balance, Shares, Convertible preferred stock at Sep. 30, 2021

133,216,940

13,326,050

3,991,610

Ending balance, Convertible preferred stock at Sep. 30, 2021

72,173,000

$ 9,881,000

$ 49,675,000

$ 12,617,000

Beginning balance at Jan. 13, 2021

$ 0

Beginning balance, Shares at Jan. 13, 2021

Issuance of Class B common stock to Sponsor

^[1]

25,000

$ 647

24,353

Issuance of Class B common stock to Sponsor, Shares

^[1]

6,468,750

Ending balance at Jan. 22, 2021

(604)

$ 0

(604)

24,396

$ 647

24,353

(604)

Ending balance, Shares at Jan. 22, 2021

6,468,750

Beginning balance at Jan. 13, 2021

$ 0

Beginning balance, Shares at Jan. 13, 2021

Issuance of Class B common stock to Sponsor

^[2]

25,000

$ 647

24,353

Issuance of Class B common stock to Sponsor, Shares

^[2]

6,468,750

Accretion for Class A common shares to redemption amount

(24,126,952)

(24,353)

(24,102,599)

Forfeiture of Founder Shares

(13)

$ (13)

Forfeiture of Founder Shares, Shares

(124,600)

Ending balance at Mar. 31, 2021

(1,650,406)

$ 0

(1,650,406)

(25,752,371)

$ 634

(25,753,005)

Ending balance, Shares at Mar. 31, 2021

6,344,150

Beginning balance at Jan. 13, 2021

$ 0

Beginning balance, Shares at Jan. 13, 2021

Accretion for Class A common shares to redemption amount

24,126,965

Ending balance at Sep. 30, 2021

(7,805,910)

$ (1,815,599)

(19,546,000)

(31,907,875)

$ 100

$ 634

13,285,000

(17,705,000)

(31,908,509)

(15,121,000)

(5,000)

Ending balance, Shares at Sep. 30, 2021

102,620,971

6,344,150

Ending balance, Shares, Convertible preferred stock at Sep. 30, 2021

133,216,940

13,326,050

3,991,610

Ending balance, Convertible preferred stock at Sep. 30, 2021

72,173,000

$ 9,881,000

$ 49,675,000

$ 12,617,000

Beginning balance at Mar. 31, 2021

(25,752,371)

$ 634

(25,753,005)

Beginning balance, Shares at Mar. 31, 2021

6,344,150

Ending balance at Jun. 30, 2021

(3,478,664)

$ 0

(3,478,664)

(29,231,035)

$ 634

(29,231,669)

Ending balance, Shares at Jun. 30, 2021

6,344,150

Ending balance at Sep. 30, 2021

(2,676,840)

$ (535,368)

$ 0

(2,676,840)

(19,546,000)

$ (31,907,875)

$ 100

$ 634

$ 13,285,000

$ 0

$ (17,705,000)

$ (31,908,509)

$ (15,121,000)

$ (5,000)

Ending balance, Shares at Sep. 30, 2021

102,620,971

6,344,150

Ending balance, Shares, Convertible preferred stock at Sep. 30, 2021

133,216,940

13,326,050

3,991,610

Ending balance, Convertible preferred stock at Sep. 30, 2021

$ 72,173,000

$ 9,881,000

$ 49,675,000

$ 12,617,000

[1]	Includes up to 843,750 shares of Class B common stock that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 6)
[2]	In connection with the underwriters’ partial exercise of the over-allotment option and the forfeiture of the remaining overallotment option on March 9, 2021, 124,600 Founder Shares were forfeited and 719,150 Founder Shares are no longer subject to forfeiture resulting in an aggregate of 6,344,150 Founder Shares outstanding at September 30, 2021.

Statement of Changes in Stockholders' Equity (Parenthetical) - shares			9 Months Ended
	Mar. 09, 2021	Jan. 22, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Shares, Outstanding			102,620,971	100,223,194	99,449,310
Common Class B [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common Stock, Shares, Outstanding		6,468,750	6,344,150
Common Class B [Member] \| Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Forfeiture of Founder Shares, Shares	124,600		124,600
Common stock shares not subject to forfeiture			719,150
Common Stock, Shares, Outstanding		6,408,750	6,344,150
Common stock share subject to forfeiture		843,750
Common Class B [Member] \| VPCC Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common stock share subject to forfeiture		843,750

Statement of Cash Flows - USD ($)	9 Months Ended			12 Months Ended
Statement of Cash Flows - USD ($)	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ (4,801,000)		$ 27,653,000	$ (6,957,000)	$ 787,000
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,089,000		1,219,000	1,718,000	805,000
Provision for unrecoverable advances	21,693,000		14,311,000	25,539,000	19,688,000
Changes in fair value of derivative assets and liabilities	(33,043,000)		0	500,000	536,000
Changes in fair value of warrant liability	3,480,000		0
Stock-based compensation—restricted stock	6,342,000		932,000	68,000	178,000
Stock-based compensation—stock options				1,457,000	268,000
Non-cash interest from loans to stockholders				(272,000)	(104,000)
Non-cash interest expense	(605,000)		(204,000)
Non-cash lease expense	103,000		12,000	12,000	86,000
Changes in fair value of marketable securities	0		(8,000)	(3,000)	(21,000)
Gain on conversion of 2018 convertible notes				0	(841,000)
Accretion of debt discount				0	211,000
Changes in operating assets and liabilities:
Member advances	(27,817,000)		(20,875,000)	(35,240,000)	(39,266,000)
Prepaid income taxes	1,307,000		(22,904,000)	(4,008,000)	0
Prepaid expenses and other current assets	635,000		(2,784,000)	(2,600,000)	(1,247,000)
Accounts payable	6,038,000		(1,292,000)	1,983,000	4,858,000
Accrued Expenses	4,512,000		1,324,000	3,433,000	1,743,000
Legal settlement accrual				3,201,000	0
Income taxes payable	0		(508,000)	(508,000)	508,000
Other current liabilities	(2,001,000)		181,000	2,472,000	306,000
Other non-current liabilities	(40,000)		471,000	547,000	37,000
Deferred tax asset	0		(1,857,000)
Interest payable, convertible notes	9,000		9,000	12,000	540,000
Net cash used in operating activities	(22,099,000)		(4,320,000)	(9,146,000)	(10,928,000)
Cash Flows from Investing Activities:
Payments for internally developed software costs	(3,915,000)		(2,762,000)	(3,989,000)	(1,746,000)
Purchase of derivative asset on loans to stockholders				0	(457,000)
Purchase of property and equipment	(216,000)		(204,000)	(231,000)	(382,000)
Sale of marketable securities	3,915,000		5,780,000	7,780,000	15,774,000
Purchase of marketable securities	(4,000)		(132,000)	(138,000)	(32,884,000)
Net cash used in investing activities	(220,000)		2,682,000	3,422,000	(19,695,000)
Cash Flows from Financing Activities:
Repayment of convertible debt				0	(2,000,000)
Repayment of promissory note - related party				0	(14,388,000)
Acquisition of treasury stock				0	(154,000)
Payment of issuance of costs	(3,589,000)		0
Proceeds from Borrowings	45,000,000		0
Borrowings on line of credit				3,910,000	1,500,000
Repayment on line of credit	(3,910,000)		0	0	(1,500,000)
Proceeds from issuance of common stock for stock option exercises	1,375,000		179,000	256,000	39,000
Proceeds from sale of Units, net of underwriting discounts paid				75,000	0
Proceeds from issuance of preferred stock				0	49,675,000
Proceeds from issuance of convertible debt				0	695,000
Net cash provided by financing activities	38,876,000		179,000	4,241,000	33,867,000
Net (decrease) increase in cash and cash equivalents and restricted cash	16,557,000		(1,459,000)	(1,483,000)	3,244,000
Cash and cash equivalents and restricted cash, beginning of year	5,069,000		6,552,000	6,552,000	3,308,000
Cash and cash equivalents and restricted cash, end of year	21,626,000	$ 21,626,000	5,093,000	5,069,000	6,552,000
Supplemental disclosure of non-cash investing and financing activities
2018 convertible notes and derivative liability settled with preferred shares				0	12,617,000
Operating lease right of use assets recognized	2,514,000		0	0	1,736,000
Operating lease liabilities recognized	2,514,000		0	0	1,736,000
Property and equipment purchases in accounts payable	47,000		14,000	7,000	14,000
Receivable from early exercise of stock options				368,000	0
Amendment to loan to stockholder	145,000		0
Supplemental disclosure of cash paid for:
Income taxes	(1,271,000)		2,773,000	2,798,000	0
Interest	1,222,000		0	0	200,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	21,307,000	21,307,000	4,813,000	4,789,000	6,406,000
Restricted cash	319,000	319,000	280,000	280,000	146,000
Total cash, cash equivalents, and restricted cash, end of year	21,626,000	21,626,000	$ 5,093,000	$ 5,069,000	$ 6,552,000
VPC Impact Acquisition Holdings III, Inc [Member]
Cash Flows from Operating Activities:
Net income (loss)		(7,805,910)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account		(16,166)
Changes in fair value of warrant liability		3,819,820
Transaction costs allocated to warrant liabilities		600,571
Changes in operating assets and liabilities:
Prepaid expenses		(917,988)
Accrued Expenses		2,268,718
Net cash used in operating activities		(2,050,955)
Cash Flows from Investing Activities:
Investment of cash into Trust Account		(253,765,980)
Net cash used in investing activities		(253,765,980)
Cash Flows from Financing Activities:
Repayment of promissory note - related party		(88,142)
Proceeds from sale of Private Placements Warrants		7,650,320
Payment of issuance of costs		(316,300)
Proceeds from sale of Units, net of underwriting discounts paid		248,690,660
Net cash provided by financing activities		255,936,538
Net Change in Cash		119,603
Cash - Beginning of period		0
Cash – End of period	$ 119,603	119,603
Non-Cash investing and financing activities:
Offering costs paid by Sponsor in exchange for issuance of founder shares		25,000
Offering costs paid through promissory note		88,142
Deferred underwriting fee payable		8,881,809
Forfeiture of Founder Shares		$ (13)

Description of Organization, Business Operations and Basis of Presentation		9 Months Ended
	Jan. 22, 2021	Sep. 30, 2021
VPC Impact Acquisition Holdings III, Inc [Member]
Description of Organization, Business Operations and Basis of Presentation	Note 1—Description of Organization, Business Operations and Basis of Presentation VPC Impact Acquisition Holdings III, Inc. (the “Company”) is a blank check company incorporated in Delaware on January 22, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of January 22, 2021, the Company had not commenced any operations. All activity for the period from January 14, 2021 (inception) through January 22, 2021 relates to the Company’s formation and the proposed initial public offering described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Proposed Public Offering (as defined below). The Company has selected December 31 as its fiscal year end. The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a proposed public offering (the “Proposed Public Offering”) of 22,500,000 units (each, a “Unit” and collectively, the “Units”) at $10.00 per Unit (or 25,875,000 units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3, and the sale of 4,716,667 warrants (or 5,166,667 warrants if the underwriters’ over-allotment option is exercised in full) (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant in a private placement to VPC Impact Acquisition Holdings Sponsor III, LLC, a Delaware limited liability company (the “Sponsor”) that will close simultaneously with the Proposed Public Offering (see Note 4). The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Upon the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.00 per Unit sold in the Proposed Public Offering, including the proceeds from the sale of the Private Placement Warrants to the Sponsor, will be held in a trust account (“Trust Account”) located in the United States, and invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company will provide the holders (the “Public Stockholders”) of the Company’s outstanding shares of Class A common stock, par value $0.0001 per share, sold in the Proposed Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares will be recorded at redemption value and classified as temporary equity upon the completion of the Proposed Public Offering in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Proposed Public Offering in favor of a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. The Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Sponsor and the Company’s officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Proposed Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders have agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Proposed Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to the deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”), reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) not will it apply to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s Independent Registered Public Accounting Firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The Company does not have sufficient liquidity to meet its anticipated obligations over the next year from the date of issuance of these financial statements. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company has access to funds from the Sponsor and the Sponsor has the financial wherewithal to provide such funds that are sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Proposed Public Offering or one year from the date of issuance of these financial statements. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS VPC Impact Acquisition Holdings III, Inc. (the “Company”) is a blank check company incorporated in Delaware on January 14, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation and its initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on March 4, 2021. On March 9, 2021, the Company consummated the Initial Public Offering of 25,376,598 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), which includes the partial exercise by the underwriters of their over-allotment options in the amount of 2,876,598 Units, at $10.00 per Unit, generating gross proceeds of $253,765,980, which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,100,214 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to VPC Impact Acquisition Holdings Sponsor III, LLC (the “Sponsor”), generating gross proceeds of $7,650,321, which is described in Note 5. Transaction costs amounted to $14,386,571, consisting of $5,075,320 of underwriting fees, $8,881,809 of deferred underwriting fees and $429,442 of other offering costs. Following the closing of the Initial Public Offering on March 9, 2021, an amount of $253,765,980 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), and will be invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Initial Business Combination On June 7, 2021, the Company, a Delaware corporation, entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Bear Merger Company I Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“First Merger Sub”), Bear Merger Company II LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Company (“Second Merger Sub” and together with First Merger Sub, the “Merger Subs”), and Dave Inc., a Delaware corporation (“Dave”), pursuant to which, among other things: (a) First Merger Sub will merge with and into Dave (the “First Merger”), with Dave being the surviving corporation of the First Merger (such company, in its capacity as the surviving corporation of the First Merger, the “Surviving Corporation”); and (b) immediately following the First Merger and as part of the same overall transaction as the First Merger, the Surviving Corporation will merge with and into Second Merger Sub (the “Second Merger” and together with the First Merger, the “Mergers”), with Second Merger Sub being the surviving company of the Second Merger. The transactions contemplated by the Merger Agreement (the “Transactions”), including the Mergers, will constitute a “Business Combination” as contemplated by the Company’s existing amended and restated certificate of incorporation. Merger Consideration Pursuant to the Merger Agreement, the stockholders of Dave, including holders of restricted shares of the Dave’s Common Stock (“Dave Restricted Stock”) (such holders, collectively, the “Dave Stockholders”) and holders of vested Dave Options (as defined below), will receive aggregate merger consideration with an implied value of $3,500,000,000 (the “Equity Value”), consisting of a number of shares of Company Common Stock (as defined and more fully described below), with each deemed to have a value of $10.00 per share, equal to the Equity Value divided by $10.00 (the “Aggregate Stock Consideration”). For more detailed information about the Merger Agreement and the proposed business combination, see our Current Report on Form 8-K filed with the SEC on June 7, 2021 (File No. 001-40161) and the prospectus included in our Registration Statement on Form S-4 filed with the SEC on October 6, 2021 (File No. 333-260083) (the “Form S-4”), as amended, and other filings that the Company makes with the SEC discussing the proposed Transactions. Unless specifically stated, this Quarterly Report does not give effect to the proposed Transactions and does not contain the risks associated with the proposed Transactions. Such risks and effects relating to the proposed Transactions are included in the Form S-4. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of the Company’s outstanding shares of Class A common stock (the “Public Stockholders”), par value $0.0001 per share, sold in the Initial Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially $10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares will be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. The Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Sponsor and the Company’s officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination by March 9, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders have agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to the deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”), reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) not will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Capital Resources As of September 30, 2021, the Company had $119,603 in its operating bank accounts and working capital of deficit $1,231,127. Prior to the completion of the Initial Public Offering, the Company’s liquidity needs had been satisfied through a contribution of $25,000 from Sponsor to cover for certain formation and offering costs in exchange for the issuance of the Founder Shares and the loan of up to $300,000 from the Sponsor pursuant to the Note (see Note 6). On March 9, 2021, the Company consummated the Initial Public Offering of 25,376,598 Units, which includes the partial exercise by the underwriters of their over-allotment options in the amount of 2,876,598 Units, at $10.00 per Unit, generating gross proceeds of $253,765,980, which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,100,214 Private Placement Warrants at a price of $1.50 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $7,650,321, which is described in Note 5. Transaction costs amounted to $14,386,571, consisting of $5,075,320 of underwriting fees, $8,881,809 of deferred underwriting fees and $429,442 of other offering costs. Following the closing of the Initial Public Offering on March 9, 2021, an amount of $253,765,980 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in the Trust Account. For the period from January 14, 2021 through September 30, 2021, cash used in operating activities was $2,050,955. Net loss of $7,805,910 was affected by interest earned on marketable securities held in the Trust Account of $16,166, changes in fair value of warrant liability of $3,819,820, and transaction costs allocated to warrant liabilities of $600,571. Changes in operating assets and liabilities provided $1,350,730 of cash for operating activities. As of September 30, 2021, the Company had $119,603 in its operating bank accounts and working capital of deficit $1,231,127. As of September 30, 2021, the Company had marketable securities held in the Trust Account of $253,782,146 consisting of U.S. Treasury Bills with a maturity of 185 days or less. Interest income on the balance in the Trust Account may be used by the Company to pay taxes. Through September 30, 2021, the Company has not withdrawn any interest earned from the Trust Account. The Company intends to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete a Business Combination. To the extent that the Company’s capital stock or debt is used, in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue growth strategies. The Company intends to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination. In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required (see Note 6). If we complete a Business Combination, the Company would repay such loaned amounts. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into Private Placement Warrants of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. As of September 30, 2021, the Company had no borrowings under the Working Capital Loans. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Summary of Significant Accounting Policies

9 Months Ended

12 Months Ended

Jan. 22, 2021

Sep. 30, 2021

Dec. 31, 2020

Summary of Significant Accounting Policies

Note 2 Significant Accounting Policies

Use of Estimates

The preparation of these condensed consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported revenues and expenses incurred during the reporting periods. The Company’s estimates are based on its historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s critical accounting estimates and assumptions are evaluated on an ongoing basis including those related to the: (i) allowance for unrecoverable advances; (ii) realization of tax assets and estimates of tax liabilities; (iii) valuation of equity securities; (iv) fair value of derivatives; and (v) valuation of note payable and warrant liabilities. Actual results may differ from these estimates under different assumptions or conditions.

Revenue Recognition

Service Based Revenue, Net:

Service based revenue, net primarily consists of tips, express processing fees, and subscriptions charged to Members, net of processor costs associated with advance disbursements. Member advances are treated as financial receivables under Accounting Standards Codification (“ASC”) 310 Receivables (“ASC 310”).

The Company encourages but does not contractually require its Members who receive a cash advance to leave a discretionary tip. The Company treats tips as an adjustment of yield to the advances and are recognized over the average term of advances.

Express processing fees apply when a Member requests an expedited cash advance. At the Member’s election, the Company expedites the funding of advance funds within eight hours, as opposed to the customary three business days, of the advance request. Express fees are nonrefundable loan origination fees and are recognized as revenues over the expected contractual term of the advance.

Costs incurred by the Company to fund cash advances are treated as direct loan origination costs. These direct loan origination costs are netted against advance-related income over the expected contractual term of the advance. Direct origination costs recognized as a reduction of advance-related income during the periods ended September 30, 2021 and 2020, was $2.9 million and $2.6 million, respectively.

The Company accounts for subscriptions in accordance with ASC 606,

Revenue from Contracts with Customers

(“ASC 606”). Under ASC 606, the Company must identify the contract with a Member, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies the performance obligations. The Company’s primary sources of revenue are derived from fees earned on advances, and other financial instruments that are not within the scope of ASC 606. The Company has evaluated the nature of its contracts with Members and determined that further disaggregation of revenue from contracts with Members into categories beyond what is presented in the condensed consolidated statements of operations was not necessary. For revenue sources that are within the scope of Topic 606, the Company fully satisfies its performance obligations and recognizes revenue in the period it is earned as services are rendered. Transaction prices are typically fixed, charged on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying ASC 606 that significantly affects the determination of the amount and timing of revenue from contracts with the Company’s Members. Sources of revenue from contracts with Members that are in the scope of ASC 606 include subscription fees, lead generation fees, and reward program fees.

Subscription fees of $1 are received on a monthly basis from Members who subscribe to the Company’s application. The Company continually fulfills its obligation to each Member over the subscription term. The series of distinct services represents a single performance obligation that is satisfied over time. The Company recognizes revenue ratably as the Member receives and consumes the benefits of the platform throughout the contract period.

Price concessions granted to Members who have insufficient funds when subscription fees are due are forms of variable consideration under the Company’s contracts with Members. For price concessions, the Company has elected, as an accounting policy, to account for price concessions for the month at the end of the reporting month based on the actual amount of concessions granted as the impact.

Service based revenue also consists of lead generation fees from the Company’s Side Hustle advertising partners. The Company is entitled to receive these lead generation fees when Members of the application sign up for jobs with the Company’s various partners. Lead generation contracts contain a single performance obligation. Lead generation revenue is recognized at a point in time upon satisfaction and completion of the single performance obligation. The Company also receives cash monthly as part of a rewards program for those Dave debit card Members who choose to spend funds with selected vendors. The cash received by the Company is recorded as unearned revenue and recognized as revenue as the subscription credits are earned by the Members.

Transaction Based Revenue, Net:

Transaction based revenue, net primarily consists of interchange and ATM revenues from Dave’s Checking Product, net of

ATM-related

fees, and are recognized at the point in time the transactions occur, as the performance obligation is satisfied.

ATM-related

fees recognized as a reduction of transaction based revenue during the periods ended September 30, 2021 and 2020, was $0.6 million and $0.03 million, respectively.

Member Advances

Member advances include

non-recourse

cash advances, fees, and tips, net of certain direct origination costs and allowance for unrecoverable advances. Management’s intent is to hold advances until maturity or payoff. Members’ cash advances are treated as financial receivables under ASC 310.

Advances to Members are not interest-bearing. The Company recognizes these advances at the advanced amount and does not use discounting techniques to determine present value of advances due to their short-term average maturity. The consequent discount impact under the imputed interest rate method does not result in a significant impact to the consolidated financial statements.

The Company does not provide modifications to Member advances.

Allowance for Unrecoverable Advances

The Company maintains an allowance for unrecoverable advances at a level estimated to be adequate to absorb credit losses inherent in the outstanding Member advances. Management currently estimates the allowance balance required using historical loss and collections experience, and, if relevant, the nature and volume of the portfolio, economic conditions, and other factors. Interpretations of the nature and volume of the portfolio and projections of future economic conditions involve a high degree of subjectivity. Changes to the allowance have a direct inpact on the provision for unrecoverable advances in the condensed consolidated statements of operations.

The Company considers advances over 120 days past due or which become uncollectible based on information available to the Company as impaired. All impaired advances are deemed uncollectible and subsequently

written-off

and are a direct reduction to the allowance for unrecoverable advances. Subsequent recoveries of Member advances

written-off,

if any, are recorded as a reduction to Member advances when collected, resulting in a reduction to the allowance for unrecoverable advances and a corresponding reduction to the provision for unrecoverable advances expense in the condensed consolidated statements of operations.

Internally Developed Software

Internally developed software is capitalized when preliminary development efforts are successfully completed, management has authorized and committed project funding, it is probable that the project will be completed, and the software will be used as intended. Capitalized costs consist of salaries and other compensation costs for employees incurred for time spent on upgrades and enhancements to add functionality to the software and fees paid to third-party consultants who are directly involved in development efforts. These capitalized costs are included on the condensed consolidated balance sheets as intangible assets, net. Other costs are expensed as incurred and included within Other general and administrative expenses in the condensed consolidated statements of operations. Capitalized costs for the nine month periods ended September 30, 2021 and 2020, were approximately $3.9 million and $2.8 million, respectively.

Amortization of internally developed software commences when the software is ready for its intended use (i.e., after all substantial testing is complete). Internally developed software is amortized over its estimated useful life of 3 years. Amortization expense for the nine month periods ended September 30, 2021 and 2020, was approximately $1.9 million and $1.1 million, respectively.

Fair Value of Financial Instruments

ASC 820,

Fair Value Measurement

price for the asset or pay the lowest price to settle the liability, after considering transaction costs. However, when using the most advantageous market, transaction costs are only considered to determine which market is the most advantageous and these costs are then excluded when applying a fair value measurement. ASC 820 creates a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below, with Level 1 having the highest priority and Level 3 having the lowest.

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):


September 30, 2021	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	13,755	$	—	$	—	$	13,755
Derivative asset on loans to stockholders		—		—		33,505		33,505

Total assets	$	13,755	$	—	$	33,505	$	47,260

Liabilities
Warrant liability	$	—	$	—	$	3,586	$	3,586
Note payable		—		—		14,608		14,608

Total liabilities	$	—	$	—	$	18,194	$	18,194


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	17,666	$	—	$	—	$	17,666
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	17,666	$	—	$	457	$	18,123

The Company had no assets and liabilities measured at fair value on a

non-recurring

basis as of September 30, 2021 and December 31, 2020.

The Company also has financial instruments not measured at fair value. The Company has evaluated cash and cash equivalents, Member advances, net, restricted cash, accounts payable, and accrued expenses, and believes the carrying value approximates the fair value due to the short-term nature of these balances. The fair value of the debt facility, convertible debt, and line of credit approximate their carrying values.

Marketable Securities:

The Company evaluated the quoted market prices in active markets for its marketable securities and has classified its securities as Level 1. The Company’s investments in marketable securities are exposed to price fluctuations. The fair value measurements for the securities are based upon the quoted prices of similar items in active markets multiplied by the number of securities owned.

Derivative Asset Related to Loans to Stockholders:

Derivatives and Hedging

(“ASC 815”). Therefore, the Company does not believe the call option meets the scope exception under ASC 815. As the scope exception is not met, the call option is accounted for as a derivative instrument. Accordingly, the call option is measured at fair value and presented as a derivative asset on loans to stockholders on the Company’s condensed consolidated balance sheets. Interest earned on the

non-recourse

promissory notes will be reported as interest income and changes in the fair value of the call option will be reported as other income or expense in the period incurred. The call option is measured at fair value at the end of each reporting period with change in fair value recorded in earnings. The fair value of the call option as of September 30, 2021 and December 31, 2020, was approximately $33.5 million and $0.5 million, respectively.

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):


Ending value at December 31, 2019	$	457
Change in fair value during the period		—

Ending value at December 31, 2020		457
Amendment to loan to stockholder		5
Change in fair value during the period		33,043

Ending value at September 30, 2021	$	33,505

The Company used a probability-weighted expected return method (“PWERM”) to weight the indicated call options value determined under the binomial option pricing model to determine the fair value of the call options. The following table presents the assumptions used to value the call options for the period ended September 30, 2021:


Expected volatility		57.0%
Risk-free interest rate		0.1—0.2%
Remaining term		0.1—1.8 Years

Warrant Liability Related to Debt Facility:

As discussed further in Note 7,

Long-Term Debt Facility

, in January 2021, the Company issued warrants contemporaneously with a debt facility that met the definition of a derivative under ASC 815. This warrant liability was initially recorded as a liability at fair value, with the offsetting entry recorded as a loan commitment fees asset. The derivative liability was subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The loss related to the change in fair value of the warrant liability in the nine months ended September 30, 2021, was $3.5 million, which is presented within changes in fair value of warrant liability in the condensed consolidated statements of operations.

A roll-forward of the Level 3 warrant liability is as follows (dollars in thousands):


Opening value at December 31, 2020	$	—
Initial fair value at the original issuance date		106
Change in fair value during the period		3,480

Ending value at September 30, 2021	$	3,586

The Company used a PWERM to weight the indicated warrant liability value determined under the binomial option pricing model to determine the fair value of the warrant liability. The following table presents the assumptions used to value the warrant liability for the period ended September 30, 2021:


Expected volatility		57.0%
Risk-free interest rate		0.1—0.2%
Remaining term		0.1—1.7 Years

Note Payable:

As discussed in Note 6,

Note Payable

, the Company has elected to measure the note payable at fair value using the fair value option of ASC 825-10. The Company identified an embedded derivative related to a convertible feature in its promissory note and in accordance with ASC 815-15-25-1 criterion (b), since the Company has elected to apply the fair value option to the debt embedded features will not be separated from the debt host. The note payable is carried on the Company’s unaudited condensed consolidated balance sheet as a current liability estimated at fair value with changes in fair value reflected in earnings. The Company did not record any unrealized gain related to the change in fair value of the promissory note for the nine months ended September 30, 2021.

A roll-forward of the Level 3 promissory note is as follows (dollars in thousands):


Opening value at December 31, 2020	$	—
Initial fair value at the original issuance date		14,608
Change in fair value during the period		—

Ending value at September 30, 2021	$	14,608

The Company used a market yield approach to determine the fair value of the promissory note. The market yield assumption used to estimate the fair value of the promissory note as of September 30, 2021, was 3.73%.

There were no other assets or liabilities that were required to be measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.

Fair Value of Common Stock

The Company is required to estimate the fair value of the Common Stock underlying the Company’s share-based awards. The fair value of the Common Stock underlying the Company’s stock-based awards has been determined, in each case, based on a valuation model as discussed further below, and was approved by the Company’s Board of Directors. The Company’s Board of Directors intends all stock options granted to be exercisable at a price per share not less than the fair value per share of the ordinary share underlying those stock options on the date of grant.

In the absence of a public market for the Common Stock, the valuation of the Common Stock has been determined using a market approach, income approach, and subject company transaction method. The allocation

of equity value was determined using the option pricing method. The valuation was performed in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

The Company considered various objective and subjective factors to determine the fair value of its Common Stock as of each grant date, including:

•

Historical financial performance;

•

The Company’s business strategy;

•

Industry information, such as external market conditions and trends;

•

Lack of marketability of the Common Stock;

•

Likelihood of achieving a liquidity event, such as an initial public offering, special-purpose acquisition company (“SPAC”) merger, or strategic sale given prevailing market conditions and the nature and history of the Company’s business;

•

Prices, privileges, powers, preferences, and rights of our convertible preferred stock relative to those of the Common Stock;

•

Forecasted cash flow projections for the Company;

•

Illiquidity of stock-based awards involving securities in a private company; and

•

Macroeconomic conditions.

The assumptions underlying these valuations represented management’s best estimate, which involved inherent uncertainties and the application of management’s judgment. The probability of a liquidity event and the derived discount rate are significant assumptions used to estimate the fair value of the Common Stock. If the Company had used different assumptions or estimates, the fair value of the Common Stock and the Company’s stock-based compensation expense could have been materially different.

During 2019 and 2020, the Company’s estimated fair value of its Common Stock remained relatively consistent, fluctuating between $0.935 per share as of August 5, 2019 (“August 2019 Valuation”), and $0.981 per share as of August 30, 2020 (“August 2020 Valuation”). The August 2019 Valuation and August 2020 Valuation utilized the income and market approaches in estimating the fair value.

In 2021, the Company’s management team contemplated a SPAC merger (refer to Note 1,

Business and Basis of Presentation

), which was incorporated in a June 7, 2021 valuation that resulted in a fair value for the Company’s Common Stock of $8.67 per share as of June 7, 2021 (“June 2021 Valuation”). The June 2021 Valuation used the hybrid method, wherein a PWERM incorporated an expected near term SPAC exit scenario as well as an option pricing model (“OPM”).

The increase in the fair value of Dave’s common stock between the August 2019 Valuation and August 2020 Valuation and the June 2021 Valuation was due to the Company’s progress towards completing the SPAC merger that was not known or knowable at the earlier valuation dates.

Loans to Stockholders

In 2019, the Company entered into loan, pledge, and option agreements with various employees, who are also stockholders, to provide those employees cash in exchange for

non-recourse

promissory notes and call options, which allow the Company to acquire shares held by these stockholders. Following ASC 310, the Company

recorded the note as a reduction to shareholders’ equity and will do so until it is repaid, or the associated call option is exercised and the Company reacquires the collateralized shares. Interest earned and accrued on the notes also increases this contra-equity account balance.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense for the nine months ended September 30, 2021 and 2020, was approximately $34.1 million and $21.4 million, respectively, and is presented within advertising and marketing in the condensed consolidated statements of operations.

Income Taxes

The Company follows ASC 740,

Income Taxes

(“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is

more-likely-than-not

that the asset will not be realized.

ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is

more-likely-than-not

that the position will be sustained in a court of last resort, based on the technical merits. If

more-likely-than-not,

the amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination, including compromise settlements. For tax positions not meeting the

more-likely-than-not

threshold, no tax benefit is recorded. The Company has estimated approximately $

0.1

million of uncertain tax positions as of September 30, 2021 and December 31, 2020, related to state income taxes.

The Company’s policy is to recognize interest expense and penalties accrued on any unrecognized tax benefits as a component of income tax expense within the statement of operations. The Company recognized approximately $0.004 million and $0 of interest expense and penalties as a component of income tax expense during the nine months ended September 30, 2021 and 2020, respectively. There was approximately $0.006 million and $0.003 million of accrued interest expense and penalties as of September 30, 2021 and December 31, 2020, respectively.

Segment Information

The Company determines its operating segments based on how its chief operating decision makers manage operations, make operating decisions, and evaluate operating performance. The Company has determined that the Chief Operating Decision Maker (“CODM”) is a joint role shared by is the Chief Executive Officer and Chief Financial Officer. Based upon the way the CODM reviews financial information and makes operating decisions and considering that the CODM reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance, the service-based and transaction-based operations constitute a single operating segment and one reportable segment.

Net (Loss) Income Per Share Attributable to Stockholders

The Company has five classes of participating securities (Series A preferred stock, par value $0.000001 per share (“Series A Preferred Shares”), Series

B-1

preferred stock, par value $0.000001 per share (“Series

B-1

Preferred Shares”), and Series

B-2

preferred stock, par value $0.000001 per share (“Series

B-2

Preferred Shares”) and, together with the Series A Preferred Shares and the Series

B-1

Preferred Shares, the “Preferred Stock”), unvested Restricted Stock Awards (“RSA”) and early exercised stock options) issued and outstanding as of September 30,

2021 and 2020. The Company used the

two-class

method to compute net (loss) income per common share, because it had issued multiple classes of participating securities. The

two-class

method requires earnings for the period to be allocated between multiple classes of participating securities based upon their respective rights to receive distributed and undistributed earnings. The Company used the

two-class

method to compute net (loss) income per common share. Losses are not attributed to participating securities as holders of Preferred Stock, unvested RSAs, and early exercise stock options are not contractually obligated to share in the Company’s losses.

Basic net (loss) income attributable to holders of Common Stock per share is calculated by dividing net (loss) income attributable to holders of Common Stock by the weighted-average number of shares outstanding, excluding shares issued in relation to unvested RSAs and vested early exercise options funded by

non-recourse

notes (refer to Note 12

Related-Party Transactions

for further details on the Company’s Loans to Stockholders).

Diluted net (loss) income per share attributable to holders of Common Stock adjusts the basic net (loss) income per share attributable to stockholders and the weighted-average number of shares outstanding for the potentially dilutive impact of stock options, warrants and restricted stock using the treasury stock method and convertible preferred stock using the

as-if-converted

method.

The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share attributable to holders of Common Stock (in thousands, except share data):


	For the Nine Months September 30,
	2021			2020
	(unaudited)
Numerator
Net (loss) income	$	(4,801	)	$	27,653
Less: noncumulative dividend to convertible preferred stockholders		—			(6,464	)
Less: undistributed earnings to participating securities		—			(13,756	)

Net (loss) income attributed to common stockholders—Basic		(4,801	)		7,433
Add: undistributed earnings reallocated to common stockholders		—			732

Net (loss) income attributed to common stockholders—Diluted	$	(4,801	)	$	8,165
Denominator
Weighted average shares of common stock—basic		100,176,295			88,943,115
Dilutive effect of equity incentive awards		—			10,421,439

Weighted average shares of common stock—diluted		100,176,295			99,364,554
Net (loss) income per share
Basic	$	(0.05	)	$	0.08
Diluted	$	(0.05	)	$	0.08

The following potentially dilutive shares were excluded from the computation of diluted net (loss) income per share for the periods presented because including them would have been antidilutive:


	For the Nine Months September 30,
	2021		2020
	(unaudited)
Equity incentive awards		28,364,683		18,120,547
Convertible preferred stock		150,534,600		150,534,600
Series B-1 warrants		1,722,640		—

Total		180,621,923		168,655,147

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on

Financial Instruments

(“ASU

2016-13”).

ASU

2016-13

introduced a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans,

held-to

maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU

2016-13,

the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. In November 2019, the FASB issued an amendment making this ASU effective for public companies for the fiscal year beginning after December 15, 2019. In February 2020, the FASB issued an amendment providing a description of the measurement process for current expected credit losses. Early adoption is permitted. The Company plans to adopt the standard on January 1, 2023, provided it remains an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended. The Company is currently evaluating the impact of the adoption of this standard on its condensed consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

(“ASU

2019-12”),

as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. The amendments in ASU

2019-12

remove certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU

2019-12

also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. This ASU is effective for public companies for annual periods beginning after December 15, 2020. Early adoption is permitted. The Company plans to adopt the standard on January 1, 2022, provided it remains an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended. The Company is currently evaluating the impact of the adoption of this standard on its condensed consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU

No. 2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

, which provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The provisions of this standard are available for election for all companies through December 31, 2022. The Company is currently evaluating the impact of the adoption of this standard on its condensed consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU

2020-06,

Debt – Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU 2020-06”).

The guidance

in ASU 2020-06 simplifies

the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in

the ASU 2020-06 also

simplify the guidance in ASC Subtopic

815-40,

Derivatives and Hedging: Contracts in Entity’s Own Equity

, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the

if-converted

method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments

in ASU 2020-06 are

effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted. The guidance must be adopted as of the beginning of the fiscal year of adoption. The

Company is currently evaluating the impact of the adoption of this standard on its condensed consolidated financial statements and related disclosures.

In May 2021, the FASB

issued ASU 2021-04,

Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic

470-50),

Compensation-Stock Compensation (Topic 718), and Derivatives and

Hedging-Contracts in Entity’s Own Equity (Subtopic

815-40),

which addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. The amendment in this update are effective for all companies for annual periods beginning after December 15, 2021. The new standard will be effective for the Company on January 1, 2022. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its condensed consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements:

In October 2020, the FASB issued ASU

2020-10,

Codification Improvements

(“Codification”). The update provides incremental improvements on various topics in the Codification to provide clarification, correct errors in, and simplification on a variety of topics. Among other things, the guidance includes presentation disclosures for the amount of income tax expense or benefit related to other comprehensive income. The amendments are effective for public entities in fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted the standard effective January 1, 2021. The Company has evaluated the effect that the updated standard had on its internal processes, condensed consolidated financial statements and related disclosures, and has determined that the adoption did not have a significant impact on its condensed consolidated financial statements and related disclosures.

Note 3 Significant Accounting Policies

Use of Estimates

The preparation of these consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, as well as the reported revenues and expenses incurred during the reporting periods. The Company’s estimates are based on its historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s critical accounting estimates and assumptions are evaluated on an ongoing basis including those related to the: (i) allowance for unrecoverable advances; (ii) realization of tax assets and estimates of tax liabilities; (iii) valuation of equity securities; and (iv) fair value of the derivative related to the Company’s 2018 convertible notes. Actual results may differ from these estimates under different assumptions or conditions.

Revenue Recognition

Service Based Revenue, Net:

Service based revenue, net primarily consists of tips, express processing fees, and subscriptions charged to Members, net of processor costs associated with advance disbursements.

Member advances are treated as financial receivables under ASC 310 Receivables (“ASC 310”). Advance-related income is reported net of direct loan origination costs.

Costs incurred by the Company to fund cash advances are treated as direct loan origination costs. These direct loan origination costs are netted against advance-related income over the expected contractual term of the advance. Direct origination costs recognized as a reduction of advance-related income during the years ended December 31, 2020 and 2019, was $3.6 million and $2.1 million, respectively.

The Company accounts for subscriptions in accordance with ASC 606,

Revenue from Contracts with Customers

(“ASC 606”). Under ASC 606, the Company must identify the contract with a Member, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies the performance obligations. The Company’s primary sources of revenue are derived from fees earned on advances, and other financial instruments that are not within the scope of ASC 606. The Company has evaluated the nature of its contracts with Members and determined that further disaggregation of revenue from contracts with Members into categories beyond what is presented in the consolidated statements of operations was not necessary. For revenue sources that are within the scope of Topic 606, the Company fully satisfies its performance obligations and recognizes revenue in the period it is earned as services are rendered. Transaction prices are typically fixed, charged on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying ASC 606 that significantly affects the determination of the amount and timing of revenue from contracts with the Company’s Members. Sources of revenue from contracts with Members that are in the scope of ASC 606 include subscription fees, lead generation fees and reward program fees.

Service based revenue also consists of lead generation fees from the Company’s Side Hustle advertising partners. The Company is entitled to receive these lead generation fees when Members of the application sign up for jobs with the Company’s various partners. Lead generation contracts contain a single performance obligation. Lead generation revenue is recognized at a point in time upon satisfaction and completion of the single performance obligation. The Company also receives cash monthly as part of a rewards program for those Dave debit card Members who choose to spend funds with selected vendors. The cash received by the Company is recorded as unearned revenue and recognized into revenue as the subscription credits are earned by the Members.

Transaction Based Revenue, Net:

Transaction based revenue, net primarily consists of interchange and ATM revenues from Dave’s Checking Product and are recognized at the point in time the transactions occur, as the performance obligation is satisfied.

Processing and Servicing Fees

Processor fees consist of fees paid to the Company’s processors for the recovery of advances, tips, processing fees, and subscriptions. These expenses also include fees paid for services to connect Member’s bank accounts to the Company’s application. Aside from processing and service fees associated with advance disbursements, all other processing and service fees are expensed as incurred are expensed as incurred.

Cash and Cash Equivalents

The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents.

Restricted Cash

Restricted cash primarily represents cash held at financial institutions that is pledged as collateral for specific accounts that may become overdrawn. At December 31, 2020 and 2019, the Company had restricted cash in the amounts of $0.3 million and $0.1 million, respectively.

Marketable Securities

Marketable securities consist of a money market mutual fund. The fair value of marketable securities is determined by quoted prices in active markets and changes in fair value are recorded in other (income) expense in the statement of operations.

Member Advances

Member advances include

non-recourse

cash advances, fees, and tips net of certain direct origination costs and allowance for unrecoverable advances. Management’s intent is to hold advances until maturity or payoff. Members’ cash advances are treated as financial receivables under ASC 310.

Advances to Members are not interest-bearing. The Company recognizes these advances at face value and does not use discounting techniques to determine present value of advances due to their short-term average maturity. The consequent discount impact under the imputed interest rate method does not result in a significant impact to the financial statements.

The Company does not provide modifications to Member advances.

Allowance for Unrecoverable Advances

The Company maintains an allowance for unrecoverable advances at a level estimated to be adequate to absorb credit losses inherent in the outstanding Member advances. Management currently estimates the allowance balance required using historical loss and collections experience, and, if relevant, the nature and volume of the portfolio, economic conditions, and other factors. Interpretations of the nature and volume of the portfolio and projections of future economic conditions involve a high degree of subjectivity. Changes to the allowance have a direct impact on the provision for unrecoverable advances in the consolidated statements of operations.

written-off

and are a direct reduction to the allowance for unrecoverable advances. Subsequent recoveries of Member advances

written-off,

Internally Developed Software

employees incurred for time spent on upgrades and enhancements to add functionality to the software and fees paid to third-party consultants who are directly involved in development efforts. These capitalized costs are included on the consolidated balance sheets as intangible assets, net. Other costs are expensed as incurred and included within Other operating expenses in the consolidated statements of operations.

Property and Equipment, Net

Property and equipment are stated at cost less accumulated depreciation. Property and equipment are recorded at cost and depreciated over the estimated useful lives ranging from 3 to 7 years using the straight-line method. Maintenance and repair costs are charged to operations as incurred and included within Other operating expenses in the consolidated statements of operations.

Impairment of Long-Lived Assets

The Company assesses the impairment of long-lived assets, primarily property and equipment and amortizable intangible assets, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. If the sum of the expected undiscounted future cash flows from an asset is less than the carrying amount of the asset, the Company estimates the fair value of the assets. The Company measures the loss as the amount by which the carrying amount exceeds its fair value calculated using the present value of estimated net future cash flows.

Fair Value of Financial Instruments

ASC 820,

Fair Value Measurement

(“ASC 820”), provides a single definition of fair value and a common framework for measuring fair value as well as disclosure requirements for fair value measurements used in financial statements. Under ASC 820, fair value is determined based upon the exit price that would be received by a company to sell an asset or paid by a company to transfer a liability in an orderly transaction between market participants, exclusive of any transaction costs. Fair value measurements are determined by either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. Absent a principal market to measure fair value, the Company uses the most advantageous market, which is the market from which the Company would receive the highest selling price for the asset or pay the lowest price to settle the liability, after considering transaction costs. However, when using the most advantageous market, transaction costs are only considered to determine which market is the most advantageous and these costs are then excluded when applying a fair value measurement. ASC 820 creates a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below, with Level 1 having the highest priority and Level 3 having the lowest.

Level 1—Quoted prices in active markets for identical assets or liabilities.

participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	17,666	$	—	$	—	$	17,666
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	17,666	$	—	$	457	$	18,123


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	25,305	$	—	$	—	$	25,305
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	25,305	$	—	$	457	$	25,762

The Company had no assets and liabilities measured at fair value on a

non-recurring

basis as of December 31, 2020 and 2019.

The Company also has financial instruments not measured at fair value. The Company has evaluated cash and cash equivalents, Member advances, net, restricted cash, accounts payable, and accrued expenses and believes the carrying value approximates the fair value due to the short-term nature of these balances. The fair value of convertible notes payable and line of credit approximate its carrying value.

Marketable Securities:

Derivatives:

Derivative Liability Related to Convertible Notes

As discussed further in Note 9 Convertible Debt, Net, the Optional Conversion upon a Qualified Financing feature included in the 2018 Convertible Notes was deemed to be, in substance, a put option settleable in a variable number of shares, that met the definition of a derivative under ASC 815,

Derivatives and Hedging

(“ASC 815”). This derivative liability was accounted for separately from the 2018 Convertible Notes and was initially recorded as a liability at fair value, with the offsetting entry treated as a reduction to the carrying value of the 2018 Convertible Notes. The derivative liability was subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The loss related to the change in fair value of the derivative liability in 2019 was $0.5 million (presented within other (income)/expense on the consolidated statement of operations). All 2018 Convertible Notes were converted to Series

B-2

preferred stock during 2019.

A roll-forward of the Level 3 derivative liability is as follows (dollars in thousands):


Opening value at January 1, 2019	$	940
Change in fair value during the period		536
Conversion into Series B-2 preferred stock		(1,476	)

Ending value at December 31, 2019	$	—

The Company used a discounted cash flow valuation technique to determine the fair value of the derivative liability. Unobservable inputs include terms in years, calibrated risk premiums, option adjusted spreads and risk-free rates.


Unobservable Inputs		Range
Term (in years)		0.63 to 1.10
Calibrated risk premium		2.46% to 5.50%
Option adjusted spread		6.62% to 11.04%
Risk-free rate		1.87% to 2.62%

Derivative Asset Related to Loans to Stockholders

In relation to certain loans to stockholders, the Company purchased call options which grant the Company the right to acquire a fixed number of the Company’s common stock, par value $0.000001 per share (“Common Stock”), held by such stockholders over the exercise period (four years). However, the exercise price per share is not fixed. The approximate $3.273 exercise price per share increases by a nominal amount of approximately $0.005 for each month that lapses from the call option issuance date. As of December 31, 2020, the exercise price per share was approximately $3.362. The Company understands that this variability in the exercise price of the call option is tied to the passage of time, which is not an input to the fair value of the Company’s shares per ASC 815. Therefore, the Company does not believe the call option meets the scope exception under ASC 815. As the scope exception is not met, the call option is accounted for as a derivative instrument. Accordingly, the call option is measured at fair value and presented as a derivative asset on loans to stockholders on the Company’s consolidated balance sheets. Interest earned on the

non-recourse

promissory notes will be reported as interest income and changes in the fair value of the call option will be reported as other income or expense in the period incurred. The call option is measured at fair value at the end of each reporting period with change in fair value recorded in earnings. The fair value of the call option as of December 31, 2020 and 2019, was approximately $0.5 million.

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):


Opening value at January 1, 2019	$	—
Initial fair value at the original issuance dates		457
Change in fair value during the period		—

Ending value at December 31, 2019	$	457

Change in fair value during the period		—

Ending value at December 31, 2020	$	457

The Company used a binomial option pricing model to determine the fair value of the call option. The following table presents the assumptions used to value the call options for the year ended December 31 2020:


Expected volatility		61.5%
Risk-free interest rate		0.2%
Remaining term		3.0 Years

There were no other assets or liabilities that were required to be measured at fair value on a recurring basis as of December 31, 2020 and 2019.

Fair Value of Common Stock

In the absence of a public market for the Common Stock, the valuation of the Common Stock has been determined using a market approach and subject company transaction method. The allocation of equity value was determined using the option pricing method. The valuation was performed in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

The Company considered various objective and subjective factors to determine the fair value of its Common Stock as of each grant date, including:

•

Historical financial performance;

•

The Company’s business strategy;

•

Industry information, such as external market conditions and trends;

•

Lack of marketability of the Common Stock;

•

Prices, privileges, powers, preferences and rights of the Company’s convertible preferred stock relative to those of the Common Stock;

•

Forecasted cash flow projections for the Company;

•

Illiquidity of stock-based awards involving securities in a private company; and

•

Macroeconomic conditions.

During 2019 and 2020, the Company’s estimated fair value of its Common Stock remained relatively consistent, fluctuating between $0.935 per share as of August 5, 2019 (“August 2019 Valuation”) and $0.981 per share as of August 30, 2020 (“August 2020 Valuation”). The August 2019 Valuation and August 2020 Valuations utilized the income and market approaches in estimating the fair value.

Concentration of Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash and cash equivalents, restricted cash, Member cash advances, and accounts receivable. The Company’s cash and cash equivalents and restricted cash in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits were approximately $4.6 million and $5.7 million at December 31, 2020 and 2019, respectively. Also, the Company does not believe its marketable securities are exposed to any significant credit risk due to the quality and nature of the securities in which the money is held. Pursuant to the Company’s internal investment policy, investments must be rated

A-1/P-1

or better by Standard and Poor’s Rating Service and Moody’s Investors Service at the time of purchase.

No Member individually exceeded 10% or more of the Company’s Member cash advances balances as of December 31, 2020 and 2019.

Convertible Debt

The Company accounts for convertible notes in accordance with ASC Topic

470-20,

Debt with Conversion and Other Options.

Convertible notes are classified as liabilities measured at amortized cost, net of debt discounts from the allocation of proceeds. Interest expense is recognized using the effective interest method over the expected term of the debt instrument pursuant to ASC Topic 835,

Interest

As discussed further in Note 9 Convertible Debt, Net, the Company issued 2018 convertible promissory notes (“2018 Convertible Notes”) and 2019 convertible promissory notes (“2019 Convertible Notes”) in 2018 and 2019, respectively.

Leases

ASC 842,

Leases

(“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding

right-of-use

asset.

Right-of-use

assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

Right-of-use

assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. Leases are classified as financing or operating which will drive the expense recognition pattern. Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term.

The Company leases office space under four separate leases, all of which are considered operating leases. One lease includes the option to renew and the exercise of the renewal option is at the Company’s sole discretion. Options to extend or terminate a lease are considered as part of calculating the lease term to the extent that the option is reasonably certain of exercise. The leases do not include the options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Covenants imposed by the leases include letters of credit required to be obtained by the lessee.

The incremental borrowing rate (“IBR”) represents the rate of interest the Company would expect to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. When determinable, the Company uses the rate implicit in the lease to determine the present value of lease payments. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Loans to Stockholders

In 2019, the Company entered into loan, pledge, and option agreements with various employees, who are also stockholders, to provide those employees cash in exchange for

non-recourse

promissory notes and call options, which allow the Company to acquire shares held by these stockholders. Following ASC 310, the Company recorded the note as a reduction to shareholders’ equity and will do so until it is repaid, or the associated call option is exercised and the Company reacquires the collateralized shares. Interest earned and accrued on the notes also increases this contra-equity account balance.

Stock-Based Compensation

Stock Option Awards:

ASC 718,

Compensation-Stock Compensation

(“ASC 718”), requires the estimate of the fair value of all share-based payments to employees, including grants of stock options, to be recognized in the statement of operations over the requisite service period. Under ASC 718, employee option grants are generally valued at the grant date and those valuations do not change once they have been established. The fair value of each option award is estimated on the grant date using the Black-Scholes Option Pricing Model. As allowed by ASC 718, the Company’s estimate of expected volatility is based on its peer company average volatilities, including industry, stage of life cycle, size, and financial leverage. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant valuation. The Company recognizes forfeitures as they occur.

Restricted Stock Awards:

Restricted stock awards (“RSAs”) are valued on the grant date and the fair value of the RSAs is equal to the estimated fair value of the Company’s Common Stock on the grant date. This compensation cost is recognized over the requisite service period. When the requisite service period begins prior to the grant date (because the service inception date occurs prior to the grant date), the Company is required to begin recognizing compensation cost before there is a measurement date (i.e., the grant date). The service inception date is the beginning of the requisite service period. If the service inception date precedes the grant date, accrual of compensation cost for periods before the grant date shall be based on the fair value of the award at the reporting date. In the period in which the grant is approved, cumulative compensation cost is adjusted to reflect the cumulative effect of the compensation cost based on fair value at the grant date rather than the service inception date. The Company recognizes forfeitures as they occur.

RSAs Issued to

Non-Employees:

The Company issues shares of restricted stock to consultants for various advisory and consulting related services. The Company recognized this expense, measured as the estimated value of the shares issued, as a component of stock-based compensation expense, presented within compensation and benefits in the consolidated statements of operations.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2020 and 2019, was approximately $38.0 million and $22.9 million, respectively, and is presented within advertising and marketing in the consolidated statements of operations.

Income Taxes

The Company follows ASC 740,

Income Taxes

(“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial

statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is

more-likely-than-not

that the asset will not be realized.

ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is

more-likely-than-not

that the position will be sustained in a court of last resort, based on the technical merits. If

more-likely-than-not,

the amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination, including compromise settlements. For tax positions not meeting the

more-likely-than-not

threshold, no tax benefit is recorded. The Company has estimated $0.1 million of uncertain tax positions as of December 31, 2020, related to state income taxes. The Company had no unrecognized tax benefits as of December 31, 2019.

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense within the statement of operations. The Company recognized $0.003 million of interest expense as a component of income tax expense during the year ended December 31, 2020. There was no interest or penalties recognized as a component of income tax expense for the year ended December 31, 2019. There was $0.003 million of accrued interest as of December 31, 2020, and no accrued interest or penalties as of December 31, 2019.

Segment Information

The Company determines its operating segments based on how its chief operating decision makers manage operations, make operating decisions and evaluate operating performance. The Company has determined that the Chief Operating Decision Maker, or “CODM”, is a joint role shared by the Chief Executive Officer and Chief Financial Officer. Based upon the way the CODM reviews financial information and makes operating decisions and considering that the CODM reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance, the service-based and transaction-based operations constitute a single operating segment and one reportable segment.

Net Loss (Income) Per Share Attributable to Stockholders

The Company has five classes of participating securities (Series A preferred stock, par value $0.000001 per share (“Series A Preferred Shares”), Series

B-1

preferred stock, par value $0.000001 per share (“Series

B-1

Preferred Shares”), and Series

B-2

preferred stock, par value $0.000001 per share (“Series

B-2

Preferred Shares”) and, together with the Series A Preferred Shares and the Series

B-1

Preferred Shares, the “Preferred Stock”), unvested RSAs and early exercised stock options) issued and outstanding as of December 31, 2020 and 2019. The Company used the

two-class

method to compute net loss (income) per common share, because it had issued multiple classes of participating securities. The

two-class

method requires losses (earnings) for the period to be allocated between multiple classes of participating securities based upon their respective rights to receive distributed and undistributed losses (earnings). The Company used the

two-class

method to compute net loss (income) per common share. Losses are not attributed to participating securities as holders of Preferred Stock, unvested RSAs, and early exercise stock options are not contractually obligated to share in the Company’s losses.

Basic net loss (income) attributable to holders of Common Stock per share is calculated by dividing net loss (income) attributable to holders of Common Stock by the weighted-average number of shares outstanding, excluding shares issued in relation to unvested RSAs and vested early exercise options funded by

non-recourse

notes (refer to Note 15 Related-Party Transactions for further details on the Company’s Loans to Stockholders).

Diluted net loss (income) per share attributable to holders of Common Stock adjusts the basic net loss per share attributable to stockholders and the weighted-average number of shares outstanding for the potentially dilutive

impact of stock options and restricted stock using the treasury stock method and convertible preferred stock using the

as-if-converted

method.

The following table sets forth the computation of the Company’s basic and diluted net loss (income) per share attributable to holders of Common Stock (in thousands, except share data):


	For the Year Ended December 31,
	2020			2019
Numerator
Net (loss) income	$	(6,957	)	$	787
Less: noncumulative dividend to convertible preferred stockholders		—			(787	)

Net (loss) income attributed to common stockholders—Basic		(6,957	)		—
Add back: undistributed earnings allocated to noncumulative dividend to convertible preferred stockholders		—			2,694
Less: non-cumulative dividend to convertible preferred stockholders		—			(2,694	)

Net (loss) income attributed to common stockholders—Diluted		(6,957	)		—
Denominator
Weighted average shares of common stock—basic		90,986,048			76,918,167
Dilutive effect of equity incentive awards		—			33,647,099
Dilutive effect of Series A convertible stock		—			133,216,940
Dilutive effect of Series B-2 convertible stock		—			3,991,610

Weighted average shares of common stock—diluted		90,986,048			247,773,816
Net (loss) income per share
Basic	$	(0.08	)	$	0.00
Diluted	$	(0.08	)	$	0.00

The following potentially dilutive shares were excluded from the computation of diluted net loss (income) per share for the periods presented because including them would have been antidilutive:


	For the Year Ended December 31,
	2020		2019
Equity incentive awards		23,352,837		4,611,850
Convertible preferred stock		150,534,600		13,326,050

Total		173,887,437		17,937,900

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

(“ASU

2016-13”).

ASU

2016-13

introduced a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses, while also

providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans,

held-to

maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU

2016-13,

the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. In November 2019, the FASB issued an amendment making this ASU effective for public companies for the fiscal year beginning after December 15, 2019. Early adoption is permitted. The Company plans to adopt the standard on January 1, 2023, provided it remains an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

(“ASU

2019-12”),

as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. The amendments in ASU

2019-12

also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. This ASU is effective for public companies for annual periods beginning after December 15, 2020. Early adoption is permitted. The Company plans to adopt the standard on January 1, 2022, provided it remains an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU

No. 2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

, which provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The provisions of this standard are available for election for all companies through December 31, 2022. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU

2020-06,

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU 2020-06”).

The guidance

in ASU 2020-06 simplifies

the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in

the ASU 2020-06 also

simplify the guidance in ASC Subtopic

815-40,

Derivatives and Hedging: Contracts in Entity’s Own Equity

if-converted

method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments

in ASU 2020-06 are

effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted. The guidance must be adopted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In October 2020, the FASB issued ASU

2020-10,

Codification Improvements

. The update provides incremental improvements on various topics in the Codification to provide clarification, correct errors in, and simplification on a variety of topics. Among other things, the guidance includes presentation disclosures for the amount of income tax expense or benefit related to other comprehensive income. The amendments are effective for public entities in fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.

Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In May 2021, the FASB

issued ASU 2021-04,

Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic

470-50),

Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic

815-40),

which addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. The amendment in this update is effective for all companies for annual periods beginning after December 15, 2021. The new standard will be effective for the Company on January 1, 2022. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements:

In July 2017, the FASB issued ASU

2017-11,

Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): Part 1—Accounting for Certain Financial Instruments with Down Round Features

(“ASU

2017-11”).

Part 1 of ASU

2017-11

addresses the complexity of accounting for certain financial instruments with down round features. Down round features are provisions in certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. The Company adopted the standard effective January 1, 2019. The Company has evaluated the effect that the updated standard had on its internal processes, consolidated financial statements and related disclosures, and has determined that the adoption did not have a significant impact on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU

2018-13,

Changes to the Disclosure Requirements for Fair Value Measurement

, which modifies certain disclosure requirements on fair value measurements. The Company adopted the standard effective January 1, 2020. The Company has evaluated the effect that the updated standard had on its internal processes, consolidated financial statements and related disclosures, and has determined that the adoption did not have a significant impact on its consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

Deferred Offering Costs

Deferred offering costs consist of legal, accounting and other costs incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to stockholders’ equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations.

Net Loss Per Common Share

Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, excluding common stock subject to forfeiture. Weighted average shares at January 22, 2021 were reduced for the effect of an aggregate of 843,750 shares of common stock that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). At January 22, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the period presented.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences

attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed to be de minimis as of January 22, 2021.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for the interest and penalties as of January 22, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The provision for income taxes was deemed to be de minimis for the period from January 14, 2021 (inception) through January 22, 2021.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

Recent Accounting Standards

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to

Form 10-Q

and Article 8 of

Regulation S-X

of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed consolidated or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on March 8, 2021. The interim results for the three months ended September 30, 2021 and for the period from January 14, 2021 (inception) through September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business

Startups

Act of 2012 (the “JOBS Act”), and it may take advantage of certain

exemptions from various reporting requirements that are applicable t

other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply

to non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and, accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021.

Offering Costs

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to warrant liabilities were expensed as incurred in the condensed consolidated statements of operations. Offering costs associated with the Class A common stock issued were charged to stockholders’ equity upon the completion of the Initial Public Offering. Offering costs amounting to

$13,786,001 were charged to stockholders’ equity upon the completion of the Initial Public Offering, and $600,570 of the offering costs were related to the warrant liabilities and cha

ged to the statement of operations.

Warrant Liabilities

We do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. We evaluate all of

our

financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815 We account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to our own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of

additional paid-in

capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as

a non-cash

gain or loss on the statements of operations.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption, if any, are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021, 25,376,598 shares of Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s unaudited condensed consolidated balance sheet.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable Class A common stock resulted in charges against

additional paid-in

capital and accumulated deficit.

At September 30, 2021, the Class A common stock reflected in the condensed balance sheets are reconciled in the following table:


Gross proceeds	$	253,765,980
Less:
Proceeds allocated to Public Warrants	$	(10,340,965	)
Class A common stock issuance costs	$	(13,786,000	)
Plus:
Accretion of carrying value to redemption value	$	24,126,965
Class A common stock subject to possible redemption	$	253,765,980

Income Taxes

The Company follows the asset and liability method of accou

ting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement’s carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed to be de minimis as of September 30, 2021.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for the interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The provision for income taxes was deemed to be de minimis for the periods ended September 30, 2021.

Net Income (Loss) per Common Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income (loss) per share of Class A common stock is computed by dividing net income (loss) by the weighted average number of shares of common stock for the period. The Company applies

the two-class

method in calculating earnings per share. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 16,516,041 shares of Class A common stock in the aggregate. As of September 30, 2021 and 2020, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted net loss per share is the same as basic net loss per share for the periods presented.


	Three Months Ended September 30, 2021						For the Period from January 14, 2021 (Inception) Through September 30, 2021
	Class A			Class B			Class A			Class B
Basic and diluted net loss per common shares
Numerator:
Allocation of net loss, as adjusted	$	(2,141,472	)	$	(535,368	)	$	(5,990,311	)	$	(1,815,599	)
Denominator:
Basic and diluted weighted average common shares outstanding		25,376,598			6,344,150			20,481,452			6,207,710
Basic and diluted net loss per common shares	$	(0.08	)	$	(0.08	)	$	(0.29	)	$	(0.29	)

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximate the carrying amounts represented in the accompanying condensed consolidated balance sheet, primarily due to their short-term nature.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

•

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is

then re-valued

at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current

or non-current

based on whether or

not net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

(“ASU”) 2020-06, Debt—Debt

with Conversion and Other Options

(Subtopic 470-20) and

Derivatives and Hedging—Contracts in Entity’s Own Equity

(Subtopic 815-40) (“ASU 2020-06”) to

simplify accounting for certain financial instruments.

ASU 2020-06 eliminates

the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity.

ASU 2020-06 amends

the diluted earnings per share guidance, including the requirement to use

the if-converted method

for all convertible instruments.

ASU 2020-06 is

effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that

ASU 2020-06 would

have on its financial position, results of operations or cash flows.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements.

Business and Basis of Presentation

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

Business and Basis of Presentation

Note 1 Business and Basis of Presentation

Business

Dave Inc. (the “Company” or “Dave”) is a Delaware corporation formed in October 2015 and headquartered in Los Angeles, California. The Company’s business is to provide its members (“Members”) a suite of financial software and services related to personal finance. In December 2020, the Company formed Dave OD Funding I, LLC (“Dave OD”), a Delaware LLC, and wholly owned subsidiary of Dave Inc. All operating activities, revenues earned, and expenses incurred were generated in the United States of America.

On June 7, 2021, the Company announced it has entered into a definitive agreement for a business combination with VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) (“VPCC”), a special purpose acquisition company sponsored by Victory Park Capital, which is an affiliate of Victory Park Management, LLC. The business combination will result in Dave becoming a publicly traded company listed on the Nasdaq Capital Market under the ticker symbol “DAVE.”

The proposed business combination has been unanimously approved by the Boards of Directors of the Company and VPCC, and is subject to approval by VPCC’s stockholders, regulatory approvals and other customary closing conditions. The business combination is expected to close in the first quarter of 2022.

Dave’s Personal Financial Management Service

Dave’s personal financial management service enables Members to monitor their bank account balances to avoid overdraft fees and build budgets to assist in short-term financial planning. When a Member signs up for the Company’s mobile application, Dave connects to the Member’s checking account and then monitors and analyzes the Member’s typical spending and saving behavior. Based on this analysis, Dave identifies upcoming expenses, such as a car or rent payment, and likely future spending based on historical spending habits that enables Members to more effectively manage their finances. The Members are charged a $1 monthly fee for this software monitoring service.

Dave’s Advance Service

Many of Dave’s Members are at risk of having liquidity shortfalls before they receive their next paycheck. To help these Members avoid incurring costly overdraft fees, Dave offers them the ability to obtain a

non-recourse

cash advance of up to $200 (an “Advance”).

Members need not pay a fee to obtain an Advance, as Members can always obtain Advances via automated clearing house (“ACH”) payment for free, which generally arrive within three business days. However, many Members choose to pay an optional instant transfer fee to obtain the Advance within eight hours. Members may also choose to pay a voluntary tip to compensate the Company for use of its Advance service.

Dave’s Job Portal Service

As an additional tool to help prevent over drafting and improve cash flow, Dave helps connect Members to open local jobs. Dave’s job portal service, referred to as “Side Hustle,” enables Members to view potential opportunities for supplemental work, primarily in flexible, part-time roles. Side Hustle allows Members to submit applications to a repository of job openings with various partner companies, which include various ride share platforms and food delivery companies. Dave generates referral fees from partner companies for facilitating contacts between them and the application’s Members.

Dave’s Checking Product

Dave offers a free, no minimum, no

overdraft-fee

mobile checking account to its Members in partnership with a federally insured banking institution. Members can fund their accounts with direct deposit from their payroll or make manual cash and electronic deposits, spend via a debit card, access ATMs, and transfer funds between accounts at other banks and to third parties online, all through Dave’s mobile application. Other industry-first features include automated budgeting, advances, access to the Company’s exclusive job board, and the ability to build credit with

on-time

rent payments.

Basis of Presentation

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and are unaudited.

These unaudited condensed consolidated financial statements do not include all disclosures that are normally included in annual audited financial statements prepared in accordance with U.S. GAAP and should be read in conjunction with the Company’s consolidated financial statements. The unaudited condensed consolidated balance sheet as of December 31, 2020, has been derived from the Company’s annual audited consolidated financial statements.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2021 and December 31, 2020, its results of operations for the nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. The unaudited condensed consolidated financial statements at December 31, 2020, have been derived from the Company’s annual audited consolidated financial statements, but do not contain all of the footnote disclosures from the Company’s annual audited consolidated financial statements.

Principles of Consolidation

The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity (“VIE”) in which the Company has a controlling financial interest and for which it is the primary beneficiary. All intercompany transactions and balances have been eliminated upon consolidation.

Variable Interest Entities

The Company is considered the primary beneficiary of Dave OD, as it has the power over the activities that most significantly impact the economic performance of Dave OD and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant, in accordance with accounting guidance. As a result, the Company consolidated Dave OD and all intercompany accounts have been eliminated.

The carrying value of Dave OD’s assets and liabilities, after elimination of any intercompany transactions and balances, in the unaudited condensed consolidated balance sheet as of September 30, 2021 are as follows:


Assets
Cash and cash equivalents	$	9,518
Member advances, net of allowance for unrecoverable advances of $2,825 as of September 30, 2021		38,447
Debt facility commitment fee, current		52
Debt facility commitment fee, long-term		145

Total assets	$	48,162

Liabilities and stockholder’s deficit
Long-term debt facility	$	30,000
Warrant liability		3,586
Equity contributed		0.01
Accumulated deficit		(7,785	)

Total liabilities and stockholder’s deficit	$	25,801

Note 1 Business and Basis of Presentation

Business

Dave Inc. (the “Company” or “Dave”) is a Delaware corporation formed in October 2015 and headquartered in Los Angeles, California. The Company’s business is to provide its members (“Members”) a suite of financial software and services related to personal finance. All operating activities, revenues earned, and expenses incurred were generated in the United States of America.

Dave’s Personal Financial Management Service

Dave’s personal financial management service enables Members to monitor their bank account balances to avoid overdraft fees and build budgets to assist in short-term financial planning. When a Member signs up for the Company’s mobile application, Dave connects to the Member’s checking account and then monitors and analyzes the Member’s typical spending and saving behavior. Based on this analysis, Dave identifies upcoming expenses, such as a car or rent payment, and likely future spending based on historical spending habits, which enables Members to more effectively manage their finances. The Members are charged a $1 monthly fee for this software monitoring service.

Dave’s Advance Service

non-recourse

cash advance of up to $100 and up to $200 for Dave Banking Members (an “Advance”).

Members need not pay a fee to obtain an Advance, as Members can always obtain Advances via ACH for free, which generally arrive within three business days. However, many Members choose to pay an optional instant transfer fee to obtain the Advance within eight hours. Members may also choose to pay a voluntary tip to compensate the Company for use of its Advance service.

Dave’s Job Portal Service

As an additional tool to help prevent overdrafting and improve cash flow, Dave helps connect Members to open local jobs. Dave’s job portal service, referred to as “Side Hustle,” enables Members to view potential opportunities for supplemental work, primarily in flexible, part-time roles. Side Hustle allows Members to submit applications to a repository of job openings with various partner companies, which include various ride share platforms and food delivery companies. Dave generates referral fees from partner companies for facilitating contacts between them and the application’s Members.

Dave’s Checking Product

Dave offers a free, no minimum, no

overdraft-fee

mobile checking account to its Members in partnership with a federally insured banking institution. Members can fund their accounts with direct deposit from their payroll or make manual cash and electronic deposits, spend via a debit card, access ATMs and transfer funds between accounts at other banks and to third parties online, all through Dave’s mobile application. Other industry-first features include automated budgeting, advances, access to the Company’s exclusive job board, and the ability to build credit with

on-time

rent payments.

Basis of Presentation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

On November 11, 2020, the Company effected a

ten-for-one

stock split to shareholders of record as of November 11, 2020. All shares, stock options, and restricted stock units have been retroactively adjusted to reflect the stock split.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and a variable interest entity (“VIE”).

In accordance with the provisions of Accounting Standards Codification (“ASC”) 810,

Consolidation,

the Company consolidates any VIE of which the Company is the primary beneficiary. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. ASC 810 requires a variable interest holder to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when it is not considered the primary beneficiary. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that the Company continues to be the primary beneficiary.

Variable Interest Entity:

On December 9, 2020, the Company formed Dave OD Funding I, LLC, a Delaware LLC, and wholly owned subsidiary of Dave Inc. Dave is considered the primary beneficiary of Dave OD Funding I, LLC and consolidates 100% of the entity. The subsidiary had no activity during 2020.

COVID-19

Impact

There are many uncertainties regarding the current global pandemic involving a novel strain of coronavirus

(“COVID-19”),

and the Company continues to closely monitor the impact of the pandemic on all aspects of its business, including how it has and may in the future impact its Members, employees, suppliers, vendors, and business partners. The duration and magnitude of the continuing effects of

COVID-19

on the Company’s Members remain uncertain and dependent on various factors, including the continued severity and transmission rate of the virus, new variants of the virus, the nature of and duration for which preventative measures remain in place, the extent and effectiveness of containment and mitigation efforts, including vaccination programs, and the type of stimulus measures and other policy responses that the U.S. government may further adopt.

Beginning in March 2020, the Company’s business and operations were disrupted by the conditions caused by

COVID-19,

which adversely affected Members’ spending levels and disposable income. Governmental actions such as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) helped mitigate the effects of

COVID-19

on the Company’s Members. In particular, stimulus funds and incremental unemployment benefits provided under the CARES Act created additional financial support for the Company’s Members; however, the overall economic conditions potentially increase Members’ credit risk. The Company is concurrently evaluating its policies around the level and extent of Members’ cash advances and corresponding credit risk. The Company expects to continue to assess the evolving impact of the

COVID-19

pandemic and intends to make adjustments to its responses accordingly.

Restatement of Previously Issued Financial Statements

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Restatement of Previously Issued Financial Statements

Note 2 Restatement of Previously-Issued Financial Statements

In connection with the preparation of the Company’s June 30, 2021 unaudited condensed consolidated financial statements, management became aware of errors related to Member advances and the Allowance for unrecoverable advances.

The Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99,

Materiality

and SAB No. 108,

Considering the Effects of Prior Year Misstatements in Current Year Financial Statements

, and determined the effect of these corrections was material to the consolidated financial statements as of and for the years ended December 31, 2020 and 2019. Accordingly, the Company has restated the consolidated financial statements as of and for the years ended December 31, 2020 and 2019 in accordance with ASC 250,

Accounting Changes and Error Corrections

Additionally, the Company identified an error related to Member advances, net of the allowance for unrecoverable advances in 2018, which was corrected through an out of period adjustment in the consolidated financial statements for the year ended December 31, 2019. The out of period adjustment decreased Member advances, net of the allowance for unrecoverable advances and increased the Provision for unrecoverable advances by approximately $0.3 million. The Company determined that this error was not material to the consolidated financial statements for the year ended December 31, 2018, nor was the impact of the out of period adjustment to correct the error material to the financial statements for the year ended December 31, 2019.

In addition to the adjustments made to correct the overstatement of Member advances, net of allowance for unrecoverable advances, and the understatement of the Provision for unrecoverable advances, the Company also made related adjustments to Prepaid income taxes, Income taxes payable, Other non-current liabilities and the Provision for income taxes. These adjustments did not affect operating revenues, total cash flows from operating activities, financing activities or investing activities for any period presented. In response to the errors, the Company redesigned its internal controls around the Member advances, net of allowances for unrecoverable advances to detect and prevent future errors.


	As of December 31,
	2020
Consolidated Balance Sheet:	As Reported			Adjustments			As Restated
Assets
Member advances, net of allowance for unrecoverable advances	$	47,588		$	(8,844	)	$	38,744
Prepaid income taxes	$	1,576		$	2,432		$	4,008
Total current assets	$	75,764		$	(6,412	)	$	69,352
Total assets	$	82,817		$	(6,412	)	$	76,405

Liabilities, convertible preferred stock, and stockholders’ deficit
Other non-current liabilities	$	735		$	(150	)	$	585
Total liabilities	$	26,711		$	(150	)	$	26,561
Accumulated deficit	$	(6,642	)	$	(6,262	)	$	(12,904	)
Total stockholders’ deficit	$	(16,067	)	$	(6,262	)	$	(22,329	)
Total liabilities, convertible preferred stock, and stockholders’ deficit	$	82,817		$	(6,412	)	$	76,405


	For the year ended December 31,
	2020
Consolidated Statement of Operations	As Reported			Adjustments			As Restated
Provision for unrecoverable advances	$	19,441		$	6,098		$	25,539
Total operating expenses	$	117,079		$	6,098		$	123,177
Net loss before provision for income taxes	$	(714	)	$	(6,098	)	$	(6,812	)
Provision for income taxes	$	1,888		$	(1,743	)	$	145
Net loss	$	(2,602	)	$	(4,355	)	$	(6,957	)
Net loss per share:
Basic	$	(0.03	)				$	(0.08	)
Diluted	$	(0.03	)				$	(0.08	)


	For the year ended December 31,
	2020
Consolidated Statements of Cash Flows:	As Reported			Adjustments			As Restated
Net loss	$	(2,602	)	$	(4,355	)	$	(6,957	)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for unrecoverable advances	$	19,441		$	6,098		$	25,539
Changes in operating assets and liabilities:
Prepaid income taxes	$	(1,576	)	$	(2,432	)	$	(4,008	)
Income taxes payable	$	(1,348	)	$	840		$	(508	)
Other non-current liabilities	$	698		$	(151	)	$	547


	For the year ended December 31,
	2020
Consolidated Statement of Convertible Preferred Stock and Stockholder’s Deficit:	As Reported			Adjustments			As Restated
Net loss	$	(2,602	)	$	(4,355	)	$	(6,957	)
Accumulated deficit	$	(6,642	)	$	(6,262	)	$	(12,904	)
Total stockholders’ deficit	$	(16,067	)	$	(6,262	)	$	(22,329	)


	For the year ended December 31,
	2019
Consolidated Statement of Operations	As Reported		Adjustments			As Restated
Provision for unrecoverable advances	$	16,941	$	2,747		$	19,688
Total operating expenses	$	71,703	$	2,747		$	74,450
Net income (loss) before provision for income taxes	$	4,079	$	(2,747	)	$	1,332
Provision for income taxes	$	1,385	$	(840	)	$	545
Net income (loss)	$	2,694	$	(1,907	)	$	787


	As of December 31,
	2019
Consolidated Balance Sheet:	As Reported			Adjustments			As Restated
Assets
Member advances, net of allowance for unrecoverable advances	$	31,789		$	(2,747	)	$	29,042
Total current assets	$	64,962		$	(2,747	)	$	62,215
Total assets	$	69,835		$	(2,747	)	$	67,088
Income taxes payable	$	1,348		$	(840	)	$	508
Total current liabilities	$	10,415		$	(840	)	$	9,575
Total liabilities	$	12,636		$	(840	)	$	11,796
Accumulated deficit	$	(4,040	)	$	(1,907	)	$	(5,947	)
Total stockholders’ deficit	$	(14,974	)	$	(1,907	)	$	(16,881	)
Total liabilities, convertible preferred stock, and stockholders’ deficit	$	69,835		$	(2,747	)	$	67,088


	For the year ended December 31,
	2019
Consolidated Statements of Cash Flows:	As Reported		Adjustments			As Restated
Net income	$	2,694	$	(1,907	)	$	787
Adjustments to reconcile net income to net cash used in operating activities:
Provision for unrecoverable advances	$	16,941	$	2,747		$	19,688


	For the year ended December 31,
	2019
Consolidated Statement of Convertible Preferred Stock and Stockholder’s Deficit:	As Reported			Adjustments			As Restated
Net income	$	2,694		$	(1,907	)	$	787
Accumulated deficit	$	(4,040	)	$	(1,907	)	$	(5,947	)
Total stockholders’ deficit	$	(14,974	)	$	(1,907	)	$	(16,881	)

Restatement of Previously Issued Financial Statements

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate its previously reported financial statements. During the quarter ended September 30,

2021, the Company determined that at the closing of the Company’s Initial Public Offering (including the sale of the shares issued pursuant to the exercise of the underwriters’ overallotment) it had improperly classified its Class A common stock subject to possible redemption at the closing of the Company’s Initial Public Offering and the closing of the sale of shares pursuant to the exercise of the underwriters’ overallotment, it had improperly classified certain of its Class A common stock subject to possible redemption. The Company previously determined the Class A common stock subject to possible redemption to be equal to the redemption value of $

10.00 per Class A common stock while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A common stock issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that temporary equity should include all Class A common stock subject to possible redemption, resulting in the Class A common stock subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A common stock subject to possible redemption with the offset recorded to

additional paid-in

capital (to the extent available), accumulated deficit and Class A common stock.

In connection with the change in presentation for the Class A common stock subject to redemption, the Company also revised its earnings per share calculation to allocate net income (loss) evenly to Class A and Class B common stock. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of common stock share pro rata in the income (loss) of the Company.

In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s

Form 8-K

filed with the SEC on March 16, 2021 (the

“Post-IPO

Balance Sheet”),

Form 10-Qs

for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Post-IPO Balance Sheet and Affected Quarterly Periods should be restated to present all Class A common stock subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements to those periods in this quarterly report.

There has been no change in the Company’s total assets, liabilities or operating results.

The impact of the restatement on the Company’s previously issued financial statements is reflected in the following tables.


Balance Sheet as of March 9, 2021 (audited)	As Previously Reported			Adjustment			As Restated

Class A common stock subject to possible redemption	$	222,685,780		$	31,080,200		$	253,765,980
Class A common stock	$	311		$	(311	)	$	—
Additional paid-in capital	$	6,977,293		$	(6,977,293	)	$	—
Accumulated deficit	$	(1,978,231	)	$	(24,102,596	)	$	(26,080,827	)
Total shareholders’ equity (deficit)	$	5,000,007		$	(31,080,200	)	$	(26,080,193	)


Balance Sheet as of March 31, 2021 (unaudited)		As Previously Reported			Adjustment			As Restated
Class A common stock subject to possible redemption	$	223,013,600		$	30,752,380		$	253,765,980
Class A common stock	$	308		$	(308	)	$	—
Additional paid-in capital	$	6,649,473		$	(6,649,473	)	$	—
Accumulated deficit	$	(1,650,406	)	$	(24,102,599	)	$	(25,753,005	)
Total shareholders’ equity (deficit)	$	5,000,009		$	(30,752,380	)	$	(25,752,371	)

Balance Sheet as of June 30, 2021 (unaudited)
Class A common stock subject to possible redemption	$	219,534,940		$	34,231,040		$	253,765,980
Class A common stock	$	343		$	(343	)	$	—
Additional paid-in capital	$	10,128,098		$	(10,128,098	)	$	—
Accumulated deficit	$	(5,129,070	)	$	(24,102,599	)	$	(29,231,669	)
Total shareholders’ equity (deficit)	$	5,000,005		$	(34,231,040	)	$	(29,231,035	)

Statement of Cash Flows for The Period from January 14, 2021 (Inception) Through March 31, 2021 (unaudited)
Initial classification of Class A common stock subject to possible redemption	$	222,685,780		$	31,080,200		$	253,765,980
Change in value of Class A common stock subject to possible redemption	$	327,820		$	(327,820	)	$	—

Statement of Cash Flows for The Period from January 14, 2021 (Inception) Through June 30, 2021 (unaudited)
Initial classification of Class A common stock subject to possible redemption	$	222,685,780		$	31,080,200		$	253,765,980
Change in value of Class A common stock subject to possible redemption	$	(3,150,840	)	$	3,150,840		$	—

Statement of Operations for The Period from January 14, 2021 (Inception) Through March 31, 2021 (unaudited)
Weighted average shares outstanding of Class A common stock redeemable shares		25,376,598			(17,513,427	)		7,863,171
Basic and diluted net loss per common share, Class A common stock redeemable shares	$	—		$	(0.12	)	$	(0.12	)
Weighted average shares outstanding of Class B common stock non-redeemable shares		5,851,019			80,357			5,931,376
Basic and diluted net loss per common share, Class B common stock non-redeemable shares	$	(0.28	)	$	0.16		$	(0.12	)


Statement of Operations for the three months ended June 30, 2021 (unaudited)		As Previously Reported			Adjustment			As Restated
Weighted average shares outstanding of Class A common stock redeemable shares		25,376,598			—			25,376,598
Basic and diluted net loss per common share, Class A common stock redeemable shares	$	—		$	(0.11	)	$	(0.11	)
Weighted average shares outstanding of Class B common stock non-redeemable shares		6,344,150			—			6,344,150
Basic and diluted net loss per common share, Class B common stock non-redeemable shares	$	(0.55	)	$	0.44		$	(0.11	)

Statement of Operations for The Period from January 14, 2021 (Inception) Through June 30, 2021
Weighted average shares outstanding of Class A common stock redeemable shares		25,376,598			(7,675,638	)		17,700,960
Basic and diluted net loss per common share, Class A common stock redeemable shares	$	—		$	(0.22	)	$	(0.22	)
Weighted average shares outstanding of Class B common stock non-redeemable shares		6,129,745			(3,116	)		6,126,629
Basic and diluted net loss per common share, Class B common stock non-redeemable shares	$	(0.84	)	$	0.62		$	(0.22	)

Marketable Securities

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 4 Marketable Securities

Below is a detail of marketable securities (dollars in thousands):


	As of December 31,
	2020		2019
Marketable securities	$	17,666	$	25,305

Totals	$	17,666	$	25,305

The Company’s marketable securities consisted of a money market mutual fund. At December 31, 2020 and 2019, the fund’s money market instruments were comprised of primarily certificates of deposit and financial company/asset backed commercial paper. At December 31, 2020 and 2019, the investment portfolio had a weighted-average maturity of 46 days and 24 days, respectively. The fund is publicly traded with a ticker symbol SPPXX and the money market instruments were measured at fair market value at December 31, 2020 and 2019. Proceeds from sales and purchases of marketable securities during the year ended December 31, 2020 were approximately $7.8 million and $0.1 million, respectively. Proceeds from sales and purchases of marketable securities during the year ended December 31, 2019 were approximately $15.8 million and $32.9 million, respectively. The amount of gain recorded in connection with the investment in marketable securities for the years ended December 31, 2020 and 2019 was approximately $0.1 million and $0.3 million, respectively, and was recorded as a component of interest income in the consolidated statements of operations.

Member Cash Advances, Net

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Receivables [Abstract]

Member Cash Advances, Net

Note 3 Member Cash Advances, Net

Below is a detail of Member cash advances, net as of September 30, 2021 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
	(unaudited)		(unaudited)			(unaudited)
1-10	$	32,881	$	(2,030	)	$	30,851
11-30		10,469		(1,340	)		9,129
31-60		4,934		(2,547	)		2,387
61-90		4,162		(2,681	)		1,481
91-120		3,762		(2,742	)		1,020

Total	$	56,208	$	(11,340	)	$	44,868

Below is a detail of Member cash advances, net as of December 31, 2020 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	27,948	$	(1,367	)	$	26,581
11-30		8,380		(1,205	)		7,175
31-60		5,489		(3,009	)		2,480
61-90		6,088		(4,284	)		1,804
91-120		3,419		(2,715	)		704

Total	$	51,324	$	(12,580	)	$	38,744

Member advances, net, represent outstanding advances, tips, and processing fees, net of direct origination costs, less an allowance for unrecoverable advances.

The roll-forward of the allowance for unrecoverable advances is as follows (dollars in thousands):


Ending allowance balance at December 31, 2020	$	12,580
Plus: provision for unrecoverable advances		21,693
Less: amounts written-off		(22,933	)

Ending allowance balance at September 30, 2021 (unaudited)	$	11,340

Ending allowance balance at December 31, 2019	$	9,355
Plus: provision for unrecoverable advances		14,311
Less: amounts written-off		(14,104	)

Ending allowance balance at September 30, 2020 (unaudited)	$	9,562

Note 5 Member Cash Advances, Net

Below is a detail of Member cash advances, net (dollars in thousands):

Table as of December 31, 2020


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	27,948	$	(1,367	)	$	26,581
11-30		8,380		(1,205	)		7,175
31-60		5,489		(3,009	)		2,480
61-90		6,088		(4,284	)		1,804
91-120		3,419		(2,715	)		704

Total	$	51,324	$	(12,580	)	$	38,744

Table as of December 31, 2019


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	25,529	$	(1,027	)	$	24,502
11-30		4,263		(1,607	)		2,656
31-60		3,277		(2,202	)		1,075
61-90		2,930		(2,400	)		530
91-120		2,398		(2,119	)		279

Total	$	38,397	$	(9,355	)	$	29,042

Member advances, net, represent outstanding advances, tips, and processing fees, net of direct origination costs, less an allowance for unrecoverable advances. The allowances for unrecovered advances netted against gross Member cash advances total $12.6 million and $9.4 million at December 31, 2020 and 2019, respectively.

The roll-forward of the allowance for unrecoverable advances is as follows (dollars in thousands):


Opening allowance balance at January 1, 2019	$	3,277
Plus: provision for unrecoverable advances		19,688
Less: amounts written-off		(13,610	)

Ending allowance balance at December 31, 2019		9,355

Plus: provision for unrecoverable advances		25,539
Less: amounts written-off		(22,314	)

Ending allowance balance at December 31, 2020	$	12,580

Accrued Expenses

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Expenses

Note 4 Accrued Expenses

Accrued expenses consisted of the following (dollars in thousands):


	(unaudited) September 30, 2021		December 31, 2020
Accrued charitable contributions	$	6,057	$	3,364
Accrued compensation		1,498		875
Sales tax payable		1,422		991
Other		859		94

Total	$	9,836	$	5,324

Accrued charitable contributions include amounts the Company has pledged related to charitable tree and meal donations. The Company uses a portion of tips received to make a charitable cash donation to third parties who use the funds to plant trees or provide meals to those in need. For the nine month periods ended September 30, 2021 and 2020, the Company pledged approximately $3.6 million (unaudited) and $2.4 million (unaudited) related to charitable donations, respectively. These costs are expensed as incurred and are presented within other general and administrative expenses in the condensed consolidated statements of operations.

Accrued compensation includes accrued bonuses and one half of the portion of employer Social Security payroll taxes deferred under the CARES Act. Other accrued expenses include accrued professional fees, legal fees, and accrued banking and program fees.

Note 6 Accrued Expenses

Accrued expenses consisted of the following (dollars in thousands):


	December 31, 2020		December 31, 2019
Accrued charitable contributions	$	3,364	$	1,026
Accrued compensation		875		360
Sales tax payable		991		332
Other		94		172

Total	$	5,324	$	1,890

Accrued charitable contributions include amounts the Company has pledged related to charitable tree and meal donations. The Company uses a portion of tips received to make a charitable cash donation to third parties who use the funds to plant trees or provide meals to those in need. For the years ended December 31, 2020 and 2019, the Company pledged approximately $3.8 million and $1.4 million related to charitable donations, respectively. These costs are expensed as incurred and are presented within other operating expenses in the consolidated statements of operations.

Line of Credit	9 Months Ended	12 Months Ended
Line of Credit	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Line of Credit	Note 5 Line of Credit In November 2017, the Company entered into a line of credit agreement with UBS (the “UBS Agreement”). Issuance costs related to this transaction were not significant. There is no stated maturity date, there are no financial covenants and the amount of line of credit is solely dependent upon the total amount of assets the Company holds with UBS at any given point. During 2021, the Company repaid $3.9 million (unaudited) and the UBS Agreement was terminated in March 2021. As of December 31, 2020, the Company had an outstanding balance of $3.9 million, which included $0.01 million of accrued interest. The interest incurred related to this borrowing is included in Interest expense within the condensed consolidated statement of operations.	Note 10 Line of Credit In November 2017, the Company entered into a line of credit agreement with UBS (the “UBS Agreement”). Issuance costs related to this transaction were not significant. There is no stated maturity date, there are no financial covenants and the amount of line of credit is solely dependent upon the total amount of assets the Company holds with UBS at any given point. As of December 31, 2020, the Company had $8.3 million of total borrowing availability and the interest rate was variable and based on 1.75% plus the 30-day LIBOR rate. During 2020, the Company borrowed $3.9 million. As of December 31, 2020, the Company had an outstanding balance of $3.9 million, which includes $10 thousand of accrued interest. The interest incurred related to this borrowing is included in interest expense within the consolidated statements of operations. As of December 31, 2019, the Company had no outstanding balance under the line of credit.

Note Payable	9 Months Ended
Note Payable	Sep. 30, 2021
Debt Disclosure [Abstract]
Note Payable	Note 6 Note Payable In August 2021, VPCC entered into an amendment to the private investment in public equity (“PIPE”) subscription agreement (“PIPE Amendment”) it previously entered into with Alameda Research Ventures LLC (“Alameda Research”) in connection with the proposed business combination with the Company (refer to Note 1, Business and Basis of Presentation ). The PIPE Amendment calls for a $15.0 million pre-funding, which was facilitated through the issuance of an unsecured promissory note by the Company to Alameda Research. The Company’s obligations to repay the principal amount of the promissory note will be discharged through the issuance of 1.5 million shares of VPCC to Alameda Research at the closing of the business combination. The promissory note bears an interest rate of the applicable short-term Federal rate and is due at the earlier of (i) the one-year anniversary of the promissory note or (ii) an event of default. The Company has elected to measure the note payable debt instrument at fair value using the fair value option of ASC 825-10. The Company determined that the feature to settle the promissory note with shares at the closing of the business combination is a contingently exercisable share settled put option that represents an embedded derivative instrument that requires bifurcation from the host promissory note. Additionally, the feature to redeem the promissory note upon a default event is a contingently exercisable call option and represents an embedded derivative instrument that requires bifurcation from the host promissory note. However, in accordance with ASC 815-15-25-1 criterion (b), since the Company has elected to apply the fair value option to the debt, the embedded features will not be separated from the debt host. The fair value of the promissory note was $14.6 million (unaudited) as of the issuance date and September 30, 2021.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 7 Property and Equipment, Net

Property and equipment, net consisted of the following (dollars in thousands):


	December 31, 2020			December 31, 2019
Computer equipment	$	289		$	79
Leasehold improvements		427			398
Furniture and fixtures		14			14

Total property and equipment		730			491
Less: Accumulated depreciation		(214	)		(70	)

Property and equipment, net	$	516		$	421

Depreciation expense for the years ended December 31, 2020 and 2019, was approximately $0.1 million. As of December 31, 2020 and 2019, the Company had outstanding commitments for the purchase of property and equipment totaling approximately $7 thousand and $14 thousand, respectively.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Note 8 Intangible Assets, Net

Company’s intangible assets, net consisted of the following (dollars in thousands):


	December 31, 2020			December 31, 2019
Internally developed software	$	7,002		$	3,013
Domain name		121			121
Less: accumulated amortization		(2,618	)		(1,044	)

Intangible Assets, net	$	4,505		$	2,090

Future estimated amortization expenses (dollars in thousands):


	December 31, 2020
2021	$	2,000
2022		1,623
2023		816
2024		8
2025		8
Thereafter		50

Total future amortization	$	4,505

Amortization expense for the years ended December 31, 2020 and 2019, was approximately $1.6 million and $0.8 million, respectively.

Proposed Public Offering		9 Months Ended
Proposed Public Offering	Jan. 22, 2021	Sep. 30, 2021
VPC Impact Acquisition Holdings III, Inc [Member]
Proposed Public Offering	Note 3—Proposed Public Offering Pursuant to the Proposed Public Offering, the Company will offer for sale 22,500,000 units (or 25,875,000 Units if the underwriters’ over-allotment option is exercised in full at a price of $10.00 per Unit. Each Unit will consist of one share of Class A common stock, and one-fourth of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant will entitle the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 6).	NOTE 4. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 25,376,598 Units, which includes a partial exercise by the underwriters of their over-allotment option in the amount of 2,876,598 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s Class A common stock and one-fourth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per whole share (see Note 9).

Private Placement	9 Months Ended
Private Placement	Sep. 30, 2021
VPC Impact Acquisition Holdings III, Inc [Member]
Private Placement	NOTE 5. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 5,100,214 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, or $7,650,320 in the aggregate, which includes the partial exercise by the underwriters of their over-allotment options in the amount of 2,876,598 Units, at $10.00 per Unit, generating gross proceeds of $253,765,980. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

Leases

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Lessee, Operating Leases [Text Block]

Note 9 Leases

In June 2018, the Company entered into a lease agreement for a single general office space in Los Angeles, California. The initial term of the lease is nine months with a five-year extension option at the discretion of the lessee. Monthly rent is approximately $0.001 million, subject to an annual escalation of 3%.

In November 2018, the Company entered into a sublease agreement with PCJW Properties LLC (“PCJW”), controlled by Company’s founders (including the Company’s current CEO), for general office space next to the aforementioned leased property in Los Angeles, California. The lease term is five years subject to early termination by either party. Under the terms of the sublease, monthly rent is approximately $0.005 million, subject to an annual escalation of 4%.

In January 2019, the Company entered into a lease agreement with PCJW for office space located in Los Angeles, California. The lease term is seven years, beginning January 1, 2019 and ending December 31, 2025. Monthly rent is approximately $0.019 million, subject to an annual escalation of 5%.

In September 2019, the Company entered into a sublease for general office space in West Hollywood, California. The lease term is two years subject to early termination by either party. Under the terms of the lease, monthly rent is approximately $0.01 million, subject to an annual escalation of 3%. In December 2019, the Company entered into a lease amendment to increase the leased office space in exchange for monthly rent of approximately $0.23 million. The amendment also extended the lease term to October 31, 2021, and increased the annual escalation to 3.5%.

In May 2020, the Company entered into a sublease with Whalerock for general office space in West Hollywood, California. Under the terms of the sublease, the lease term is approximately

18-months

and the monthly rent is approximately $0.14 million. The Company began utilizing the office space in June 2021.

All leases were classified as operating and operating lease expenses are presented within other general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company does not have any finance leases or sublease arrangements where the Company is the sublessor. The Company’s leasing activities are as follows (dollars in thousands):


	For the Nine Months Ended September 30, 2021
Operating lease cost	$	901
Short-term lease cost		—
Variable lease cost		—

Total lease cost	$	901

Other information:
Cash paid for operating leases	$	798
Right-of-use assets obtained in exchange for new operating lease liability	$	2,514
Weighted-average remaining lease term—operating lease		2.22
Weighted-average discount rate—operating lease		10	%

The future minimum lease payments as of September 30, 2021, were as follows (in thousands):


Year	3rd-Party Commitment			Related- Party Commitment			Total
2021 (remaining)	$	466		$	80		$	546
2022		1,781			335			2,116
2023		159			339			498
2024		2			295			297
2025		—			309			309
Thereafter		—			—			—

Total minimum lease payments	$	2,408		$	1,358		$	3,766

Less: imputed interest		(145	)		(239	)		(384	)

Total lease liabilities	$	2,263		$	1,119		$	3,382

Note 11 Leases

In June 2018, the Company entered into a lease agreement for a single general office space in Los Angeles, California. The initial term of the lease is

nine months

with a five-year extension option at the discretion of the lessee. Monthly rent is approximately $1 thousand, subject to an annual escalation of 3%.

In January 2019, the Company entered into a lease agreement with PCJW for office space located in Los Angeles, California. The lease term is seven years, beginning January 1, 2019 and ending December 31, 2025. Monthly rent is approximately $19 thousand, subject to an annual escalation of 5%.

In September 2019, the Company entered into a sublease for general office space in West Hollywood, California. The lease term is two years subject to early termination by either party. Under the terms of the lease, monthly rent is approximately $10 thousand, subject to an annual escalation of 3%. In December 2019, the Company entered into a lease amendment to increase the leased office space in exchange for monthly rent of approximately $23 thousand. The amendment also extended the lease term to October 31, 2021, and increased the annual escalation to 3.5%.

All leases were classified as operating and operating lease expenses are presented within Other operating expenses in the consolidated statements of operations. The Company does not have any finance leases or sublease arrangements where the Company is the sublessor. The Company’s leasing activities are as follows (dollars in thousands):


	For the Year Ended December 31,
	2020			2019
Operating lease cost	$	546		$	402
Short-term lease cost		—			40
Variable lease cost		—			—

Total lease cost	$	546		$	442

Other information:
Cash paid for operating leases	$	534		$	356
Right-of-use assets obtained in exchange for new operating lease liability	$	—		$	1,736
Weighted-average remaining lease term - operating lease		4.19			4.87
Weighted-average discount rate - operating lease		10	%		10	%

The future minimum lease payments as of December 31, 2020, were as follows (in thousands):


Year	3rd-Party Commitment			Related-Party Commitment			Total
2021	$	205		$	320		$	525
2022		12			335			347
2023		12			339			351
2024		2			295			297
2025		—			309			309
Thereafter		—			—			—

Total minimum lease payments	$	231		$	1,598		$	1,829

Less: imputed interest		(12	)		(329	)		(341	)

Total lease liabilities	$	219		$	1,269		$	1,488

Related Party Transactions

9 Months Ended

12 Months Ended

Jan. 22, 2021

Sep. 30, 2021

Dec. 31, 2020

Related Party Transactions

Note 12 Related-Party Transactions

Leasing Arrangements:

In November 2018, the Company entered into a sublease agreement with PCJW, controlled by Company’s founders (including the Company’s current CEO), for general office space next to the aforementioned leased property in Los Angeles, California. The lease term is five years subject to early termination by either party. Under the terms of the sublease, monthly rent is approximately $0.005 million, subject to an annual escalation of 4%.

During the nine months ended September 30, 2021 and the year ended December 31, 2020, the Company paid approximately $0.2 million and $0.3 million, respectively, under lease agreements with PCJW for general office space in Los Angeles, California.

The following is a schedule of future minimum rental payments as of September 30, 2021, under Company’s

sub-lease

for the properties located in Los Angeles, California signed with PCJW (in thousands):


Year	Related-Party Commitment
2021 (remaining)	$	80
2022		335
2023		339
2024		295
2025		309
Thereafter		—

Total minimum lease payments	$	1,358

Less: imputed interest		(239	)

Total lease liabilities	$	1,119

The related-party components of the lease

right-of-use

assets, lease liabilities, short-term, and lease liabilities, long-term are presented as part of the

right-of-use

asset and lease liability on the condensed consolidated balance sheets.

Related-Party Exercise Receivable Promissory Notes:

During 2018, the Company issued

non-recourse

promissory notes with certain employees, which allowed for the early exercise of stock options, with the exercise price to be paid back to the Company at a later date. The notes for approximately $0.1 thousand were secured by a pledge of 1,942,250 shares.

During 2020, the Company issued a

non-recourse

promissory note with a certain executive, which allowed for the early exercise of stock options, with the exercise price to be paid back to the Company at a later date. The note for approximately $1.0 million was secured by a pledge of 1,050,000 shares.

The amounts due as of September 30, 2021 and December 31, 2020, was approximately $1.1 million. The promissory notes have a term of five years and carry stated interest rates between 1.5% and 2.0%, which are compounded annually.

Loans to Stockholders:

In 2019, the Company entered into loan, pledge, and option agreements (“Loans to Stockholders”) with various employees, who are also stockholders, to provide those employees cash in exchange for

non-recourse

promissory notes and call options, which allow the Company to acquire shares held by these stockholders. The entire unpaid principal balance of these Loans to Stockholders, together with all accrued but unpaid interest, is due and payable upon the earlier (i) of August 12, 2026; (ii) a liquidity event; or (iii) upon the exercise of the call option by the Company. These Loans to Stockholders carry stated interest rates of 1.87%, which are compounded annually.

Also, inclusive of interest, the Loans to Stockholders were approximately $15.1 million (unaudited) and $14.8 million as of September 30, 2021 and December 31, 2020, respectively. Please refer to Note 2,

Significant Accounting Policies

, for further details on the fair value of the derivative asset related to the Loans to Stockholders.

Note 15 Related-Party Transactions

Leasing Arrangements:

During 2020 and 2019, the Company paid approximately $0.3 million under lease agreements with PCJW for general office space in Los Angeles, California. Refer to Note 11 Leases for further details on the Company’s leasing arrangement with PCJW.

The following is a schedule of future minimum rental payments as of December 31, 2020, under the Company’s

sub-lease

for the properties located in Los Angeles, California signed with PCJW, the entity controlled by the Company’s founders (in thousands):


Year	Related-Party Commitment
2021	$	320
2022		335
2023		339
2024		295
2025		309
Thereafter		—

Total minimum lease payments	$	1,598

Less: imputed interest		(329	)

Total lease liabilities	$	1,269

The related-party components of the lease

right-of-use

assets, lease liabilities, short-term, and lease liabilities, long-term are presented as part of the

right-of-use

asset and lease liability on the consolidated balance sheets.

Related-Party Exercise Receivable Promissory Notes:

During 2018, the Company issued

non-recourse

promissory notes with certain employees, which allowed for the early exercise of stock options, with the exercise price to be paid back to the Company at a later date. The notes for $0.1 thousand were secured by a pledge of 1,942,250 shares.

During 2020, the Company issued a

non-recourse

promissory note with a certain executive, which allowed for the early exercise of stock options, with the exercise price to be paid back to the Company at a later date. The note for $1.0 million was secured by a pledge of 1,050,000 shares.

The amounts due as of December 31, 2020 and 2019, were approximately $1.1 million and $0.1 million, respectively. The promissory notes have a term of five years and carry stated interest rates between 1.5% and 2.0%, which are compounded annually.

Loans to Stockholders:

In 2019, the Company entered into loan, pledge, and option agreements (“Loans to Stockholders”) with various employees, who are also stockholders, to provide those employees cash in exchange for

non-recourse

promissory notes and call options, which allow the Company to acquire shares held by these stockholders. The entire unpaid principal balance of these Loans to Stockholders, together with all accrued but unpaid interest, is due and payable upon the earlier of (i) August 12, 2026; (ii) a liquidity event; or (iii) the excercise of the call option by the Company. These Loans to Stockholders carry stated interest rates of 1.87%, which are compounded annually. Also, inclusive of interest, the Loans to Stockholders were approximately $14.8 million and $14.5 million as of December 31, 2020 and 2019, respectively. Please refer to Note 3,

Significant Accounting Policies

, for further details on the fair value of the derivative asset related to the Loans to Stockholders.

Related Party Transactions

Note 4—Related Party Transactions

Founder Shares

On January 19, 2021, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 6,468,750 shares of Class B common stock (the “Founder Shares”). On January 22, 2021, the Sponsor transferred an aggregate of 60,000 Founder Shares to members of the Company’s board of directors, resulting in the Sponsor holding 6,408,750 Founder Shares. The Founder Shares include an aggregate of up to 843,750 shares that are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised, so that the number of Founder Shares will equal, on an

as-converted

basis, approximately 20% of the Company’s issued and outstanding common stock after the Proposed Public Offering.

30-trading

day period commencing at least 150 days after the initial Business Combination and (B) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their Class A common stock for cash, securities or other property.

Private Placement Warrants

The Sponsor has agreed to purchase an aggregate of 4,716,667 Private Placement Warrants (or 5,166,667 Private Placement Warrants if the underwriters’ over-allotment option is exercised in full), at a price of $1.50 per Private Placement Warrant ($7,075,000 in the aggregate, or $7,750,000 if the underwriters’ over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. Each whole Private Placement Warrant will be exercisable for one whole share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor will be added to the proceeds from the Proposed Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless.

Promissory Note—Related Party

On January 14, 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note is

non-interest

bearing and payable on the earlier of December 31, 2021 or the completion of the Proposed Public Offering. As of January 22, 2021, and through the date of filing, the Company has not borrowed any amount under the Note.

Related Party Loans

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of January 22, 2021, the Company had no borrowings under the Working Capital Loans.

Administrative Services Agreement

The Company will enter into an agreement that will provide that, commencing on the date that the Company’s securities are first listed on New York Stock Exchange and continuing until the earlier of the

Company’s consummation of a Business Combination and the Company’s liquidation, the Company will pay the Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support services provided to members of the Company’s management team.

NOTE 6. RELATED PARTY TRANSACTIONS

Founder Shares

On January 19, 2021, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 6,468,750 shares of Class B common stock (the “Founder Shares”). On January 22, 2021, the Sponsor transferred an aggregate of 60,000 Founder Shares to members of the Company’s board of directors, resulting in the Sponsor holding 6,408,750 Founder Shares. The Founder Shares included an aggregate of up to 843,750 shares that are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised, so that the number of Founder Shares will equal, on

an as-converted

basis, approximately 20% of the Company’s issued and outstanding common stock after the Initial Public Offering. In connection with the underwriters’ partial exercise of the over-allotment option and the forfeiture of the remaining over-allotment option, 124,600 Founder Shares were forfeited and 719,150 Founder Shares are no longer subject to forfeiture resulting in an aggregate of 6,344,150 Founder Shares issued and outstanding.

The initial stockholders will agree, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 10 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination and (B) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their Class A common stock for cash, securities or other property.

Promissory Note - Related Party

On January 14, 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note

was non-interest bearing and

payable on the earlier of December 31, 2021 or the completion of the Initial Public Offering. The outstanding balance under the Promissory Note of $88,142 was repaid at the closing of the Initial Public Offering on March 9, 2021. Borrowings under the Promissory Note are no longer available.

Administrative Services Agreement

The Company entered into an agreement, commencing on March 4, 2021, to pay the Sponsor up to $10,000 per month for office space, utilities, secretarial and administrative support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three months ended September 30, 2021 and for the period from January 14, 2021 (inception) through September 30, 2021, the Company incurred $30,000 and $70,000 in fees for these services, respectively, of which $60,000 is included in accrued expenses in the accompanying balance sheet as of September 30, 2021.

Related Party Loans

the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of September 30, 2021, the Company had no borrowings under the Working Capital Loans.

Long-Term Debt Facility

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt Facility

Note 7 Long-Term Debt Facility

2021 Debt Facility:

In January 2021, Dave OD Funding I, LLC (“Borrower”) entered into a Senior Secured Loan Facility (the “Debt Facility”) with Victory Park Management, LLC (“Agent”), allowing the Borrower to draw up to $100 million from various lenders associated with Victory Park Management, LLC (the “Lenders”). The Debt Facility has an interest rate of 6.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%. Interest is payable monthly in arrears. The Debt Facility has certain financial covenants, including a requirement to maintain a minimum cash, cash equivalents, or marketable securities balance of $10.0 million and as of September 30, 2021, the Company was in compliance with all covenants. Payments of the loan draws are due at the following dates: (i) within five business days after the date of receipt by the Borrower and the Company (“Credit Party”) or any of their subsidiaries of any net cash proceeds in excess of $250 thousand in the aggregate during any fiscal year from any asset sales (other than certain permitted dispositions), the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; (ii) within five business days after the date of receipt by any Credit Party or any of their subsidiaries, or the Agent as loss payee, of any net cash proceeds from any destruction or taking, the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; (iii) within three business days after the date of receipt by any Credit Party or any of their subsidiaries of any net cash proceeds from the incurrence of any indebtedness of any Credit Party or any of their subsidiaries (other than with respect to permitted indebtedness), the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; and (iv) (a) if extraordinary receipts are received by any Credit Party in the aggregate amount in any fiscal year in excess of $250 thousand or (b) if an event of default has occurred and is continuing at any time when any extraordinary receipts are received by any Credit Party, then within five business days of the receipt by any Credit Party of any such extraordinary receipts, the Borrower shall prepay the loans or remit such net cash proceeds in an aggregate amount equal to (x) 100% of such extraordinary receipts in excess of $250 thousand in respect of clause (a) above and (y) 100% of such extraordinary receipts in respect of clause (b) above. As of September 30, 2021, the Company has drawn $30.0 million (unaudited) on the Debt Facility and has made no repayments.

In November 2021, Dave OD entered into an amendment of the Debt Facility which added a $20 million credit line (as amended, the “Credit Facility”) which has an interest rate of 8.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%.

Contemporaneously with the execution of the Debt Facility, the Company issued warrants to the Lenders as consideration for entering into the Debt Facility, representing a loan commitment fee. The warrants vest and become exercisable based on the Company’s aggregated draw on the Debt Facility in incremental $10.0 million tranches and terminate upon the earliest to occur of (i) the fifth anniversary of the occurrence of a qualified financing event and (ii) the consummation of a liquidity event. The holders of the warrants have the ability to exercise their right to acquire a number of common shares equal to 0.2% of the fully diluted equity of the Company as of the closing date (“Closing Date”) of the Company’s next equity financing with proceeds of at least $40.0 million (“Qualified Financing Event”) or immediately prior to the consummation of a liquidity event. The exercise price of the warrants is the greater of (i) 80% of the fair market value of each share of Common Stock at the Closing Date and (ii) $3.752050 per share, subject to certain down-round adjustments. The warrants meet the definition of a derivative under ASC 815 and will be accounted for as a liability at fair value and subsequently remeasured to fair value at the end of each reporting period with the changes in fair value recorded in the condensed consolidated statement of operations. The initial offsetting entry to the warrant liability was an asset recorded to reflect the loan commitment fee. The loan commitment fee asset will be amortized to interest expense over the commitment period of four years. The Company estimated the fair value of the warrants at the issuance date to be $0.1 million using the Black-Scholes option-pricing model. Determining the fair value of these warrants under this model requires subjective assumptions. These estimates involve inherent uncertainties and the application of management’s judgment. The following table presents the assumptions used to estimate the fair value of the warrants at the issuance date:


Expected volatility	55.0	%
Risk-free interest rate	0.1—0.2	%
Remaining term	0.6—2.9 Years

Convertible Preferred Stock And Stockholders Deficit [Abstract]

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Commitments and Contingencies		9 Months Ended		12 Months Ended
Commitments and Contingencies	Jan. 22, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies		Note 8 Commitments and Contingencies Litigation: From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. Although the outcome of the various legal proceedings and claims cannot be predicted with certainty, management does not believe that any of these proceedings or claims will have a significant adverse effect on the Company’s business, financial condition, results of operations or cash flows. Stoffers v. Dave Inc. (filed September 16, 2020 in LA County Superior Court) This is a purported class action lawsuit filed in connection with a July 2020 data breach. The Company is in the process of settling this matter; it estimates the settlement to be approximately $3.2 million and is included with Legal settlement accrual within the condensed consolidated balance sheets for the period ended September 30, 2021 and December 31, 2020. Martinsek v. Dave Inc. In January 2020, a former employee of the Company filed a complaint in the California Superior Court for the County of Los Angeles against the Company and the Company’s Chief Executive Officer, asserting claims for, among other things, breach of contract, breach of fiduciary duty, conversion, and breach of the implied covenant of good faith and fair dealing. The complaint alleges that the Company and the Chief Executive Officer misappropriated approximately 6.8 million shares (as adjusted for a 10:1 forward stock split in November 2020) by rescinding a stock option agreement and a restricted stock purchase agreement between the Company and the former employee under which such shares were issued and repurchasing the shares. The Company rescinded the agreements for failure of consideration. The Company and the Chief Executive Officer answered, denying all claims and asserting defenses. Discovery has commenced, but no trial date has been set. The Company is vigorously defending against this claim. Whalerock v. Dave Inc. Whalerock Industries Holding Company, LLC (“Whalerock”) filed an unlawful detainer action against the Company on or about August 4, 2020, which was dismissed by Whalerock on March 18, 2021. On or about March 29, 2021, Whalerock initiated new litigation against the Company seeking declaratory relief. The Company and Whalerock entered into a sublease in May 2020 whereby the Company would sublease certain space from Whalerock located in West Hollywood, California. This matter involves a dispute between the Company and Whalerock over whether the 18-month sublease has commenced, and if so, when. The Company is actively litigating this matter and cannot estimate the likely outcome at this time.		Note 12 Commitments and Contingencies Litigation: From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. Although the outcome of the various legal proceedings and claims cannot be predicted with certainty, management does not believe that any of these proceedings or claims will have a significant adverse effect on the Company’s business, financial condition, results of operations or cash flows. Stoffers v. Dave Inc. (filed September 16, 2020 in LA County Superior Court) This is a purported class action lawsuit filed in connection with a July 2020 data breach. The Company is in the process of settling this matter; it estimates the settlement to be approximately $3.2 million and is included with Legal settlement expenses, net of insurance reimbursements within the statements of operations for the year ended December 31, 2020. Whalerock v. Dave Inc. Whalerock Industries Holding Company, LLC (“Whalerock”) filed an unlawful detainer action against the Company on or about August 4, 2020, which was dismissed by Whalerock on March 18, 2021. On or about March 29, 2021, Whalerock initiated new litigation against the Company seeking declaratory relief. The Company and Whalerock entered into a sublease in May 2020 whereby the Company would sublease certain space from Whalerock located in West Hollywood, California. This matter involves a dispute between the Company and Whalerock over when the 18-month sublease commenced. The Company is actively litigating this matter and cannot estimate the likely outcome at this time.
VPC Impact Acquisition Holdings III, Inc [Member]
Commitments and Contingencies	Note 5—Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to the consummation of the Proposed Public Offering. These holders will be entitled to certain demand and “piggyback” registration rights. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company will grant the underwriters a 45-day option from the date of Proposed Public Offering to purchase up to 3,375,000 additional Units to cover over-allotments, if any, at the Proposed Public Offering price, less the underwriting discounts and commissions. The underwriters will be entitled to an underwriting discount of $0.20 per Unit, or $4,500,000 in the aggregate (or $5,175,000 in the aggregate if the underwriters’ over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. In addition, $0.35 per Unit, or $7,875,000 in the aggregate (or $9,056,250 in the aggregate if the underwriters’ over-allotment option is exercised in full) will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Proposed Public Offering and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.		NOTE 7. COMMITMENTS Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or closing on the merger agreement, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Registration Rights Pursuant to a registration rights agreement entered into on March 4, 2021, the holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to the consummation of the Initial Public Offering. These holders will be entitled to certain demand and “piggyback” registration rights. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Subscription Agreements On June 7, 2021, concurrently with the execution of the Merger Agreement, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors (the “PIPE Investors”) pursuant to which, and on the terms and subject to the conditions of which, the PIPE Investors have agreed to purchase an aggregate of 21,000,000 shares of the Company’s Class A Common Stock in a private placement for $10.00 per share (the “Private Placement”). The proceeds from the Private Placement will be partially used to fund the Repurchase and for general working capital purposes following the Closing. Each Subscription Agreement will terminate upon the earlier to occur of (a) the termination of the Merger Agreement in accordance with its terms, (b) the mutual written agreement of the parties to such Subscription Agreement, and (c) February 3, 2022, if the Closing has not occurred by such date. On August 17, 2021, Alameda Research agreed to pre-fund its obligation under the Subscription Agreement between the Company and Alameda Research (the “Alameda Subscription Agreement”) to subscribe for 1,500,000 shares of Class A Common Stock for $15,000,000 of the aggregate proceeds of the Private Placement. In connection therewith, Alameda Research received a promissory note, dated August 17, 2021, issued by Dave in the principal amount of $15,000,000 (the “Promissory Note”), and the Company and Alameda Research entered into an amendment to the Alameda Subscription Agreement, dated August 17, 2021 (the “Subscription Agreement Amendment”), to (i) correct a scrivener’s error in with respect to the name of Alameda Research reflected therein and (ii) provide for the satisfaction of Alameda Research’s obligation to pay the $15,000,000 purchase price under the Alameda Subscription Agreement by way of a full discharge of Dave’s obligations to pay the principal under the Promissory Note, which full discharge will automatically occur upon the Company’s issuance to Alameda Research of the shares of Class A Common Stock at the closing of the Private Placement. As of the date hereof, all of the PIPE Investors have consented to the Subscription Agreement Amendment and the transactions contemplated thereby. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $8,881,809 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Convertible Debt, Net

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Convertible Debt, Net

Note 9 Convertible Debt, Net

2018 Convertible Notes:

In 2018, the Company issued various convertible promissory notes with an aggregate principal amount of approximately $13.0 million, which were converted or paid in 2019. The interest rate was 8% per annum, computed as simple interest and was payable with each installment of principal. The convertible promissory notes had a maturity of 12 months from their respective issuance dates. Issuance costs related to this transaction were not significant.

The related principal and interest were convertible into shares of the Common Stock or a

sub-class

of Preferred Stock at the holder’s option if a qualified equity transaction were to take place (“2018 Optional Conversion upon a Qualified Financing”). A qualified equity transaction is defined as a financing transaction that raises at least $10.0 million through the issuance of Common Stock or Preferred Stock. The number of conversion shares would be determined based on 80% of the price paid as part of the qualified transaction.

The 2018 Optional Conversion upon a Qualified Financing feature was deemed to be, in substance, a put option settleable in a variable number of shares. This feature was accounted for as a derivative under ASC 815. Therefore, the Company bifurcated the derivative liability from the debt host and allocated value from the proceeds of the 2018 Convertible Notes to record the initial fair value of the derivative liability. This also resulted in a debt discount on the 2018 Convertible Notes that was amortized to interest expense over the contractual period of the notes using the effective interest rate method. The separated derivative liability was subsequently

marked-to-estimated

fair value each reporting period as presented in

Fair Value of Assets and Liabilities

of Note 3.

During 2019, upon the completion of a qualified equity transaction, $12.0 million in principal and interest related to the convertible promissory notes issued during 2018 was converted to 3,991,610 Series

B-2

Preferred Shares. One of the holders of the 2018 Convertible Notes did not elect to convert; therefore, the holder’s principal and interest totaling $2.2 million was repaid to the holder. The derivative liability was

marked-to-estimated

fair value immediately prior to the 2018 Convertible Notes extinguishment accounting. The change in the derivative liability’s fair value between January 1, 2019 and August 12, 2019, was a $0.5 million loss which was reported within other expense in the consolidated statements of operations. The gain on conversion of $0.8 million is reported within other (income) expense in the consolidated statements of operations.

2019 Convertible Notes:

In 2019, the Company issued convertible promissory notes in an aggregate principal amount of approximately $0.7 million (the “2019 Convertible Notes”). The interest rate is 1.69% per annum, computed as simple interest

and will accrue and be payable with each installment of principal. The 2019 Convertible Notes and accrued interest are due in full upon maturity, which is 36 months (2022) from the respective issuance dates. Issuance costs related to this transaction were not significant.

The 2019 Convertible Notes contained an embedded feature whereby the principal and interest are convertible into shares of the Common Stock or a

sub-class

of Preferred Stock at the holder’s option if a qualified equity transaction were to take place (“2019 Optional Conversion upon a Qualified Financing”). A qualified equity transaction is defined as a financing transaction that raises at least $40.0 million through the issuance of common or preferred shares. The Company determined that this embedded feature was, in substance, a put option settleable in a variable number of shares. However, it was determined that separate accounting under ASC 815 was not required because the put option was “clearly and closely related” to the host contract, as there was no significant discount or premium upon conversion. Therefore, the 2019 Convertible Notes and their embedded features were recorded as a single debt instrument. Additionally, the 2019 Convertible Notes contained a contingent beneficial conversion feature; however, the accounting for such feature is not recognized until the contingency associated with it is subsequently resolved.

As of December 31, 2020, no conversions of the 2019 Convertible Notes had occurred nor has the contingency associated with the beneficial conversion feature been resolved. The total outstanding principal and accrued interest balance is presented within convertible debt, long-term on the consolidated balance sheets.

The following table sets forth the interest expense recognized related to the 2019 Convertible Notes and 2018 Convertible Notes (dollars in thousands):


	Year Ended December 31,
	2020			2019
Contractual interest expense on 2019 Convertible Notes	$	17		$	1
Contractual interest expense on 2018 Convertible Notes		—			640
Amortization of debt discount on 2018 Convertible Notes		—			211

Total interest expense	$	17		$	852

Effective interest rate for 2019 Convertible Notes		1.7	%		1.7	%
Effective interest rate for 2018 Convertible Notes		—			3.8	%

Convertible Preferred Stock and Stockholders' Deficit

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Convertible Preferred Stock and Stockholders' Deficit

Note 10 Convertible Preferred Stock and Stockholders’ Deficit

The number of authorized, issued and outstanding stock, liquidation value, and carrying value as of September 30, 2021 and December 31, 2020, were as follows:


	(unaudited)
	As of September 30, 2021
	Authorized Shares		Issued Shares		Outstanding Shares		Liquidation Preference (in thousands)		Carrying Value (in thousands)
Series A Preferred Shares		133,216,940		133,216,940		133,216,940	$	130,686	$	9,881
Series B-1 Preferred Shares		13,326,050		13,326,050		13,326,050	$	50,000	$	49,675
Series B-2 Preferred Shares		3,991,610		3,991,610		3,991,610	$	11,981	$	12,617
Common Stock		290,000,000		105,460,096		102,620,971	$	—	$	0.1

	As of December 31, 2020
	Authorized Shares		Issued Shares		Outstanding Shares		Liquidation Preference (in thousands)		Carrying Value (in thousands)
Series A Preferred Shares		133,216,940		133,216,940		133,216,940	$	130,686	$	9,881
Series B-1 Preferred Shares		13,326,050		13,326,050		13,326,050	$	50,000	$	49,675
Series B-2 Preferred Shares		3,991,610		3,991,610		3,991,610	$	11,981	$	12,617
Common Stock		290,000,000		103,062,319		100,223,194	$	—	$	0.1

Convertible Preferred Shares:

Series A Preferred Shares

The Series A Preferred Shares are entitled to stockholder voting rights that equal the number of Common Stock into which the shares of Series A Preferred Shares are convertible, have a

non-cumulative

dividend rate of $0.0113, and are convertible at a

1:1

ratio based on a $0.141 per share conversion price, subject to adjustment, at the option of the holder and automatically upon various liquidity events. No dividends have been declared or paid as of either September 30, 2021 or December 31, 2020. The conversion price has not changed during the nine month period ended September 30, 2021.

Series

B-1

Preferred Shares

The Series

B-1

Preferred Shares are entitled to stockholder voting rights that equal the number of Common Stock into which the shares of Series

B-1

Preferred Shares are convertible, have a

non-cumulative

dividend rate of $0.300164, and are convertible at a 1:1 ratio based on a $0.3752050 per share conversion price, subject to adjustment, at the option of the holder and automatically upon various liquidity events. No dividends have been declared or paid as of either September 30, 2021 or December 31, 2020. The conversion price has not changed during the nine month period ended September 30, 2021.

Series

B-2

Preferred Shares

The Series

B-2

Preferred Shares are entitled to stockholder voting rights that equal the number of Common Stock into which the shares of Series A Preferred Shares are convertible, have a

non-cumulative

dividend rate of $0.240131, and are convertible at a 1:1 ratio based on a $0.3001640 per share conversion price, subject to adjustment, at the option of the holder and automatically upon various liquidity events. No dividends have been declared or paid as of either September 30, 2021 or December 31, 2020. The conversion price has not changed during the nine month period ended September 30, 2021.

Common Stock:

The Common Stock are entitled to one vote per share and dividends are subject to the discretion of the Company’s Board of Directors. No dividends have been declared or paid as of either September 30, 2021 or December 31, 2020.

Note 13 Convertible Preferred Stock and Stockholders’ Deficit

Convertible Preferred Stock:

Series A Preferred Shares

As of December 31, 2020 and 2019, the Company had 133,216,940 authorized and outstanding Series A Preferred Shares with a par value of $0.000001 per share.

The Company’s Certificate of Incorporation (“Original Certificate”) and convertible preferred stock agreements specify the rights, preferences, and privileges of holders of the Company’s Series A Preferred Shares.

Series A Preferred Shares are entitled to dividends of $0.0113 per share per annum, subject to certain protection adjustments. Dividends are not cumulative and should be payable prior and in preference to any other dividends. No dividend may be declared or paid on any shares of Common Stock or Preferred Stock unless at the same time an equivalent dividend is declared or paid on all outstanding Preferred Stock. No dividends have been declared or paid as of either December 31, 2020 or 2019.

Holders of Series A Preferred Shares can convert at their discretion, their Series A Preferred Shares into Common Stock. The conversion rate was set in October 2017 as 1:1. During August 2019, the conversion rate was amended in the Company’s Amended and Restated Certificate of Incorporation (“Restated Certificate”) by dividing the conversion price of the Series A Preferred Shares ($0.141 per share) by the applicable conversion price ($0.141 per share). Therefore, the conversion rate of 1:1 was not changed as part of the Restated Certificate. The conversion price is subject to adjustments as detailed in the Restated Certificate.

The Company’s Original Certificate stated that the Series A Preferred Shares would automatically convert into Common Stock under certain conditions including an initial public offering of the Company (“Company IPO”) at

a price of at least $0.423 per share and gross proceeds of at least $50.0 million. Per the Restated Certificate amended in August 2019, Series A Preferred Shares will automatically convert into Common Stock under certain conditions, including a Company IPO with gross proceeds of at least $75.0 million. Automatic conversion will take place at the conversion rate calculated at the time of the conversion and using the conversion formula described in the preceding paragraph.

The Series A Preferred Shares contain deemed liquidation provisions that allow holders of the Series A Preferred Shares the option to redeem the Series A Preferred Shares for cash or other assets. The stockholders of the Company’s more subordinated equity instruments are not entitled to receive the same form of consideration as holders of the Series A Preferred Shares upon the occurrence of a liquidation event in which the Company does not affect the dissolution of the Company within 90 days after such deemed liquidation event. The preferential, ratable payment is made to preferred stockholders out of available assets determined as the higher of a) $0.141 per Series A Preferred Share, subject to adjustments as stated in the Restated Certificate, and b) amount that would have been payable if all Series A Preferred Shares were converted into Common Stock in accordance with the stated conversion rights. The total liquidation preference of Series A Preferred Shares was $130.7 million at December 31, 2020. The contingent redemption by holders of Series A Preferred Shares upon a deemed liquidation event resulted in mezzanine equity classification (outside of permanent equity) on the Company’s consolidated balance sheets for the years ended December 31, 2020 and 2019.

Series A Preferred Shares are entitled to stockholder voting rights that are equal to the number of Common Stock into which Series A Preferred Shares are convertible. Series A Preferred Shares have special preferred protective voting rights to approve, by majority vote, certain corporate events and changes including merger, consolidation, liquidation, increase in the amount of authorized Preferred Stock or Common Stock shares, and payment of dividends.

The Company determined that none of the embedded features required bifurcation and separate accounting as derivatives under ASC 815. The Company also determined that no beneficial conversion feature existed at the issuance date of the Series A Preferred Shares. However, a contingent beneficial conversion feature existed related to the conversion upon deemed liquidation events and the adjustment to the conversion price for dilution and other events. A contingent beneficial conversion feature is not recognized until the contingency is resolved and the event occurs. There is no current impact to the consolidated financial statements in relation to this contingent beneficial conversion feature as the contingency was not resolved as of December 31, 2020.

Series B-1

Preferred Shares

As of December 31, 2020 and 2019, the Company had 13,326,050 authorized and outstanding Series

B-1

Preferred Shares with a par value of $0.000001 per share. During 2019, the Company issued 13,326,050

Series B-1

Preferred Shares.

The Company’s Certificate of Incorporation and convertible preferred stock agreements specify the rights, preferences, and privileges of holders of the Series

B-1

Preferred Shares.

Series

B-1

Preferred Shares are entitled to dividends of $0.300164 per share per annum, subject to certain protection adjustments. The above dividends are not cumulative and are payable prior and in preference to any other dividends. No dividend may be declared or paid on any shares of Common Stock or convertible Preferred Stock unless at the same time an equivalent dividend is declared or paid on all outstanding convertible Preferred Stock. No dividends have been declared or paid as of December 31, 2020.

Holders of Series

B-1

Preferred Shares can convert at their discretion, their Series

B-1

Preferred Shares into Common Stock. The conversion rate was set in August 2019 in the Company’s Restated Certificate, by dividing

the conversion price of the Series

B-1

Preferred Shares ($0.3752050 per share) by the applicable conversion price ($0.3752050 per share). The conversion price is subject to adjustments as detailed in the Restated Certificate. There were no conversions to Common Stock or adjustments to the conversion price during 2019.

Series

B-1

Preferred Shares will automatically convert into Common Stock under certain conditions, including a Company IPO with gross proceeds of at least $75.0 million. Automatic conversion will take place at the conversion rate calculated at the time of the conversion and using the conversion formula described in the preceding paragraph.

The Series

B-1

Preferred Shares contain deemed liquidation provisions that allow holders of the Series

B-1

Preferred Shares the option to redeem the Preferred Stock for cash or other assets. The stockholders of the Company’s more subordinated equity instruments are not entitled to receive the same form of consideration as holders of the Series

B-1

Preferred Shares upon the occurrence of a liquidation event in which the Company does not affect the dissolution of the Company within 90 days after such deemed liquidation event. The preferential, ratable payment is made to preferred stockholders out of available assets determined as the higher of a) $3.752050 per Series

B-1

Preferred Share, subject to adjustments as stated in the Restated Certificate, and b) the amount that would have been payable if all Series

B-1

Preferred Shares were converted into Common Stock in accordance with the stated conversion rights. The total liquidation preference of the Series

B-1

Preferred Shares was $50.0 million at December 31, 2020. The contingent redemption by holders of the Series

B-1

Preferred Shares upon a deemed liquidation event resulted in mezzanine equity classification (outside of permanent equity) on the Company’s consolidated balance sheets for the years ended December 31, 2020 and 2019.

Series

B-1

Preferred Shares are entitled to stockholder voting rights that equal to the number of Common Stock into which the shares of Series

B-1

Preferred Shares are convertible. Series

B-1

Preferred Shares have special preferred protective voting rights to approve, by majority vote, certain corporate events and changes including merger, consolidation, liquidation, increase in the amount of authorized Preferred Stock or Common Stock shares, and payment of dividends.

B-1

Preferred Shares. However, a contingent beneficial conversion feature existed related to the conversion upon deemed liquidation events and the adjustment to the conversion price for dilution and other events. A contingent beneficial conversion feature is not recognized until the contingency is resolved and the event occurs. There is no current impact to the consolidated financial statements in relation to this contingent beneficial conversion feature as the contingency was not resolved as of December 31, 2020.

Series

B-2

Preferred Shares

As of December 31, 2020 and 2019, the Company had 3,991,610 authorized and outstanding Series

B-2

Preferred Shares with a par value of $0.000001 per share. During 2019, the Company issued 3,991,610 shares of Series

B-2

Preferred Shares as a result of the 2018 Convertible Notes conversion as discussed further in Note 9 Convertible Debt, Net.

The Company’s Certificate of Incorporation and convertible preferred stock agreements specify the rights, preferences, and privileges of holders of the Company’s Series

B-2

Preferred Shares.

Series

B-2

Preferred Shares are entitled to dividends of $0.240131 per share per annum, subject to certain protection adjustments. The above dividends are not cumulative and should be payable prior and in preference to any other dividends. No dividend may be declared or paid on any shares of Common Stock or convertible Preferred Stock unless at the same time an equivalent dividend is declared or paid on all outstanding convertible Preferred Stock. No dividends have been declared or paid as of December 31, 2020.

Holders of Series

B-2

Preferred Shares can convert at their discretion, their Series

B-2

Preferred Shares into Common Stock. The conversion rate was set in August 2019 in the Company’s Restated Certificate, by dividing the conversion price of the Series

B-2

Preferred Shares ($0.3001640 per share) by the applicable conversion price ($0.3001640 per share). The conversion price is subject to adjustments as detailed in the Restated Certificate. There were no conversions to Common Stock or adjustments to the conversion price during 2019.

Series

B-2

The Series

B-2

Preferred Shares contain deemed liquidation provisions that allow holders of the Series

B-2

Preferred Shares the option to redeem the Series

B-2

Preferred Shares for cash or other assets. The stockholders of the Company’s more subordinated equity instruments are not entitled to receive the same form of consideration as holders of the Series

B-2

Preferred Share, subject to adjustments as stated in the Restated Certificate, and b) amount that would have been payable if all Series

B-2

Preferred Shares were converted into Common Stock in accordance with the stated conversion rights. The total liquidation preference of Series

B-2

Preferred Shares was $12.0 million at December 31, 2020. The contingent redemption by holders of the Series

B-2

Series

B-2

Preferred Shares are entitled to stockholder voting rights that equal to the number of shares of Common Stock into which Series

B-2

Preferred Shares are convertible. Series

B-2

Preferred Shares have special preferred protective voting rights to approve, by majority vote, certain corporate events and changes including merger, consolidation, liquidation, increase in the amount of authorized shares of preferred stock or shares of Common Stock, and payment of dividends.

B-2

Common Stock:

As of December 31, 2020 and 2019, the Company had 290,000,000 and 285,000,000 authorized shares of Common Stock with a par value $0.000001 per share, respectively. As of December 31, 2020 and 2019, there were 103,062,319 and 101,391,560 shares of Common Stock issued, respectively. As of December 31, 2020 and 2019, there were 100,223,194 and 99,449,310 shares of Common Stock outstanding, respectively.

The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock. The Company’s Certificate of Incorporation specifies the rights, preferences, and privileges of holders of Common Stock.

Holders of Common Stock are entitled to one vote for each share of Common Stock held. Subject to dividend preferences that apply to the Preferred Stock, the holders of Common Stock are entitled to receive dividends out

of funds legally available at the times and in the amounts that the Company’s Board of Directors may determine. Upon the Company’s liquidation, dissolution or

winding-up,

the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of the Company’s Common Stock and any participating convertible Preferred Stock outstanding at that time after payment of liquidation preferences on the outstanding shares of the Preferred Stock and payment of other claims of creditors.

Stock-Based Compensation

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 11 Stock-Based Compensation

In 2017, the Company’s Board of Directors adopted the Dave Inc. 2017 Stock Plan (the “Plan”). The Plan authorizes the award of stock options, restricted stock, and restricted stock units. The Company has reserved shares of common stock for issuance under the Plan. The Company recognized approximately $6.3 million and $0.9 million of stock-based compensation expense arising from stock option and restricted stock grants which is recorded as a component of compensation and benefits in the condensed consolidated statements of operations for the nine months ended September 30, 2021, and 2020, respectively.

During the nine months ended September 30, 2021, in accordance with the terms of a former executive’s severance agreement, the Company modified share-based payment awards by accelerating the vesting. As a result of the modification, the Company recorded stock-based compensation of $2.1 million (unaudited) during the nine months ended September 30, 2021.

Stock Options:

Activity with respect to options granted under the Plan is summarized as follows:


	Shares			Weighted-Average Exercise Price
Options outstanding, December 31, 2020		23,025,382		$	0.74
Granted		13,317,662		$	0.98
Exercised		(2,433,761	)	$	0.61
Forfeited		(5,734,226	)	$	0.91
Expired		(47,874	)	$	0.90

Options outstanding, September 30, 2021, unaudited		28,127,183		$	0.83

The Company allowed certain stock option holders to exercise unvested options to purchase shares of Common Stock. Shares received from such early exercises are subject to repurchase in the event of the optionee’s employment termination, at the original issuance price, until the options are fully vested. As of September 30, 2021 and 2020, 459,375 and 1,104,636 shares of Common Stock were subject to repurchase, respectively. As of September 30, 2021, there were 2,839,125 options exercised in exchange for

non-recourse

notes, of which 2,379,750 options were vested. As of September 30, 2020, there were 2,992,250 options exercised in exchange for

non-recourse

notes, of which 1,887,614 options were vested. The shares issued pursuant to unvested options and both vested and unvested options funded by

non-recourse

notes have been included in shares issued and outstanding on the condensed consolidated balance sheets as such shares are considered legally outstanding.

On March 3, 2021, the Company granted the Chief Executive Officer stock options to purchase up to 8,458,481 shares of Common Stock in nine tranches. Each of the nine tranches contain service, market, and performance conditions. Vesting commences on the grant date; however, no compensation charges are recognized until the performance condition is probable, which is upon the completion of a business combination. The market conditions relate to the achievement of certain specified price targets. As of September 30, 2021, the performance and market conditions have not been met and were not deemed probable. The options have a strike

price of $0.98 per share. The Company determined the fair value of the options on the grant date to be approximately $10.5 million (unaudited) using a Monte Carlo simulation with key inputs and assumptions such as stock price, term, dividend yield, risk-free interest rate, and volatility. Each tranche will vest monthly over a derived service period.

The following table presents the key inputs and assumptions used to value options granted during the nine months ended September 30, 2021:


Expected volatility	40.0	%
Risk-free interest rate	1.5	%
Remaining term	10.0 Years
Expected dividend yield	0.0	%

Restricted Stock Issued to Employees:

A summary of the Company’s restricted stock activity for employees for the nine months ended September 30, 2021, is presented below:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at December 31, 2020		2,375,000		$	0.93
Granted		—		$	—
Vested		(2,137,500	)	$	0.93
Forfeited		—		$	—

Nonvested shares at September 30, 2021, unaudited		237,500		$	0.93

Restricted Stock Issued to

Non-Employees:

A summary of the Company’s

non-employee

restricted stock activity for the nine months ended September 30, 2021, is presented below:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at December 31, 2020	5,209		$	0.93
Granted	—		$	—
Vested	(5,209	)	$	0.93
Forfeited	—		$	—

Nonvested shares at September 30, 2021, unaudited	—		$	—

Note 14 Stock-Based Compensation

In 2017, the Company’s Board of Directors adopted the Dave Inc. 2017 Stock Plan (the “Plan”). The Plan authorizes the award of stock options and restricted stock units. Options granted under the Plan generally vest over four years as follows: 25% of option shares vest on the first anniversary of the vesting commencement and 1/48

of the shares vest monthly over the remaining three years. Options expire 10 years from the date of grant. The Plan provides for the issuance of incentive stock options,

non-statutory

stock options, stock bonuses and rights to purchase restricted stock. The incentive stock options are expected to qualify within the meaning of Section 422 of the U.S. Tax Code and

non-statutory

stock options. The total number of shares available for grants under the Plan are 4,849,883 as of December 31, 2020.

Stock Options:

Management has valued stock options at their date of grant utilizing the

Black-Scholes

option pricing model. The fair value of the underlying shares was estimated by using a number of inputs, including recent arm’s length transactions involving the sale of the Company’s common stock.

The following table presents the weighted-average assumptions used to value options granted during the years ended December 31:


	2020			2019
Expected term		6.0 years			5.9 years
Risk-free interest rate		0.8	%		1.9	%
Expected dividend yield		0.0	%		0.0	%
Expected volatility		57.0	%		48.6	%

Expected term

—The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period.

Risk free interest rate

—The

risk-free

interest rate is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options depending on the date of the grant and expected life of the options.

Expected dividend yield

—The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends.

Expected volatility

—Due to the Company’s limited operating history and lack of company-specific historical or implied volatility, the expected volatility assumption is based on historical volatilities of a peer group of similar companies whose share prices are publicly available. The Company identified a group of peer companies and considered their historical stock prices. In identifying peer companies, the Company considered the industry, stage of life cycle, size, and financial leverage of such other entities.

Activity with respect to options granted under the Plan is summarized as follows:


	Shares (1)			Weighted- Average Exercise Price (1)		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, December 31, 2019		12,273,640			$0.38		9.1		$6,775
Granted		14,690,130		$	0.96
Exercised		(1,441,795	)	$	0.18
Forfeited		(2,386,363	)	$	0.59
Expired		(110,230	)	$	0.94

Options outstanding, December 31, 2020		23,025,382		$	0.74		8.7	$	5,548

Nonvested options, December 31, 2020		17,524,327		$	0.88		9.4	$	1,844

Vested and exercisable, December 31, 2020		3,448,301		$	0.37		7.6	$	2,123

(1)	Prior period results have been adjusted to reflect the ten-for-one stock split in November 2020. See Note 1 Business and Basis of Presentation for details.

The weighted-average grant-date fair-value of the grants was $0.51 and $0.39 for the years ended December 31, 2020 and 2019, respectively.

The Company recognized approximately $1.5 million and $0.3 million of stock-based compensation expense arising from stock option grants which is recorded as a component of compensation and benefits in the consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. There was approximately $7.1 million of total unrecognized compensation cost related to unvested stock options granted under the Plan as of the year ended December 31, 2020. The cost is expected to be recognized over the weighted-average remaining period of 3.2 years.

The Company allowed certain stock option holders to exercise unvested options to purchase shares of common stock. Shares received from such early exercises are subject to repurchase in the event of the optionee’s employment termination, at the original issuance price, until the options are fully vested. As of December 31, 2020 and 2019, 866,585 and 841,933 shares of common stock were subject to repurchase at weighted-average prices of $0.80 and $0.04 per share, respectively. As of December 31, 2020, the cash proceeds received for unvested shares of common stock of $88 thousand were recorded within other current liabilities on the consolidated balance sheets. As of December 31, 2019, there were no cash proceeds received for unvested shares of common stock. The Company historically has issued

non-recourse

notes secured by options to fund exercises to certain key employees. During 2020, the Company issued a

non-recourse

note for $1.0 million, which was secured by a pledge of 1,050,000 shares (see Note 15 Related-Party Transactions for details). The shares pledged are not considered outstanding for accounting purposes whether vested or unvested. As of December 31, 2020, there were 2,839,125 options exercised in exchange for

non-recourse

notes, of which 2,052,754 options were vested. As of December 31, 2019, there were 1,942,250 options exercised in exchange for

non-recourse

note, of which 1,195,317 options were vested. The shares issued pursuant to unvested options and both vested and unvested options funded by

non-recourse

notes have been included in shares issued and outstanding on the consolidated balance sheets and consolidated statements of convertible preferred stock and stockholders’ deficit as such shares are considered legally outstanding.

Restricted Stock Issued to Employees:

The Company did not issue shares of restricted stock to employees during the years ended December 31, 2020 and 2019, respectively.

During the year ended December 31, 2019, the Company modified RSAs issued to two employees by extending the period over which the Company could exercise its repurchase rights. The modification did not result in any additional stock-based compensation expense recognized for the years ended December 31, 2020 and 2019.

The Company did not recognize any stock-based compensation expense related to restricted stock issued to employees for the years ended December 31, 2020 and 2019. Stock-based compensation expense is presented within compensation and benefits in the consolidated statements of operations.

There was no unrecognized compensation cost related to employee unvested restricted stock as of December 31, 2020.

A summary of the Company’s restricted stock activity for employees for the year ended December 31, 2020, is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Nonvested shares at December 31, 2019		17,416,710		$	0.37
Granted		—		$	—
Vested		(14,388,585	)	$	0.26
Forfeited		(653,125	)	$	0.93

Nonvested shares at December 31, 2020		2,375,000		$	0.93

Restricted Stock Issued to

Non-Employees:

During 2020 and 2019, restricted stock issued to consultants for various advisory and consulting related services was 0 and 250,000 shares, respectively. The Company recognized approximately $0.1 million and $0.2 million of stock-based compensation expense related to restricted stock grants to

non-employees

for years ended December 31, 2020 and 2019, respectively. Stock based compensation expense is presented within compensation and benefits in the consolidated statements of operations.

There was approximately $4 thousand of total unrecognized compensation cost related to

non-employee

unvested restricted stock for the year ended December 31, 2020. The cost is expected to be recognized over the weighted-average remaining period of 0.8 years.

A summary of the Company’s

non-employee

restricted stock activity for the year ended December 31, 2020, is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Nonvested shares at December 31, 2019		231,254		$	0.93
Granted		—			—
Vested		(226,045	)		0.30
Forfeited		—			—

Nonvested shares at December 31, 2020		5,209		$	0.93

Stockholders' equity

9 Months Ended

Jan. 22, 2021

Sep. 30, 2021

Stockholders' equity

Note 6—Stockholders’ Equity

Preferred Stock

—The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of January 22, 2021, there were no shares of preferred stock issued or outstanding.

Class

A Common Stock

—The Company is authorized to issue 200,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of January 22, 2021, there were no shares of Class A common stock issued or outstanding.

Class

B Common Stock

—The Company is authorized to issue 20,000,000 shares of Class B common stock with a par value of $0.0001 per share. As of January 22

, 2021 there were 6,468,750 shares of Class B common stock issued and outstanding, of which an aggregate of up to 843,750 shares are subject to forfeiture, to the extent that the underwriter’s over-allotment option is not exercised in full or in part, so that the initial stockholders will collectively own 20% of the Company’s issued and outstanding common stock after the Proposed Public Offering.

Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law.

The Class B common stock will automatically convert into Class A common stock concurrently with or immediately following the consummation of the initial Business Combination on a

one-for-one

basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an

as-converted

basis, 20% of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A common stock by Public Stockholders), including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than

one-for-one

basis.

Warrants

—Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on March 4, 2022; provided that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act).

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its best efforts to file with the SEC and have an effective registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Company’s shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its best efforts to register or qualify the shares under applicable

blue sky laws to the extent an exemption is not available. The warrants have an exercise price of

$11.50 per share, subject to adjustments and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per share of Class

A common stock equals or exceeds $18.00

Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon a minimum of 30 days’ prior written notice of redemption; and

•

if, and only if, the closing price of Class A common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a

30-trading

day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the

30-day

redemption period.

Redemption of warrants for when the price per share of Class

A common stock equals or exceeds $10.00

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption

provided

that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of the Class A common stock; and

•

if, and only if, the closing price of Class A common stock equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the

30-trading

day period ending three trading days before the Company sends notice of redemption to the warrant holders.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by the initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than

60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $

18.00

per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $

10.00

per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants will be identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until March 4, 2022, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be

non-redeemable

so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

NOTE 8. STOCKHOLDERS’ EQUITY

Preferred Stock

- The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2021, there were no shares of preferred stock issued or outstanding.

Class

A Common Stock

- The Company is authorized to issue 200,000,000 shares of Class A common stock with a par value of $0.0001 per share. At September 30, 2021, there were 25,376,598 Class A common stock issued and outstanding which are presented as temporary equity.

Class

B Common Stock

The Company is authorized to issue 20,000,000 shares of Class B common stock with a par value of $0.0001 per share. At September 30, 2021, there were 6,344,150 shares of Class B common stock issued and outstanding.

The Class B common stock will automatically convert into Class A common stock concurrently with or immediately following the consummation of the initial Business Combination on

a one-for-one

an as-converted basis, 20

of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A common stock by Public Stockholders), including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class A

common stock issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less

than one-for-one basis.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Warrant Liabilities

9 Months Ended

Sep. 30, 2021

Warrant Liabilities

NOTE 9. WARRANT LIABILITIES

As of September 30, 2021, there are 6,344,150 Public Warrants outstanding and 5,100,214

Private Warrants outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on March 4, 2022; provided that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act).

The warrants have an exercise price of $11.50 per share, subject to adjustments and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per share of Class

A common stock equals or exceeds $18.00

Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon a minimum of 30 days’ prior written notice of redemption; and

•

if, and only if, the closing price of Class A common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within

a 30-trading day

period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the

warrant holders.

30-day

redemption period.

Redemption of warrants for when the price per share of Class

A common stock equals or exceeds $10.00

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption

provided

•

if, and only if, the closing price of Class A common stock equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within

the 30-trading

day period ending three trading days before the Company sends notice of redemption to the warrant holders.

In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by the initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to

115

% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be

adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

As of September 30, 2021, there were 5,100,214

Private Placement Warrants outstanding. The Private Placement Warrants will be identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until March 4, 2022, subject to certain limited exceptions. Additionally, the Private Placement Warrants will

be non-redeemable so

long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Measurements

NOTE 10. FAIR VALUE MEASUREMENTS

At September 30, 2021, assets held in the Trust Account were comprised of $253,782,146 in money market funds which are invested primarily in U.S. Treasury Securities. Through September 30, 2021, the Company withdrew no interest earned on the Trust.

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description	September 30, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:

Investments held in Trust Account - U.S. Treasury Securities Money Market Fund	$	253,782,146	$	253,782,146	$	—	$	—

Liabilities:
Warrant Liability - Public Warrants	$	10,785,054	$	10,785,054	$	—	$	—

Warrant Liability - Private Placement Warrants	$	11,026,051	$	—	$	—	$	11,026,051

Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement during the period from January 14, 2021 (inception) through ended March 31, 2021.

The Warrants were accounted for as liabilities in accordance with ASC

815-40

and are presented within warrant liabilities on our balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the consolidated statements of operations.

The Private Placement Warrants were initially valued using a Modified Black Scholes Option Pricing Model, which is considered to be a Level 3 fair value measurement. The Modified Black Scholes model’s primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of the common stock. The expected volatility as of the IPO date was derived from observable public

warrant pricing on comparable ‘blank-check’ companies without an identified target. The expected volatility as of subsequent valuation dates was implied from the Company’s own public warrant pricing. A Black Scholes Model was used in estimating the fair value of the public warrants for periods where no observable traded price was available, using the same expected volatility as was used in measuring the fair value of the Private Placement Warrants. For periods subsequent to the detachment of the warrants from the Units, the close price of the public warrant price was used as the fair value as of each relevant date.

The key inputs into the Monte Carlo simulation model Public Warrants and the Black-Scholes-Merton model for the Private Placement Warrants were as follows:


	January 12, 2021
	(Initial Measurement)						September 30, 2021
	Public			Private			Private
Input	Warrants			Warrants			Warrants
Stock Price	$	10.00		$	9.59		$	9.91
Exercise Price	$	11.50		$	11.50		$	11.50
Volatility		26.9	%		26.0	%		29.0	%
Term (years)		5.00			5.00			5.00
Dividend Yield		0.00	%		0.00	%		0.00	%
Risk Free Rate		1.21	%		1.21	%		0.98	%

The following table presents the changes in the fair value of Level 3 warrant liabilities:


	Private Placement

Fair value as of January 14, 2021 (inception)	$	—
Initial measurement on March 9, 2021		9,027,379
Change in valuation inputs or other assumptions		(204,009	)
Transfer to Level 1
Fair value as of March 31, 2021	$	8,823,370
Change in valuation inputs or other assumptions		1,603,320
Fair value as of June 30, 2021	$	10,426,690
Change in valuation inputs or other assumptions		599,361
Fair value as of September 30, 2021	$	11,026,051

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 16 Income Taxes

The components of income tax expense for the years ended December 31, 2020 and 2019, were as follows (dollars in thousands):


	2020		2019
Current:
Federal	$	19	$	246
State		104		262

Total current		123		508
Deferred:
Federal		22		37
State		—		—

Total deferred		22		37

Provision for income taxes	$	145	$	545

A reconciliation between the Company’s federal statutory tax rate and its effective tax rate for the years ended December 31, 2020 and 2019, is as follows:


	2020			2019
Federal statutory tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		6.5	%		- 1.5	%
Permanent items—derivative liability		0.0	%		- 4.8	%
Permanent items—stock-based compensation		- 4.5	%		6.3	%
Permanent items—meals and entertainment		- 0.1	%		1.8	%
Permanent items—penalties		- 0.5	%		0.0	%
Permanent items—other		- 0.1	%		0.0	%
Return to provision		- 0.3	%		0.0	%
Research and development tax credit—federal		3.3	%		- 20.3	%
Uncertain tax provision		- 1.7	%		0.0	%
Change in valuation allowance		- 25.7	%		38.4	%

Effective tax rate		-2.1	%		40.9	%

The major components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019, consists of the following (dollars in thousands):


	2020			2019
Deferred tax assets:
Allowance for customer advances	$	3,790		$	2,962
Accrued expenses		1,216			—
Accrued compensation		369			—
Lease liability		448			588
Research and development tax credit		457			62
Other		33			148

Total deferred tax assets		6,313			3,760

Deferred tax liabilities:
Property and equipment		(1,380	)		(665	)
Right of use asset		(415	)		(557	)
State taxes		(287	)		(131	)
Prepaid expenses		(164	)		(70	)

Total deferred tax liabilities		(2,246	)		(1,423	)

Total net deferred tax assets before valuation allowance		4,067			2,337
Less: valuation allowance		(4,126	)		(2,374	)

Total net deferred tax liabilties	$	(59	)	$	(37	)

The realization of deferred tax assets is dependent upon future sources of taxable income. Available positive and negative evidence is considered in making this determination. Due to a history of losses and uncertainty as to future taxable income, realization of the deferred tax assets is limited to the anticipated reversal of certain deferred tax liabilities. Management determined that there were insufficient federal and state deferred tax liabilities to offset all of the federal and state deferred tax assets at December 31, 2020 and 2019. Therefore, management believes it is

more-likely-than-not

that the net federal and state deferred assets will not be fully realized and has recorded valuation allowances in the amounts of approximately $4.1 million and $2.4 million, as of December 31, 2020 and 2019, respectively.

A reconciliation of the Company’s gross unrecognized tax benefits as of December 31, 2020 and 2019 is as follows (dollars in thousands):


	2020		2019
Balance at beginning of year	$	—	$	—
Increases to prior positions		107		—
Decreases to prior positions		—		—
Increases for current year positions		7		—

Balance at end of year	$	114	$	—

As of December 31, 2020, the Company had $0.1 million of gross unrecognized tax benefits related to state income taxes. All of the unrecognized tax benefits as of December 31, 2020, would, if recognized, affect the effective tax rate. Although it is possible that the amount of unrecognized tax benefits with respect to the uncertain tax positions will increase or decrease in the next 12 months, the Company does not expect material changes.

The Company recognized $4 thousand of interest expense as a component of income tax expense during the year ended December 31, 2020. There were no interest or penalties recognized as a component of income tax expense for the year ended December 31, 2019. There was $4 thousand of income tax related accrued interest as of December 31, 2020 and no accrued interest or penalties as of December 31, 2019.

On March 27, 2020, the CARES Act was enacted and signed into law. The CARES Act contains certain income tax relief provisions, including a modification to the limitation of business interest expense for tax years beginning in 2019 and 2020. In addition, the CARES Act permits net operating loss (NOL) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021, and allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CARES Act also created a program of funding for small business, known as the Paycheck Protection Program (“PPP”). The Company has not had, nor does it anticipate, any material tax impacts from the CARES Act.

The Company is subject to examination by taxing authorities in the jurisdictions in which it files tax returns, including federal, California, and various other state jurisdictions. The federal statute of limitations remains open for the tax periods December 31, 2017 and thereafter. The California statute of limitations remains open for the tax periods December 31, 2016 and thereafter. The statute of limitations for the various other state jurisdictions remains open for the tax period December 31, 2019, the initial filing period in the other jurisdictions.

Cash and Cash Equivalents

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

401(k) Savings Plan	9 Months Ended	12 Months Ended
401(k) Savings Plan	Sep. 30, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
401(k) Savings Plan	Note 13 401(k) Savings Plan The Company maintains a 401(k) savings plan for the benefit of its employees. Employees can defer up to 90% of their compensation subject to fixed annual limits. All current employees are eligible to participate in the 401(k) savings plan. Beginning January 2021, the Company is required to make matching contributions to the 401(k) savings plan equal to 100% of the first 4% of wages deferred by each participating employee. The Company incurred expenses for employer matching contributions of approximately $0.7 million (unaudited) and $0 million for the nine months ended September 30, 2021 and 2020, respectively.	Note 17 401(k) Savings Plan The Company maintains a 401(k) savings plan for the benefit of its employees. Employees can defer up to 90% of their compensation subject to fixed annual limits. The Company currently does not make matching contributions to the 401(k) savings plan. All current employees are eligible to participate in the 401(k) savings plan.

Subsequent Events		9 Months Ended		12 Months Ended
Subsequent Events	Jan. 22, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsequent Events		Note 14 Subsequent Event Subsequent events are events or transactions that occur after the condensed consolidated balance sheet date, but before condensed consolidated financial statements are available to be issued. The Company recognizes in the condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the condensed consolidated balance sheet, including the estimates inherent in the process of preparing the condensed consolidated financial statements. The Company’s condensed consolidated financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the condensed consolidated balance sheet but arose after the condensed consolidated balance sheet date and before the condensed consolidated financial statements were available to be issued. The Company has evaluated subsequent events through November 29, 2021, the date the condensed consolidated financial statements were available to be issued as approved by management. Except for as disclosed in Note 7, Long-Term Debt Facility , the Company is not aware of any other significant events that occurred subsequent to the condensed consolidated balance sheet date that would have a significant impact on its condensed consolidated financial statements other than what is disclosed above.		Note 18 Subsequent Event Subsequent events are events or transactions that occur after the balance sheet date, but before consolidated financial statements are available to be issued. The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing the consolidated financial statements. The Company’s consolidated financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after the balance sheet date and before consolidated financial statements were available to be issued. Debt Facility: In January 2021, Dave OD Funding I, LLC a Delaware LLC, and subsidiary of Dave Inc., entered into a $ 100 million Senior Secured Loan Facility with Victory Park Management, LLC. The facility has an interest rate of 6.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%. The facility, which contains multiple tranches, allows the Company to draw on the facility based upon eligible receivables outstanding and qualified cash. Warrants were also issued by the Company in connection with the facility. As of September 30, 2021, $30.0 million has been drawn on the facility. Recent Legal Matters: Refer to Note 12 Commitments and Contingencies for further details on the Company’s recent legal matters. Merger: On June 7, 2021, the Company announced it has entered into a definitive agreement for a business combination with VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) (“VPCC”), a special purpose acquisition company sponsored by Victory Park Capital, which is an affiliate of Victory Park Management, LLC. The business combination will result in Dave becoming a publicly traded company listed on the Nasdaq Capital Market under the ticker symbol “DAVE”. The proposed business combination has been unanimously approved by the Boards of Directors of the Company and VPCC, and is subject to approval by VPCC’s stockholders, regulatory approvals and other customary closing conditions. The business combination is expected to close late in the third quarter or in the fourth quarter of 2021. The Company has evaluated subsequent events through July 29, 2021 and September 30, 2021, the date the consolidated financial statements were available to be issued as approved by management. The Company is not aware of any other significant events that occurred subsequent to the balance sheet date that would have a significant impact on its consolidated financial statements other than what is disclosed above.
VPC Impact Acquisition Holdings III, Inc [Member]
Subsequent Events	Note 7—Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to January 29, 2021, the date that the financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On January 22, 2021, the Sponsor transferred an aggregate of 60,000 Founder Shares to director nominees of the Company’s board of directors, resulting in the Sponsor holding 6,408,750 Founder Shares.		NOTE 11. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

12 Months Ended

Jan. 22, 2021

Sep. 30, 2021

Dec. 31, 2020

Use of Estimates

The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents.

Net Loss per Common Share

Net (Loss) Income Per Share Attributable to Stockholders

The Company has five classes of participating securities (Series A preferred stock, par value $0.000001 per share (“Series A Preferred Shares”), Series

B-1

preferred stock, par value $0.000001 per share (“Series

B-1

Preferred Shares”), and Series

B-2

preferred stock, par value $0.000001 per share (“Series

B-2

Preferred Shares”) and, together with the Series A Preferred Shares and the Series

B-1

Preferred Shares, the “Preferred Stock”), unvested Restricted Stock Awards (“RSA”) and early exercised stock options) issued and outstanding as of September 30,

2021 and 2020. The Company used the

two-class

method to compute net (loss) income per common share, because it had issued multiple classes of participating securities. The

two-class

non-recourse

notes (refer to Note 12

Related-Party Transactions

for further details on the Company’s Loans to Stockholders).

as-if-converted

method.

The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share attributable to holders of Common Stock (in thousands, except share data):


	For the Nine Months September 30,
	2021			2020
	(unaudited)
Numerator
Net (loss) income	$	(4,801	)	$	27,653
Less: noncumulative dividend to convertible preferred stockholders		—			(6,464	)
Less: undistributed earnings to participating securities		—			(13,756	)

Net (loss) income attributed to common stockholders—Basic		(4,801	)		7,433
Add: undistributed earnings reallocated to common stockholders		—			732

Net (loss) income attributed to common stockholders—Diluted	$	(4,801	)	$	8,165
Denominator
Weighted average shares of common stock—basic		100,176,295			88,943,115
Dilutive effect of equity incentive awards		—			10,421,439

Weighted average shares of common stock—diluted		100,176,295			99,364,554
Net (loss) income per share
Basic	$	(0.05	)	$	0.08
Diluted	$	(0.05	)	$	0.08

The following potentially dilutive shares were excluded from the computation of diluted net (loss) income per share for the periods presented because including them would have been antidilutive:


	For the Nine Months September 30,
	2021		2020
	(unaudited)
Equity incentive awards		28,364,683		18,120,547
Convertible preferred stock		150,534,600		150,534,600
Series B-1 warrants		1,722,640		—

Total		180,621,923		168,655,147

Net Loss (Income) Per Share Attributable to Stockholders

The Company has five classes of participating securities (Series A preferred stock, par value $0.000001 per share (“Series A Preferred Shares”), Series

B-1

preferred stock, par value $0.000001 per share (“Series

B-1

Preferred Shares”), and Series

B-2

preferred stock, par value $0.000001 per share (“Series

B-2

Preferred Shares”) and, together with the Series A Preferred Shares and the Series

B-1

Preferred Shares, the “Preferred Stock”), unvested RSAs and early exercised stock options) issued and outstanding as of December 31, 2020 and 2019. The Company used the

two-class

method to compute net loss (income) per common share, because it had issued multiple classes of participating securities. The

two-class

non-recourse

notes (refer to Note 15 Related-Party Transactions for further details on the Company’s Loans to Stockholders).

impact of stock options and restricted stock using the treasury stock method and convertible preferred stock using the

as-if-converted

method.

The following table sets forth the computation of the Company’s basic and diluted net loss (income) per share attributable to holders of Common Stock (in thousands, except share data):


	For the Year Ended December 31,
	2020			2019
Numerator
Net (loss) income	$	(6,957	)	$	787
Less: noncumulative dividend to convertible preferred stockholders		—			(787	)

Net (loss) income attributed to common stockholders—Basic		(6,957	)		—
Add back: undistributed earnings allocated to noncumulative dividend to convertible preferred stockholders		—			2,694
Less: non-cumulative dividend to convertible preferred stockholders		—			(2,694	)

Net (loss) income attributed to common stockholders—Diluted		(6,957	)		—
Denominator
Weighted average shares of common stock—basic		90,986,048			76,918,167
Dilutive effect of equity incentive awards		—			33,647,099
Dilutive effect of Series A convertible stock		—			133,216,940
Dilutive effect of Series B-2 convertible stock		—			3,991,610

Weighted average shares of common stock—diluted		90,986,048			247,773,816
Net (loss) income per share
Basic	$	(0.08	)	$	0.00
Diluted	$	(0.08	)	$	0.00

The following potentially dilutive shares were excluded from the computation of diluted net loss (income) per share for the periods presented because including them would have been antidilutive:


	For the Year Ended December 31,
	2020		2019
Equity incentive awards		23,352,837		4,611,850
Convertible preferred stock		150,534,600		13,326,050

Total		173,887,437		17,937,900

Income Taxes

The Company follows ASC 740,

Income Taxes

more-likely-than-not

that the asset will not be realized.

ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is

more-likely-than-not

that the position will be sustained in a court of last resort, based on the technical merits. If

more-likely-than-not,

the amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination, including compromise settlements. For tax positions not meeting the

more-likely-than-not

threshold, no tax benefit is recorded. The Company has estimated approximately $

0.1

million of uncertain tax positions as of September 30, 2021 and December 31, 2020, related to state income taxes.

Income Taxes

The Company follows ASC 740,

Income Taxes

(“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial

more-likely-than-not

that the asset will not be realized.

ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is

more-likely-than-not

that the position will be sustained in a court of last resort, based on the technical merits. If

more-likely-than-not,

the amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination, including compromise settlements. For tax positions not meeting the

more-likely-than-not

Concentration of Credit Risk

Concentration of Risk

A-1/P-1

or better by Standard and Poor’s Rating Service and Moody’s Investors Service at the time of purchase.

No Member individually exceeded 10% or more of the Company’s Member cash advances balances as of December 31, 2020 and 2019.

Fair Value of Financial Instruments

ASC 820,

Fair Value Measurement

Level 1—Quoted prices in active markets for identical assets or liabilities.


September 30, 2021	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	13,755	$	—	$	—	$	13,755
Derivative asset on loans to stockholders		—		—		33,505		33,505

Total assets	$	13,755	$	—	$	33,505	$	47,260

Liabilities
Warrant liability	$	—	$	—	$	3,586	$	3,586
Note payable		—		—		14,608		14,608

Total liabilities	$	—	$	—	$	18,194	$	18,194


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	17,666	$	—	$	—	$	17,666
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	17,666	$	—	$	457	$	18,123

The Company had no assets and liabilities measured at fair value on a

non-recurring

basis as of September 30, 2021 and December 31, 2020.

Marketable Securities:

Derivative Asset Related to Loans to Stockholders:

Derivatives and Hedging

non-recourse

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):


Ending value at December 31, 2019	$	457
Change in fair value during the period		—

Ending value at December 31, 2020		457
Amendment to loan to stockholder		5
Change in fair value during the period		33,043

Ending value at September 30, 2021	$	33,505


Expected volatility		57.0%
Risk-free interest rate		0.1—0.2%
Remaining term		0.1—1.8 Years

Warrant Liability Related to Debt Facility:

As discussed further in Note 7,

Long-Term Debt Facility

A roll-forward of the Level 3 warrant liability is as follows (dollars in thousands):


Opening value at December 31, 2020	$	—
Initial fair value at the original issuance date		106
Change in fair value during the period		3,480

Ending value at September 30, 2021	$	3,586


Expected volatility		57.0%
Risk-free interest rate		0.1—0.2%
Remaining term		0.1—1.7 Years

Note Payable:

As discussed in Note 6,

Note Payable

A roll-forward of the Level 3 promissory note is as follows (dollars in thousands):


Opening value at December 31, 2020	$	—
Initial fair value at the original issuance date		14,608
Change in fair value during the period		—

Ending value at September 30, 2021	$	14,608

There were no other assets or liabilities that were required to be measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.

Fair Value of Financial Instruments

ASC 820,

Fair Value Measurement

Level 1—Quoted prices in active markets for identical assets or liabilities.


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	17,666	$	—	$	—	$	17,666
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	17,666	$	—	$	457	$	18,123


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	25,305	$	—	$	—	$	25,305
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	25,305	$	—	$	457	$	25,762

The Company had no assets and liabilities measured at fair value on a

non-recurring

basis as of December 31, 2020 and 2019.

The Company also has financial instruments not measured at fair value. The Company has evaluated cash and cash equivalents, Member advances, net, restricted cash, accounts payable, and accrued expenses and believes the carrying value approximates the fair value due to the short-term nature of these balances. The fair value of convertible notes payable and line of credit approximate its carrying value.

Marketable Securities:

Derivatives:

Derivative Liability Related to Convertible Notes

Derivatives and Hedging

B-2

preferred stock during 2019.

A roll-forward of the Level 3 derivative liability is as follows (dollars in thousands):


Opening value at January 1, 2019	$	940
Change in fair value during the period		536
Conversion into Series B-2 preferred stock		(1,476	)

Ending value at December 31, 2019	$	—


Unobservable Inputs		Range
Term (in years)		0.63 to 1.10
Calibrated risk premium		2.46% to 5.50%
Option adjusted spread		6.62% to 11.04%
Risk-free rate		1.87% to 2.62%

Derivative Asset Related to Loans to Stockholders

non-recourse

promissory notes will be reported as interest income and changes in the fair value of the call option will be reported as other income or expense in the period incurred. The call option is measured at fair value at the end of each reporting period with change in fair value recorded in earnings. The fair value of the call option as of December 31, 2020 and 2019, was approximately $0.5 million.

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):


Opening value at January 1, 2019	$	—
Initial fair value at the original issuance dates		457
Change in fair value during the period		—

Ending value at December 31, 2019	$	457

Change in fair value during the period		—

Ending value at December 31, 2020	$	457


Expected volatility		61.5%
Risk-free interest rate		0.2%
Remaining term		3.0 Years

There were no other assets or liabilities that were required to be measured at fair value on a recurring basis as of December 31, 2020 and 2019.

Recent Accounting Standards

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on

Financial Instruments

(“ASU

2016-13”).

ASU

2016-13

held-to

maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU

2016-13,

In December 2019, the FASB issued ASU

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

(“ASU

2019-12”),

as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. The amendments in ASU

2019-12

In March 2020, the FASB issued ASU

No. 2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

In August 2020, the FASB issued ASU

2020-06,

Debt – Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU 2020-06”).

The guidance

in ASU 2020-06 simplifies

the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in

the ASU 2020-06 also

simplify the guidance in ASC Subtopic

815-40,

Derivatives and Hedging: Contracts in Entity’s Own Equity

if-converted

method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments

in ASU 2020-06 are

effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted. The guidance must be adopted as of the beginning of the fiscal year of adoption. The

Company is currently evaluating the impact of the adoption of this standard on its condensed consolidated financial statements and related disclosures.

In May 2021, the FASB

issued ASU 2021-04,

Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic

470-50),

Compensation-Stock Compensation (Topic 718), and Derivatives and

Hedging-Contracts in Entity’s Own Equity (Subtopic

815-40),

Recently Adopted Accounting Pronouncements:

In October 2020, the FASB issued ASU

2020-10,

Codification Improvements

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

(“ASU

2016-13”).

ASU

2016-13

introduced a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses, while also

providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans,

held-to

maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU

2016-13,

the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. In November 2019, the FASB issued an amendment making this ASU effective for public companies for the fiscal year beginning after December 15, 2019. Early adoption is permitted. The Company plans to adopt the standard on January 1, 2023, provided it remains an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

(“ASU

2019-12”),

as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. The amendments in ASU

2019-12

also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. This ASU is effective for public companies for annual periods beginning after December 15, 2020. Early adoption is permitted. The Company plans to adopt the standard on January 1, 2022, provided it remains an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU

No. 2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

, which provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The provisions of this standard are available for election for all companies through December 31, 2022. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU

2020-06,

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU 2020-06”).

The guidance

in ASU 2020-06 simplifies

the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in

the ASU 2020-06 also

simplify the guidance in ASC Subtopic

815-40,

Derivatives and Hedging: Contracts in Entity’s Own Equity

if-converted

method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments

in ASU 2020-06 are

In October 2020, the FASB issued ASU

2020-10,

Codification Improvements

Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In May 2021, the FASB

issued ASU 2021-04,

Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic

470-50),

Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic

815-40),

Recently Adopted Accounting Pronouncements:

In July 2017, the FASB issued ASU

2017-11,

(“ASU

2017-11”).

Part 1 of ASU

2017-11

In August 2018, the FASB issued ASU

2018-13,

Changes to the Disclosure Requirements for Fair Value Measurement

Revenue Recognition

Service Based Revenue, Net:

The Company accounts for subscriptions in accordance with ASC 606,

Revenue from Contracts with Customers

Transaction Based Revenue, Net:

Transaction based revenue, net primarily consists of interchange and ATM revenues from Dave’s Checking Product, net of

ATM-related

fees, and are recognized at the point in time the transactions occur, as the performance obligation is satisfied.

ATM-related

fees recognized as a reduction of transaction based revenue during the periods ended September 30, 2021 and 2020, was $0.6 million and $0.03 million, respectively.

Revenue Recognition

Service Based Revenue, Net:

Service based revenue, net primarily consists of tips, express processing fees, and subscriptions charged to Members, net of processor costs associated with advance disbursements.

Member advances are treated as financial receivables under ASC 310 Receivables (“ASC 310”). Advance-related income is reported net of direct loan origination costs.

Costs incurred by the Company to fund cash advances are treated as direct loan origination costs. These direct loan origination costs are netted against advance-related income over the expected contractual term of the advance. Direct origination costs recognized as a reduction of advance-related income during the years ended December 31, 2020 and 2019, was $3.6 million and $2.1 million, respectively.

The Company accounts for subscriptions in accordance with ASC 606,

Revenue from Contracts with Customers

(“ASC 606”). Under ASC 606, the Company must identify the contract with a Member, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies the performance obligations. The Company’s primary sources of revenue are derived from fees earned on advances, and other financial instruments that are not within the scope of ASC 606. The Company has evaluated the nature of its contracts with Members and determined that further disaggregation of revenue from contracts with Members into categories beyond what is presented in the consolidated statements of operations was not necessary. For revenue sources that are within the scope of Topic 606, the Company fully satisfies its performance obligations and recognizes revenue in the period it is earned as services are rendered. Transaction prices are typically fixed, charged on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying ASC 606 that significantly affects the determination of the amount and timing of revenue from contracts with the Company’s Members. Sources of revenue from contracts with Members that are in the scope of ASC 606 include subscription fees, lead generation fees and reward program fees.

Service based revenue also consists of lead generation fees from the Company’s Side Hustle advertising partners. The Company is entitled to receive these lead generation fees when Members of the application sign up for jobs with the Company’s various partners. Lead generation contracts contain a single performance obligation. Lead generation revenue is recognized at a point in time upon satisfaction and completion of the single performance obligation. The Company also receives cash monthly as part of a rewards program for those Dave debit card Members who choose to spend funds with selected vendors. The cash received by the Company is recorded as unearned revenue and recognized into revenue as the subscription credits are earned by the Members.

Transaction Based Revenue, Net:

Processing and Servicing Fees

Restricted Cash

Marketable Securities

Member Advances

Member advances include

non-recourse

The Company does not provide modifications to Member advances.

Member Advances

Member advances include

non-recourse

The Company does not provide modifications to Member advances.

Allowance for Unrecoverable Advances

written-off

and are a direct reduction to the allowance for unrecoverable advances. Subsequent recoveries of Member advances

written-off,

Allowance for Unrecoverable Advances

The Company maintains an allowance for unrecoverable advances at a level estimated to be adequate to absorb credit losses inherent in the outstanding Member advances. Management currently estimates the allowance balance required using historical loss and collections experience, and, if relevant, the nature and volume of the portfolio, economic conditions, and other factors. Interpretations of the nature and volume of the portfolio and projections of future economic conditions involve a high degree of subjectivity. Changes to the allowance have a direct impact on the provision for unrecoverable advances in the consolidated statements of operations.

written-off

and are a direct reduction to the allowance for unrecoverable advances. Subsequent recoveries of Member advances

written-off,

Internally Developed Software

Property and Equipment, Net

Impairment of Long-Lived Assets

Fair Value of Common Stock

The Company considered various objective and subjective factors to determine the fair value of its Common Stock as of each grant date, including:

•

Historical financial performance;

•

The Company’s business strategy;

•

Industry information, such as external market conditions and trends;

•

Lack of marketability of the Common Stock;

•

Prices, privileges, powers, preferences, and rights of our convertible preferred stock relative to those of the Common Stock;

•

Forecasted cash flow projections for the Company;

•

Illiquidity of stock-based awards involving securities in a private company; and

•

Macroeconomic conditions.

In 2021, the Company’s management team contemplated a SPAC merger (refer to Note 1,

Business and Basis of Presentation

Fair Value of Common Stock

The Company considered various objective and subjective factors to determine the fair value of its Common Stock as of each grant date, including:

•

Historical financial performance;

•

The Company’s business strategy;

•

Industry information, such as external market conditions and trends;

•

Lack of marketability of the Common Stock;

•

Prices, privileges, powers, preferences and rights of the Company’s convertible preferred stock relative to those of the Common Stock;

•

Forecasted cash flow projections for the Company;

•

Illiquidity of stock-based awards involving securities in a private company; and

•

Macroeconomic conditions.

During 2019 and 2020, the Company’s estimated fair value of its Common Stock remained relatively consistent, fluctuating between $0.935 per share as of August 5, 2019 (“August 2019 Valuation”) and $0.981 per share as of August 30, 2020 (“August 2020 Valuation”). The August 2019 Valuation and August 2020 Valuations utilized the income and market approaches in estimating the fair value.

Convertible Debt

The Company accounts for convertible notes in accordance with ASC Topic

470-20,

Debt with Conversion and Other Options.

Interest

Leases

ASC 842,

Leases

(“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding

right-of-use

asset.

Right-of-use

assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

Right-of-use

Loans to Stockholders

In 2019, the Company entered into loan, pledge, and option agreements with various employees, who are also stockholders, to provide those employees cash in exchange for

non-recourse

promissory notes and call options, which allow the Company to acquire shares held by these stockholders. Following ASC 310, the Company

Loans to Stockholders

In 2019, the Company entered into loan, pledge, and option agreements with various employees, who are also stockholders, to provide those employees cash in exchange for

non-recourse

Stock-Based Compensation

Stock Option Awards:

ASC 718,

Compensation-Stock Compensation

Restricted Stock Awards:

RSAs Issued to

Non-Employees:

Advertising Costs

Segment Information

Cash and Cash Equivalents

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

The Company does not have sufficient liquidity to meet its anticipated obligations over the next year from the date of issuance of these financial statements. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)

2014-15,

“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company has access to funds from the Sponsor and the Sponsor has the financial wherewithal to provide such funds that are sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Proposed Public Offering or one year from the date of issuance of these financial statements.

Basis of Presentation

Form 10-Q

and Article 8 of

Regulation S-X

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging

growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business

Startups

Act of 2012 (the “JOBS Act”), and it may take advantage of certain

exemptions from various reporting requirements that are applicable t

to non-emerging

Use of Estimates

Deferred Offering Costs

Offering Costs

$13,786,001 were charged to stockholders’ equity upon the completion of the Initial Public Offering, and $600,570 of the offering costs were related to the warrant liabilities and cha

ged to the statement of operations.

Warrant Liability

Warrant Liabilities

We do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. We evaluate all of

our

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of

additional paid-in

a non-cash

gain or loss on the statements of operations.

Class A Common Stock Subject to Possible Redemption

additional paid-in

capital and accumulated deficit.

At September 30, 2021, the Class A common stock reflected in the condensed balance sheets are reconciled in the following table:


Gross proceeds	$	253,765,980
Less:
Proceeds allocated to Public Warrants	$	(10,340,965	)
Class A common stock issuance costs	$	(13,786,000	)
Plus:
Accretion of carrying value to redemption value	$	24,126,965
Class A common stock subject to possible redemption	$	253,765,980

Net Loss per Common Share

Net Loss Per Common Share

Net Income (Loss) per Common Share

the two-class

method in calculating earnings per share. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.


	Three Months Ended September 30, 2021						For the Period from January 14, 2021 (Inception) Through September 30, 2021
	Class A			Class B			Class A			Class B
Basic and diluted net loss per common shares
Numerator:
Allocation of net loss, as adjusted	$	(2,141,472	)	$	(535,368	)	$	(5,990,311	)	$	(1,815,599	)
Denominator:
Basic and diluted weighted average common shares outstanding		25,376,598			6,344,150			20,481,452			6,207,710
Basic and diluted net loss per common shares	$	(0.08	)	$	(0.08	)	$	(0.29	)	$	(0.29	)

Income Taxes

The provision for income taxes was deemed to be de minimis for the period from January 14, 2021 (inception) through January 22, 2021.

Income Taxes

The Company follows the asset and liability method of accou

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for the interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The provision for income taxes was deemed to be de minimis for the periods ended September 30, 2021.

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair Value Measurements

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

Derivative Financial Instruments

then re-valued

or non-current

based on whether or

not net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

(“ASU”) 2020-06, Debt—Debt

with Conversion and Other Options

(Subtopic 470-20) and

Derivatives and Hedging—Contracts in Entity’s Own Equity

(Subtopic 815-40) (“ASU 2020-06”) to

simplify accounting for certain financial instruments.

ASU 2020-06 eliminates

ASU 2020-06 amends

the diluted earnings per share guidance, including the requirement to use

the if-converted method

for all convertible instruments.

ASU 2020-06 is

ASU 2020-06 would

have on its financial position, results of operations or cash flows.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of Earnings Per Share Basic And Diluted

The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share attributable to holders of Common Stock (in thousands, except share data):


	For the Nine Months September 30,
	2021			2020
	(unaudited)
Numerator
Net (loss) income	$	(4,801	)	$	27,653
Less: noncumulative dividend to convertible preferred stockholders		—			(6,464	)
Less: undistributed earnings to participating securities		—			(13,756	)

Net (loss) income attributed to common stockholders—Basic		(4,801	)		7,433
Add: undistributed earnings reallocated to common stockholders		—			732

Net (loss) income attributed to common stockholders—Diluted	$	(4,801	)	$	8,165
Denominator
Weighted average shares of common stock—basic		100,176,295			88,943,115
Dilutive effect of equity incentive awards		—			10,421,439

Weighted average shares of common stock—diluted		100,176,295			99,364,554
Net (loss) income per share
Basic	$	(0.05	)	$	0.08
Diluted	$	(0.05	)	$	0.08

The following table sets forth the computation of the Company’s basic and diluted net loss (income) per share attributable to holders of Common Stock (in thousands, except share data):


	For the Year Ended December 31,
	2020			2019
Numerator
Net (loss) income	$	(6,957	)	$	787
Less: noncumulative dividend to convertible preferred stockholders		—			(787	)

Net (loss) income attributed to common stockholders—Basic		(6,957	)		—
Add back: undistributed earnings allocated to noncumulative dividend to convertible preferred stockholders		—			2,694
Less: non-cumulative dividend to convertible preferred stockholders		—			(2,694	)

Net (loss) income attributed to common stockholders—Diluted		(6,957	)		—
Denominator
Weighted average shares of common stock—basic		90,986,048			76,918,167
Dilutive effect of equity incentive awards		—			33,647,099
Dilutive effect of Series A convertible stock		—			133,216,940
Dilutive effect of Series B-2 convertible stock		—			3,991,610

Weighted average shares of common stock—diluted		90,986,048			247,773,816
Net (loss) income per share
Basic	$	(0.08	)	$	0.00
Diluted	$	(0.08	)	$	0.00

Summary of assets and liabilities measured at fair value on a recurring basis


September 30, 2021	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	13,755	$	—	$	—	$	13,755
Derivative asset on loans to stockholders		—		—		33,505		33,505

Total assets	$	13,755	$	—	$	33,505	$	47,260

Liabilities
Warrant liability	$	—	$	—	$	3,586	$	3,586
Note payable		—		—		14,608		14,608

Total liabilities	$	—	$	—	$	18,194	$	18,194


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	17,666	$	—	$	—	$	17,666
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	17,666	$	—	$	457	$	18,123


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	17,666	$	—	$	—	$	17,666
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	17,666	$	—	$	457	$	18,123


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	25,305	$	—	$	—	$	25,305
Derivative asset on loans to stockholders		—		—		457		457

Total assets	$	25,305	$	—	$	457	$	25,762

Summary of computation of diluted net loss (income) per share

The following potentially dilutive shares were excluded from the computation of diluted net (loss) income per share for the periods presented because including them would have been antidilutive:


	For the Nine Months September 30,
	2021		2020
	(unaudited)
Equity incentive awards		28,364,683		18,120,547
Convertible preferred stock		150,534,600		150,534,600
Series B-1 warrants		1,722,640		—

Total		180,621,923		168,655,147

The following potentially dilutive shares were excluded from the computation of diluted net loss (income) per share for the periods presented because including them would have been antidilutive:


	For the Year Ended December 31,
	2020		2019
Equity incentive awards		23,352,837		4,611,850
Convertible preferred stock		150,534,600		13,326,050

Total		173,887,437		17,937,900

Derivative Liability [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 warrant liability is as follows (dollars in thousands):


Opening value at December 31, 2020	$	—
Initial fair value at the original issuance date		106
Change in fair value during the period		3,480

Ending value at September 30, 2021	$	3,586

A roll-forward of the Level 3 derivative liability is as follows (dollars in thousands):


Opening value at January 1, 2019	$	940
Change in fair value during the period		536
Conversion into Series B-2 preferred stock		(1,476	)

Ending value at December 31, 2019	$	—

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the warrant liability for the period ended September 30, 2021:


Expected volatility		57.0%
Risk-free interest rate		0.1—0.2%
Remaining term		0.1—1.7 Years


Unobservable Inputs		Range
Term (in years)		0.63 to 1.10
Calibrated risk premium		2.46% to 5.50%
Option adjusted spread		6.62% to 11.04%
Risk-free rate		1.87% to 2.62%

Derivative Asset [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):


Ending value at December 31, 2019	$	457
Change in fair value during the period		—

Ending value at December 31, 2020		457
Amendment to loan to stockholder		5
Change in fair value during the period		33,043

Ending value at September 30, 2021	$	33,505

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):


Opening value at January 1, 2019	$	—
Initial fair value at the original issuance dates		457
Change in fair value during the period		—

Ending value at December 31, 2019	$	457

Change in fair value during the period		—

Ending value at December 31, 2020	$	457

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the call options for the period ended September 30, 2021:

The following table presents the assumptions used to value the call options for the year ended December 31 2020:


Expected volatility		61.5%
Risk-free interest rate		0.2%
Remaining term		3.0 Years

Promissory Note [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 promissory note is as follows (dollars in thousands):


Opening value at December 31, 2020	$	—
Initial fair value at the original issuance date		14,608
Change in fair value during the period		—

Ending value at September 30, 2021	$	14,608

Schedule of Earnings Per Share Basic And Diluted


	Three Months Ended September 30, 2021						For the Period from January 14, 2021 (Inception) Through September 30, 2021
	Class A			Class B			Class A			Class B
Basic and diluted net loss per common shares
Numerator:
Allocation of net loss, as adjusted	$	(2,141,472	)	$	(535,368	)	$	(5,990,311	)	$	(1,815,599	)
Denominator:
Basic and diluted weighted average common shares outstanding		25,376,598			6,344,150			20,481,452			6,207,710
Basic and diluted net loss per common shares	$	(0.08	)	$	(0.08	)	$	(0.29	)	$	(0.29	)

Schedule of Reconciliation of common stock reflected in the balance sheet

At September 30, 2021, the Class A common stock reflected in the condensed balance sheets are reconciled in the following table:


Gross proceeds	$	253,765,980
Less:
Proceeds allocated to Public Warrants	$	(10,340,965	)
Class A common stock issuance costs	$	(13,786,000	)
Plus:
Accretion of carrying value to redemption value	$	24,126,965
Class A common stock subject to possible redemption	$	253,765,980

Summary of fair value of the derivative asset and liability

The key inputs into the Monte Carlo simulation model Public Warrants and the Black-Scholes-Merton model for the Private Placement Warrants were as follows:


	January 12, 2021
	(Initial Measurement)						September 30, 2021
	Public			Private			Private
Input	Warrants			Warrants			Warrants
Stock Price	$	10.00		$	9.59		$	9.91
Exercise Price	$	11.50		$	11.50		$	11.50
Volatility		26.9	%		26.0	%		29.0	%
Term (years)		5.00			5.00			5.00
Dividend Yield		0.00	%		0.00	%		0.00	%
Risk Free Rate		1.21	%		1.21	%		0.98	%

Business and Basis of Presentation (Table)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of Variable Interest Entities


Assets
Cash and cash equivalents	$	9,518
Member advances, net of allowance for unrecoverable advances of $2,825 as of September 30, 2021		38,447
Debt facility commitment fee, current		52
Debt facility commitment fee, long-term		145

Total assets	$	48,162

Liabilities and stockholder’s deficit
Long-term debt facility	$	30,000
Warrant liability		3,586
Equity contributed		0.01
Accumulated deficit		(7,785	)

Total liabilities and stockholder’s deficit	$	25,801

Summary of Restatement on the Company's Previously Issued Financial Statements

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

In response to the errors, the Company redesigned its internal controls around the Member advances, net of allowances for unrecoverable advances to detect and prevent future errors.


	As of December 31,
	2020
Consolidated Balance Sheet:	As Reported			Adjustments			As Restated
Assets
Member advances, net of allowance for unrecoverable advances	$	47,588		$	(8,844	)	$	38,744
Prepaid income taxes	$	1,576		$	2,432		$	4,008
Total current assets	$	75,764		$	(6,412	)	$	69,352
Total assets	$	82,817		$	(6,412	)	$	76,405

Liabilities, convertible preferred stock, and stockholders’ deficit
Other non-current liabilities	$	735		$	(150	)	$	585
Total liabilities	$	26,711		$	(150	)	$	26,561
Accumulated deficit	$	(6,642	)	$	(6,262	)	$	(12,904	)
Total stockholders’ deficit	$	(16,067	)	$	(6,262	)	$	(22,329	)
Total liabilities, convertible preferred stock, and stockholders’ deficit	$	82,817		$	(6,412	)	$	76,405


	For the year ended December 31,
	2020
Consolidated Statement of Operations	As Reported			Adjustments			As Restated
Provision for unrecoverable advances	$	19,441		$	6,098		$	25,539
Total operating expenses	$	117,079		$	6,098		$	123,177
Net loss before provision for income taxes	$	(714	)	$	(6,098	)	$	(6,812	)
Provision for income taxes	$	1,888		$	(1,743	)	$	145
Net loss	$	(2,602	)	$	(4,355	)	$	(6,957	)
Net loss per share:
Basic	$	(0.03	)				$	(0.08	)
Diluted	$	(0.03	)				$	(0.08	)


	For the year ended December 31,
	2020
Consolidated Statements of Cash Flows:	As Reported			Adjustments			As Restated
Net loss	$	(2,602	)	$	(4,355	)	$	(6,957	)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for unrecoverable advances	$	19,441		$	6,098		$	25,539
Changes in operating assets and liabilities:
Prepaid income taxes	$	(1,576	)	$	(2,432	)	$	(4,008	)
Income taxes payable	$	(1,348	)	$	840		$	(508	)
Other non-current liabilities	$	698		$	(151	)	$	547


	For the year ended December 31,
	2020
Consolidated Statement of Convertible Preferred Stock and Stockholder’s Deficit:	As Reported			Adjustments			As Restated
Net loss	$	(2,602	)	$	(4,355	)	$	(6,957	)
Accumulated deficit	$	(6,642	)	$	(6,262	)	$	(12,904	)
Total stockholders’ deficit	$	(16,067	)	$	(6,262	)	$	(22,329	)


	For the year ended December 31,
	2019
Consolidated Statement of Operations	As Reported		Adjustments			As Restated
Provision for unrecoverable advances	$	16,941	$	2,747		$	19,688
Total operating expenses	$	71,703	$	2,747		$	74,450
Net income (loss) before provision for income taxes	$	4,079	$	(2,747	)	$	1,332
Provision for income taxes	$	1,385	$	(840	)	$	545
Net income (loss)	$	2,694	$	(1,907	)	$	787


	As of December 31,
	2019
Consolidated Balance Sheet:	As Reported			Adjustments			As Restated
Assets
Member advances, net of allowance for unrecoverable advances	$	31,789		$	(2,747	)	$	29,042
Total current assets	$	64,962		$	(2,747	)	$	62,215
Total assets	$	69,835		$	(2,747	)	$	67,088
Income taxes payable	$	1,348		$	(840	)	$	508
Total current liabilities	$	10,415		$	(840	)	$	9,575
Total liabilities	$	12,636		$	(840	)	$	11,796
Accumulated deficit	$	(4,040	)	$	(1,907	)	$	(5,947	)
Total stockholders’ deficit	$	(14,974	)	$	(1,907	)	$	(16,881	)
Total liabilities, convertible preferred stock, and stockholders’ deficit	$	69,835		$	(2,747	)	$	67,088


	For the year ended December 31,
	2019
Consolidated Statements of Cash Flows:	As Reported		Adjustments			As Restated
Net income	$	2,694	$	(1,907	)	$	787
Adjustments to reconcile net income to net cash used in operating activities:
Provision for unrecoverable advances	$	16,941	$	2,747		$	19,688


	For the year ended December 31,
	2019
Consolidated Statement of Convertible Preferred Stock and Stockholder’s Deficit:	As Reported			Adjustments			As Restated
Net income	$	2,694		$	(1,907	)	$	787
Accumulated deficit	$	(4,040	)	$	(1,907	)	$	(5,947	)
Total stockholders’ deficit	$	(14,974	)	$	(1,907	)	$	(16,881	)

Summary of Restatement on the Company's Previously Issued Financial Statements

The impact of the restatement on the Company’s previously issued financial statements is reflected in the following tables.


Balance Sheet as of March 9, 2021 (audited)	As Previously Reported			Adjustment			As Restated

Class A common stock subject to possible redemption	$	222,685,780		$	31,080,200		$	253,765,980
Class A common stock	$	311		$	(311	)	$	—
Additional paid-in capital	$	6,977,293		$	(6,977,293	)	$	—
Accumulated deficit	$	(1,978,231	)	$	(24,102,596	)	$	(26,080,827	)
Total shareholders’ equity (deficit)	$	5,000,007		$	(31,080,200	)	$	(26,080,193	)


Balance Sheet as of March 31, 2021 (unaudited)		As Previously Reported			Adjustment			As Restated
Class A common stock subject to possible redemption	$	223,013,600		$	30,752,380		$	253,765,980
Class A common stock	$	308		$	(308	)	$	—
Additional paid-in capital	$	6,649,473		$	(6,649,473	)	$	—
Accumulated deficit	$	(1,650,406	)	$	(24,102,599	)	$	(25,753,005	)
Total shareholders’ equity (deficit)	$	5,000,009		$	(30,752,380	)	$	(25,752,371	)

Balance Sheet as of June 30, 2021 (unaudited)
Class A common stock subject to possible redemption	$	219,534,940		$	34,231,040		$	253,765,980
Class A common stock	$	343		$	(343	)	$	—
Additional paid-in capital	$	10,128,098		$	(10,128,098	)	$	—
Accumulated deficit	$	(5,129,070	)	$	(24,102,599	)	$	(29,231,669	)
Total shareholders’ equity (deficit)	$	5,000,005		$	(34,231,040	)	$	(29,231,035	)

Statement of Cash Flows for The Period from January 14, 2021 (Inception) Through March 31, 2021 (unaudited)
Initial classification of Class A common stock subject to possible redemption	$	222,685,780		$	31,080,200		$	253,765,980
Change in value of Class A common stock subject to possible redemption	$	327,820		$	(327,820	)	$	—

Statement of Cash Flows for The Period from January 14, 2021 (Inception) Through June 30, 2021 (unaudited)
Initial classification of Class A common stock subject to possible redemption	$	222,685,780		$	31,080,200		$	253,765,980
Change in value of Class A common stock subject to possible redemption	$	(3,150,840	)	$	3,150,840		$	—

Statement of Operations for The Period from January 14, 2021 (Inception) Through March 31, 2021 (unaudited)
Weighted average shares outstanding of Class A common stock redeemable shares		25,376,598			(17,513,427	)		7,863,171
Basic and diluted net loss per common share, Class A common stock redeemable shares	$	—		$	(0.12	)	$	(0.12	)
Weighted average shares outstanding of Class B common stock non-redeemable shares		5,851,019			80,357			5,931,376
Basic and diluted net loss per common share, Class B common stock non-redeemable shares	$	(0.28	)	$	0.16		$	(0.12	)


Statement of Operations for the three months ended June 30, 2021 (unaudited)		As Previously Reported			Adjustment			As Restated
Weighted average shares outstanding of Class A common stock redeemable shares		25,376,598			—			25,376,598
Basic and diluted net loss per common share, Class A common stock redeemable shares	$	—		$	(0.11	)	$	(0.11	)
Weighted average shares outstanding of Class B common stock non-redeemable shares		6,344,150			—			6,344,150
Basic and diluted net loss per common share, Class B common stock non-redeemable shares	$	(0.55	)	$	0.44		$	(0.11	)

Statement of Operations for The Period from January 14, 2021 (Inception) Through June 30, 2021
Weighted average shares outstanding of Class A common stock redeemable shares		25,376,598			(7,675,638	)		17,700,960
Basic and diluted net loss per common share, Class A common stock redeemable shares	$	—		$	(0.22	)	$	(0.22	)
Weighted average shares outstanding of Class B common stock non-redeemable shares		6,129,745			(3,116	)		6,126,629
Basic and diluted net loss per common share, Class B common stock non-redeemable shares	$	(0.84	)	$	0.62		$	(0.22	)

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

Below is a detail of marketable securities (dollars in thousands):


	As of December 31,
	2020		2019
Marketable securities	$	17,666	$	25,305

Totals	$	17,666	$	25,305

Member Cash Advances, Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Receivables [Abstract]

Summary of Member Cash Advances, Net

Below is a detail of Member cash advances, net as of September 30, 2021 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
	(unaudited)		(unaudited)			(unaudited)
1-10	$	32,881	$	(2,030	)	$	30,851
11-30		10,469		(1,340	)		9,129
31-60		4,934		(2,547	)		2,387
61-90		4,162		(2,681	)		1,481
91-120		3,762		(2,742	)		1,020

Total	$	56,208	$	(11,340	)	$	44,868

Below is a detail of Member cash advances, net as of December 31, 2020 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	27,948	$	(1,367	)	$	26,581
11-30		8,380		(1,205	)		7,175
31-60		5,489		(3,009	)		2,480
61-90		6,088		(4,284	)		1,804
91-120		3,419		(2,715	)		704

Total	$	51,324	$	(12,580	)	$	38,744

Below is a detail of Member cash advances, net (dollars in thousands):

Table as of December 31, 2020


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	27,948	$	(1,367	)	$	26,581
11-30		8,380		(1,205	)		7,175
31-60		5,489		(3,009	)		2,480
61-90		6,088		(4,284	)		1,804
91-120		3,419		(2,715	)		704

Total	$	51,324	$	(12,580	)	$	38,744

Table as of December 31, 2019


Days From Origination	Gross Member Advances		Allowance for Unrecoverable Advances			Member Advances, Net
1-10	$	25,529	$	(1,027	)	$	24,502
11-30		4,263		(1,607	)		2,656
31-60		3,277		(2,202	)		1,075
61-90		2,930		(2,400	)		530
91-120		2,398		(2,119	)		279

Total	$	38,397	$	(9,355	)	$	29,042

Summary of Allowance for Unrecoverable Advances

The roll-forward of the allowance for unrecoverable advances is as follows (dollars in thousands):


Ending allowance balance at December 31, 2020	$	12,580
Plus: provision for unrecoverable advances		21,693
Less: amounts written-off		(22,933	)

Ending allowance balance at September 30, 2021 (unaudited)	$	11,340

Ending allowance balance at December 31, 2019	$	9,355
Plus: provision for unrecoverable advances		14,311
Less: amounts written-off		(14,104	)

Ending allowance balance at September 30, 2020 (unaudited)	$	9,562

The roll-forward of the allowance for unrecoverable advances is as follows (dollars in thousands):


Opening allowance balance at January 1, 2019	$	3,277
Plus: provision for unrecoverable advances		19,688
Less: amounts written-off		(13,610	)

Ending allowance balance at December 31, 2019		9,355

Plus: provision for unrecoverable advances		25,539
Less: amounts written-off		(22,314	)

Ending allowance balance at December 31, 2020	$	12,580

Accrued Expenses (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Accounts Payable and Accrued Liabilities, Current [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following (dollars in thousands):


	(unaudited) September 30, 2021		December 31, 2020
Accrued charitable contributions	$	6,057	$	3,364
Accrued compensation		1,498		875
Sales tax payable		1,422		991
Other		859		94

Total	$	9,836	$	5,324

Accrued expenses consisted of the following (dollars in thousands):


	December 31, 2020		December 31, 2019
Accrued charitable contributions	$	3,364	$	1,026
Accrued compensation		875		360
Sales tax payable		991		332
Other		94		172

Total	$	5,324	$	1,890

Long-Term Debt Facility (Tables)

9 Months Ended

Sep. 30, 2021

Warrant [Member]

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the assumptions used to estimate the fair value of the warrants at the issuance date:


Expected volatility	55.0	%
Risk-free interest rate	0.1—0.2	%
Remaining term	0.6—2.9 Years

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consisted of the following (dollars in thousands):


	December 31, 2020			December 31, 2019
Computer equipment	$	289		$	79
Leasehold improvements		427			398
Furniture and fixtures		14			14

Total property and equipment		730			491
Less: Accumulated depreciation		(214	)		(70	)

Property and equipment, net	$	516		$	421

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Company’s intangible assets, net consisted of the following (dollars in thousands):


	December 31, 2020			December 31, 2019
Internally developed software	$	7,002		$	3,013
Domain name		121			121
Less: accumulated amortization		(2,618	)		(1,044	)

Intangible Assets, net	$	4,505		$	2,090

Summary of Estimated Amortization Expenses

Future estimated amortization expenses (dollars in thousands):


	December 31, 2020
2021	$	2,000
2022		1,623
2023		816
2024		8
2025		8
Thereafter		50

Total future amortization	$	4,505

Fair Value Measurements (Tables) - VPC Impact Acquisition Holdings III, Inc [Member]

9 Months Ended

Sep. 30, 2021

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Assets Measured on Recurring Basis


Description	September 30, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:

Investments held in Trust Account - U.S. Treasury Securities Money Market Fund	$	253,782,146	$	253,782,146	$	—	$	—

Liabilities:
Warrant Liability - Public Warrants	$	10,785,054	$	10,785,054	$	—	$	—

Warrant Liability - Private Placement Warrants	$	11,026,051	$	—	$	—	$	11,026,051

Summary of public warrants and the black-scholes-merton model

The key inputs into the Monte Carlo simulation model Public Warrants and the Black-Scholes-Merton model for the Private Placement Warrants were as follows:


	January 12, 2021
	(Initial Measurement)						September 30, 2021
	Public			Private			Private
Input	Warrants			Warrants			Warrants
Stock Price	$	10.00		$	9.59		$	9.91
Exercise Price	$	11.50		$	11.50		$	11.50
Volatility		26.9	%		26.0	%		29.0	%
Term (years)		5.00			5.00			5.00
Dividend Yield		0.00	%		0.00	%		0.00	%
Risk Free Rate		1.21	%		1.21	%		0.98	%

Summary of changes in fair value of the warrant liabilities

The following table presents the changes in the fair value of Level 3 warrant liabilities:


	Private Placement

Fair value as of January 14, 2021 (inception)	$	—
Initial measurement on March 9, 2021		9,027,379
Change in valuation inputs or other assumptions		(204,009	)
Transfer to Level 1
Fair value as of March 31, 2021	$	8,823,370
Change in valuation inputs or other assumptions		1,603,320
Fair value as of June 30, 2021	$	10,426,690
Change in valuation inputs or other assumptions		599,361
Fair value as of September 30, 2021	$	11,026,051

Leases (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Leases [Abstract]

Schedule of Leasing Activities

The Company’s leasing activities are as follows (dollars in thousands):


	For the Nine Months Ended September 30, 2021
Operating lease cost	$	901
Short-term lease cost		—
Variable lease cost		—

Total lease cost	$	901

Other information:
Cash paid for operating leases	$	798
Right-of-use assets obtained in exchange for new operating lease liability	$	2,514
Weighted-average remaining lease term—operating lease		2.22
Weighted-average discount rate—operating lease		10	%

The Company’s leasing activities are as follows (dollars in thousands):


	For the Year Ended December 31,
	2020			2019
Operating lease cost	$	546		$	402
Short-term lease cost		—			40
Variable lease cost		—			—

Total lease cost	$	546		$	442

Other information:
Cash paid for operating leases	$	534		$	356
Right-of-use assets obtained in exchange for new operating lease liability	$	—		$	1,736
Weighted-average remaining lease term - operating lease		4.19			4.87
Weighted-average discount rate - operating lease		10	%		10	%

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease payments as of September 30, 2021, were as follows (in thousands):


Year	3rd-Party Commitment			Related- Party Commitment			Total
2021 (remaining)	$	466		$	80		$	546
2022		1,781			335			2,116
2023		159			339			498
2024		2			295			297
2025		—			309			309
Thereafter		—			—			—

Total minimum lease payments	$	2,408		$	1,358		$	3,766

Less: imputed interest		(145	)		(239	)		(384	)

Total lease liabilities	$	2,263		$	1,119		$	3,382

The future minimum lease payments as of December 31, 2020, were as follows (in thousands):


Year	3rd-Party Commitment			Related-Party Commitment			Total
2021	$	205		$	320		$	525
2022		12			335			347
2023		12			339			351
2024		2			295			297
2025		—			309			309
Thereafter		—			—			—

Total minimum lease payments	$	231		$	1,598		$	1,829

Less: imputed interest		(12	)		(329	)		(341	)

Total lease liabilities	$	219		$	1,269		$	1,488

Convertible Debt, Net (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Convertible Debt Interest Expense

The following table sets forth the interest expense recognized related to the 2019 Convertible Notes and 2018 Convertible Notes (dollars in thousands):


	Year Ended December 31,
	2020			2019
Contractual interest expense on 2019 Convertible Notes	$	17		$	1
Contractual interest expense on 2018 Convertible Notes		—			640
Amortization of debt discount on 2018 Convertible Notes		—			211

Total interest expense	$	17		$	852

Effective interest rate for 2019 Convertible Notes		1.7	%		1.7	%
Effective interest rate for 2018 Convertible Notes		—			3.8	%

Convertible Preferred Stock and Stockholders' Deficit (Tables)

9 Months Ended

Sep. 30, 2021

Convertible Preferred Stock And Stockholders Deficit [Abstract]

Schedule Of Convertible Preferred Stock

The number of authorized, issued and outstanding stock, liquidation value, and carrying value as of September 30, 2021 and December 31, 2020, were as follows:


	(unaudited)
	As of September 30, 2021
	Authorized Shares		Issued Shares		Outstanding Shares		Liquidation Preference (in thousands)		Carrying Value (in thousands)
Series A Preferred Shares		133,216,940		133,216,940		133,216,940	$	130,686	$	9,881
Series B-1 Preferred Shares		13,326,050		13,326,050		13,326,050	$	50,000	$	49,675
Series B-2 Preferred Shares		3,991,610		3,991,610		3,991,610	$	11,981	$	12,617
Common Stock		290,000,000		105,460,096		102,620,971	$	—	$	0.1

	As of December 31, 2020
	Authorized Shares		Issued Shares		Outstanding Shares		Liquidation Preference (in thousands)		Carrying Value (in thousands)
Series A Preferred Shares		133,216,940		133,216,940		133,216,940	$	130,686	$	9,881
Series B-1 Preferred Shares		13,326,050		13,326,050		13,326,050	$	50,000	$	49,675
Series B-2 Preferred Shares		3,991,610		3,991,610		3,991,610	$	11,981	$	12,617
Common Stock		290,000,000		103,062,319		100,223,194	$	—	$	0.1

Stock-Based Compensation (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options

The following table presents the key inputs and assumptions used to value options granted during the nine months ended September 30, 2021:


Expected volatility	40.0	%
Risk-free interest rate	1.5	%
Remaining term	10.0 Years
Expected dividend yield	0.0	%

The following table presents the weighted-average assumptions used to value options granted during the years ended December 31:


	2020			2019
Expected term		6.0 years			5.9 years
Risk-free interest rate		0.8	%		1.9	%
Expected dividend yield		0.0	%		0.0	%
Expected volatility		57.0	%		48.6	%

Summary of Stock Option Activity

Activity with respect to options granted under the Plan is summarized as follows:


	Shares			Weighted-Average Exercise Price
Options outstanding, December 31, 2020		23,025,382		$	0.74
Granted		13,317,662		$	0.98
Exercised		(2,433,761	)	$	0.61
Forfeited		(5,734,226	)	$	0.91
Expired		(47,874	)	$	0.90

Options outstanding, September 30, 2021, unaudited		28,127,183		$	0.83

Activity with respect to options granted under the Plan is summarized as follows:


	Shares (1)			Weighted- Average Exercise Price (1)		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, December 31, 2019		12,273,640			$0.38		9.1		$6,775
Granted		14,690,130		$	0.96
Exercised		(1,441,795	)	$	0.18
Forfeited		(2,386,363	)	$	0.59
Expired		(110,230	)	$	0.94

Options outstanding, December 31, 2020		23,025,382		$	0.74		8.7	$	5,548

Nonvested options, December 31, 2020		17,524,327		$	0.88		9.4	$	1,844

Vested and exercisable, December 31, 2020		3,448,301		$	0.37		7.6	$	2,123

(1)	Prior period results have been adjusted to reflect the ten-for-one stock split in November 2020. See Note 1 Business and Basis of Presentation for details.

Share-based Payment Arrangement, Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity for employees for the nine months ended September 30, 2021, is presented below:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at December 31, 2020		2,375,000		$	0.93
Granted		—		$	—
Vested		(2,137,500	)	$	0.93
Forfeited		—		$	—

Nonvested shares at September 30, 2021, unaudited		237,500		$	0.93

A summary of the Company’s restricted stock activity for employees for the year ended December 31, 2020, is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Nonvested shares at December 31, 2019		17,416,710		$	0.37
Granted		—		$	—
Vested		(14,388,585	)	$	0.26
Forfeited		(653,125	)	$	0.93

Nonvested shares at December 31, 2020		2,375,000		$	0.93

Share-based Payment Arrangement, Nonemployee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Restricted Stock Activity

A summary of the Company’s

non-employee

restricted stock activity for the nine months ended September 30, 2021, is presented below:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at December 31, 2020	5,209		$	0.93
Granted	—		$	—
Vested	(5,209	)	$	0.93
Forfeited	—		$	—

Nonvested shares at September 30, 2021, unaudited	—		$	—

A summary of the Company’s

non-employee

restricted stock activity for the year ended December 31, 2020, is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Nonvested shares at December 31, 2019		231,254		$	0.93
Granted		—			—
Vested		(226,045	)		0.30
Forfeited		—			—

Nonvested shares at December 31, 2020		5,209		$	0.93

Related Party Transactions (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of future minimum rental payments

The following is a schedule of future minimum rental payments as of September 30, 2021, under Company’s

sub-lease

for the properties located in Los Angeles, California signed with PCJW (in thousands):


Year	Related-Party Commitment
2021 (remaining)	$	80
2022		335
2023		339
2024		295
2025		309
Thereafter		—

Total minimum lease payments	$	1,358

Less: imputed interest		(239	)

Total lease liabilities	$	1,119

The following is a schedule of future minimum rental payments as of December 31, 2020, under the Company’s

sub-lease

for the properties located in Los Angeles, California signed with PCJW, the entity controlled by the Company’s founders (in thousands):


Year	Related-Party Commitment
2021	$	320
2022		335
2023		339
2024		295
2025		309
Thereafter		—

Total minimum lease payments	$	1,598

Less: imputed interest		(329	)

Total lease liabilities	$	1,269

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of current and deferred portions of income tax benefits

The components of income tax expense for the years ended December 31, 2020 and 2019, were as follows (dollars in thousands):


	2020		2019
Current:
Federal	$	19	$	246
State		104		262

Total current		123		508
Deferred:
Federal		22		37
State		—		—

Total deferred		22		37

Provision for income taxes	$	145	$	545

Schedule of reconciliation of U.S. Federal statutory income tax rate and effective income tax rate

A reconciliation between the Company’s federal statutory tax rate and its effective tax rate for the years ended December 31, 2020 and 2019, is as follows:


	2020			2019
Federal statutory tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		6.5	%		- 1.5	%
Permanent items—derivative liability		0.0	%		- 4.8	%
Permanent items—stock-based compensation		- 4.5	%		6.3	%
Permanent items—meals and entertainment		- 0.1	%		1.8	%
Permanent items—penalties		- 0.5	%		0.0	%
Permanent items—other		- 0.1	%		0.0	%
Return to provision		- 0.3	%		0.0	%
Research and development tax credit—federal		3.3	%		- 20.3	%
Uncertain tax provision		- 1.7	%		0.0	%
Change in valuation allowance		- 25.7	%		38.4	%

Effective tax rate		-2.1	%		40.9	%

Summary of net deferred tax assets

The major components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019, consists of the following (dollars in thousands):


	2020			2019
Deferred tax assets:
Allowance for customer advances	$	3,790		$	2,962
Accrued expenses		1,216			—
Accrued compensation		369			—
Lease liability		448			588
Research and development tax credit		457			62
Other		33			148

Total deferred tax assets		6,313			3,760

Deferred tax liabilities:
Property and equipment		(1,380	)		(665	)
Right of use asset		(415	)		(557	)
State taxes		(287	)		(131	)
Prepaid expenses		(164	)		(70	)

Total deferred tax liabilities		(2,246	)		(1,423	)

Total net deferred tax assets before valuation allowance		4,067			2,337
Less: valuation allowance		(4,126	)		(2,374	)

Total net deferred tax liabilties	$	(59	)	$	(37	)

Summary of income tax contingencies

A reconciliation of the Company’s gross unrecognized tax benefits as of December 31, 2020 and 2019 is as follows (dollars in thousands):


	2020		2019
Balance at beginning of year	$	—	$	—
Increases to prior positions		107		—
Decreases to prior positions		—		—
Increases for current year positions		7		—

Balance at end of year	$	114	$	—

Business and Basis of Presentation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Software Monitoring Service [Member]
Related Party Costs	$ 1,000
Financial management service monthly fee		$ 1
Daves Advance Service [Member]
Advance service non recourse cash advance		$ 200,000
Daves Advance Service [Member] \| Minimum [Member]
Due to Related Parties	100,000
Daves Advance Service [Member] \| Maximum [Member]
Due to Related Parties	$ 200,000
Dave OD Funding I, LLC [Member]
Variable Interest Entity, Ownership Percentage	100.00%

Business and Basis of Presentation - Summary of Carrying Value of Dave OD's Assets and Liabilities (Detail) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 21,307	$ 4,789	$ 4,813	$ 6,406
Member advances, net of allowance for unrecoverable advances of $2,825 as of September 30, 2021	44,868	38,744		29,042
Debt facility commitment fee, long-term	145	0
LIABILITIES AND STOCKHOLDERS' DEFICIT
Long-term debt facility	30,000	0
Warrant liability	3,586	0
Accumulated deficit	(17,705)	(12,904)		(5,947)
Liabilities and Equity	133,856	$ 76,405		$ 67,088
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	9,518
Member advances, net of allowance for unrecoverable advances of $2,825 as of September 30, 2021	38,447
Debt facility commitment fee, current	52
Debt facility commitment fee, long-term	145
Total Assets	48,162
LIABILITIES AND STOCKHOLDERS' DEFICIT
Long-term debt facility	30,000
Warrant liability	$ 3,586
Equity contributed	$ 0.01
Accumulated deficit	$ (7,785)
Liabilities and Equity	$ 25,801

Business and Basis of Presentation - Summary of Carrying Value of Dave OD's Assets and Liabilities (Details) (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Member advances,Allowance for unrecoverable advances	$ 11,340	$ 12,580	$ 9,355
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Member advances,Allowance for unrecoverable advances	$ 2,825,000

Description of Organization, Business Operations and Basis of Presentation - Additional Information (Detail) - USD ($)			3 Months Ended			9 Months Ended			12 Months Ended
	Mar. 09, 2021	Jan. 22, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 07, 2021	Jan. 13, 2021	Aug. 05, 2019
Deferred underwriting fees			$ 3,469,000			$ 3,469,000	$ 3,469,000		$ 0
Share Price			$ 0.005			$ 0.005	$ 0.005		$ 0.005		$ 8.67
Common stock par value per share			0.000001			$ 0.000001	$ 0.000001		$ 0.000001	$ 0.000001
cash used in operating activities						$ 22,099,000		$ 4,320,000	$ 9,146,000	$ 10,928,000
Net losses						4,801,000		(27,653,000)	$ 6,957,000	$ (787,000)
Changes in fair value of warrant liability						$ (3,480,000)		$ 0
VPC Impact Acquisition Holdings III, Inc [Member]
Gross proceeds from units issued	$ 253,765,980						$ 253,765,980
Proceeds from warrants issued							$ 7,650,320
Stock issued, transaction costs	14,386,571
Underwriting fees	5,075,320
Deferred underwriting fees	8,881,809	$ 100,000
Other offering costs	429,442
Shares issued, price per share			$ 10.00			$ 10.00	$ 10.00
Percentage Of Assets Held in Trust Account		80.00%	80.00%			80.00%	80.00%
Percent Of Shares Restricted For Redemption		15.00%	15.00%			15.00%	15.00%
Minimum Net Tangible Assets Required For Business Combination		$ 5,000,001	$ 5,000,001			$ 5,000,001	$ 5,000,001
Percent of Shares Redeemable		100.00%	100.00%			100.00%	100.00%
Interest On Dissolution Expenses		$ 100,000					$ 100,000
Common stock par value per share		$ 0.0001
Aggregate merger consideration							1,500,000
Business acquisition equity value							10.00
Due to Related Parties, Current			$ 300,000			$ 300,000	300,000
Cash		$ 0	119,603			119,603	119,603					$ 0
Offering costs paid by Sponsor in exchange for issuance of founder shares		$ 25,000					25,000
Working capital			1,231,127			1,231,127	1,231,127
Period to complete business combination from closing of initial public offering		24 months
cash used in operating activities		$ 0					2,050,955
Net losses		$ 604	2,676,840	$ 3,478,664	$ 1,650,406		7,805,910
interest earned on marketable securities held in the Trust Account							16,166
Changes in fair value of warrant liability			1,360,659				3,819,820
Transaction costs allocated to warrant liabilities			0				600,571
Changes in operating assets and liabilities							$ 1,350,730
Term of restricted investments							185 days
Marketable securities held in the trust account			$ 253,782,146			$ 253,782,146	$ 253,782,146
Dave Inc [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Aggregate merger consideration							$ 3,500,000,000
Business acquisition share value per share			$ 10.00			$ 10.00	$ 10.00
Chief Financial Officer [Member] \| Dave Inc [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Business acquisition share value per share			1.50			1.50	1.50
Class A [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common stock par value per share		$ 0.0001	$ 0.0001			0.0001	$ 0.0001
Net losses			$ 2,141,472				$ 5,990,311
Trust Account member [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Share Price		$ 10.00	$ 10.00			10.00	$ 10.00
Minimum [Member]
Shares issued, price per share													$ 0.935
Share Price			$ 3.273			$ 3.273	$ 3.273		$ 3.273
Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Equity Method Investment, Ownership Percentage		50.00%	50.00%			50.00%	50.00%
Share Price		$ 10.00	$ 10.00			$ 10.00	$ 10.00
Minimum [Member] \| Trust Account member [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Share Price		$ 10.00	10.00			10.00	$ 10.00
IPO [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Number of units issued	25,376,598
Gross proceeds from units issued	$ 253,765,980
Shares issued, price per share	$ 10.00
Private Placement Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Number of warrants issued	5,100,214
Number of warrants issued, price per share	$ 1.50
Proceeds from warrants issued	$ 7,650,321
Private Placement Warrants [Member] \| Sponsor [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Number of warrants issued		4,716,667
Number of warrants issued, price per share		$ 1.50
Over-Allotment Option [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Number of units issued	$ 2,876,598
Proposed Public Offering [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Number of units issued		$ 22,500,000					$ 25,376,598
Shares issued, price per share		$ 10.00	$ 10.00			$ 10.00	$ 10.00
Proposed Public Offering Including Over Allotment Option [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Number of units issued		$ 25,875,000					$ 2,876,598
Private Placement Includes Over Allotment Option [Member] \| Sponsor [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Number of warrants issued		5,166,667

Summary of Significant Accounting Policies - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Liabilities
Warrant Liabilities	$ 3,586	$ 0
Note payable	14,600
Fair Value, Recurring [Member]
Assets
Marketable securities	13,755	17,666	$ 25,305
Derivative asset on loans to stockholders	33,505	457	457
Total assets	47,260	18,123	25,762
Liabilities
Warrant Liabilities	3,586
Note payable	14,608
Total liabilities	18,194
Fair Value, Recurring [Member] \| Level 1
Assets
Marketable securities	13,755	17,666	25,305
Derivative asset on loans to stockholders	0	0	0
Total assets	13,755	17,666	25,305
Liabilities
Warrant Liabilities	0
Note payable	0
Total liabilities	0
Fair Value, Recurring [Member] \| Level 2
Assets
Marketable securities	0	0	0
Derivative asset on loans to stockholders	0	0	0
Total assets	0	0	0
Liabilities
Warrant Liabilities	0
Note payable	0
Total liabilities	0
Fair Value, Recurring [Member] \| Level 3
Assets
Marketable securities	0	0	0
Derivative asset on loans to stockholders	33,505	457	457
Total assets	33,505	$ 457	$ 457
Liabilities
Warrant Liabilities	3,586
Note payable	14,608
Total liabilities	$ 18,194

Summary of Significant Accounting Policies - Summary Of Roll-Forward Of The Level 3 Derivative Asset And Liability On Loans (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value		$ 0	$ 940
Change in fair value during the period			536
Conversion into Series B-2 preferred stock			(1,476)
Ending value			0
Derivative Liability [Member] \| Promissory Note [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 0
Initial fair value at the original issuance dates	106
Change in fair value during the period	3,480
Ending value	3,586	0
Derivative Asset [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	457	457	0
Initial fair value at the original issuance dates			457
Amendment to loan to stockholder	5
Change in fair value during the period	33,043	0	0
Ending value	33,505	457	$ 457
Promissory Note [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	0
Initial fair value at the original issuance dates	14,608
Change in fair value during the period	0
Ending value	$ 14,608	$ 0

Summary of Significant Accounting Policies - Summary Of Fair Value Of The Derivative Asset And Liability (Detail)	Sep. 30, 2021 yr	Dec. 31, 2020 yr	Dec. 31, 2019 yr
Derivative Liability [Member] \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.570
Derivative Liability [Member] \| Minimum [Member] \| Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input		0.63
Derivative Liability [Member] \| Minimum [Member] \| Calibrated risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input		0.0246
Derivative Liability [Member] \| Minimum [Member] \| Option adjusted spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input		0.0662
Derivative Liability [Member] \| Minimum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.001	0.0187
Derivative Liability [Member] \| Minimum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.1
Derivative Liability [Member] \| Maximum [Member] \| Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input		1.10
Derivative Liability [Member] \| Maximum [Member] \| Calibrated risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input		0.0550
Derivative Liability [Member] \| Maximum [Member] \| Option adjusted spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input		0.1104
Derivative Liability [Member] \| Maximum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.002	0.0262
Derivative Liability [Member] \| Maximum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	1.7
Derivative Asset [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input			0.002
Derivative Asset [Member] \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	0.570		0.615
Derivative Asset [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input			3.0
Derivative Asset [Member] \| Minimum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	0.001
Derivative Asset [Member] \| Minimum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	0.1
Derivative Asset [Member] \| Maximum [Member] \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	0.002
Derivative Asset [Member] \| Maximum [Member] \| Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input	1.8

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		3 Months Ended	9 Months Ended			12 Months Ended
	Jan. 22, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 07, 2021	Aug. 30, 2020	Aug. 05, 2019	Dec. 31, 2018
Unrecognized Tax Benefits						$ 114,000	$ 0				$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued						$ 3.000	$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			180,621,923		168,655,147	173,887,437	17,937,900
FDIC Insured Amount						$ 4,600,000	$ 5,700,000
Loan origination costs			$ 2,900,000		$ 2,600,000	3,600,000	2,100,000
Subscription fees Received			1,000			1,000
Restricted Cash		$ 600,000	600,000	$ 600,000	30,000.00	300,000	100,000
Changes in fair value of derivative assets and liabilities			$ (33,043,000)		0	$ 500,000	$ 536,000
Common Stock, Par Value		$ 0.000001	$ 0.000001	$ 0.000001		$ 0.000001	$ 0.000001
Share price		$ 0.005	$ 0.005	$ 0.005		$ 0.005		$ 8.67
Fair Value, Option, Loans Held as Assets, Aggregate Difference		$ 33,500,000	$ 33,500,000	$ 33,500,000		$ 500,000	$ 500,000
Advertising expense			34,100,000		21,400,000	$ 38,000,000.0	22,900,000
Effective Income Tax Rate						50.00%
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense						$ 3.000	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis		0	0	0		0
Unrealized Gain (Loss) on Securities			0
Changes in fair value of warrant liability			(3,480,000)		0
Amortization of Intangible Assets			1,900,000		1,100,000	1,600,000	800,000
Capitalized Computer Software, Period Increase (Decrease)			3,900,000		$ 2,800,000
Fair Value, Nonrecurring [Member]
Fair Value, Net Asset (Liability)		$ 0	$ 0	$ 0		$ 0	$ 0
Minimum [Member]
Property, Plant and Equipment, Useful Life						3 years
Share price		$ 3.273	$ 3.273	$ 3.273		$ 3.273
Shares Issued, Price Per Share										$ 0.935
Maximum [Member]
Property, Plant and Equipment, Useful Life						7 years
Share price		$ 3.408	$ 3.408	$ 3.408		$ 3.362
Shares Issued, Price Per Share									$ 0.981
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life			3 years			3 years
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Accounts Receivable, Noncurrent, Threshold Period Past Due		120 days	120 days	120 days		120 days
VPC Impact Acquisition Holdings III, Inc [Member]
Cash equivalents		$ 0	$ 0	$ 0
Offering costs charged to equity				13,786,001
Unrecognized Tax Benefits	$ 0	0	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0	0	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0
FDIC Insured Amount		$ 250,000	$ 250,000	250,000
Transaction costs allocable to warrant liabilities				$ 600,570
Common Stock Subject To Possible Redemption		25,376,598	25,376,598	25,376,598
Common Stock, Par Value	$ 0.0001
Shares Issued, Price Per Share		$ 10.00	$ 10.00	$ 10.00
Changes in fair value of warrant liability		$ 1,360,659		$ 3,819,820
VPC Impact Acquisition Holdings III, Inc [Member] \| Minimum [Member]
Share price	10.00	$ 10.00	$ 10.00	$ 10.00
Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Changes in fair value of warrant liability			$ 3,500,000
Class A [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common Stock Subject To Possible Redemption		25,376,598	25,376,598	25,376,598
Common Stock, Par Value	0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class A [Member] \| Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member] \| Minimum [Member]
Share price	12.00	12.00	12.00	12.00
Class B [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common Stock, Par Value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class B [Member] \| Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Common stock share subject to forfeiture	843,750
Series A Preferred Stock [Member]
Shares Issued, Price Per Share						$ 0.000001
Series B1 Preferred Stock [Member]
Shares Issued, Price Per Share						0.000001
Series B2 Preferred Stock [Member]
Shares Issued, Price Per Share						$ 0.000001
Promissory Note [Member]
Percentage to estimate the fair value of the promissory note using a market yield approach		3.73%	3.73%	3.73%

Summary of Significant Accounting Policies - Schedule of Reconciliation of common stock reflected in the balance sheet (Detail) - USD ($)		3 Months Ended	9 Months Ended
	Mar. 09, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Reconciliation Of Common Stock Reflected In The Balance Sheet [Line Items]
Class A common stock issuance costs			$ (3,589,000)		$ 0
VPC Impact Acquisition Holdings III, Inc [Member]
Reconciliation Of Common Stock Reflected In The Balance Sheet [Line Items]
Gross proceeds	$ 253,765,980			$ 253,765,980
Proceeds allocated to Public Warrants				(7,650,320)
Class A common stock issuance costs				(316,300)
Accretion of carrying value to redemption value		$ (24,126,952)		24,126,965
Class A common stock subject to possible redemption	$ 253,765,980	$ 253,765,980	253,765,980	253,765,980		$ 253,765,980
Public Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Reconciliation Of Common Stock Reflected In The Balance Sheet [Line Items]
Proceeds allocated to Public Warrants				(10,340,965)
Common Class A [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Reconciliation Of Common Stock Reflected In The Balance Sheet [Line Items]
Class A common stock issuance costs				(13,786,000)
Class A common stock subject to possible redemption			$ 253,765,980	$ 253,765,980

Summary of Significant Accounting Policies - Schedule of Earnings Per Share Basic And Diluted (Detail) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 22, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Numerator: Earnings allocable to Redeemable Class A Common Stock

$ (4,801,000)

$ 27,653,000

$ (6,957,000)

$ 787,000

Numerator

Less: noncumulative dividend to convertible preferred stockholders

(4,801,000)

27,653,000

(6,957,000)

787,000

(6,464,000)

(787,000)

Less: undistributed earnings to participating securities

(13,756,000)

Net (loss) income attributed to common stockholders—Basic

(4,801,000)

7,433,000

(6,957,000)

Add back: undistributed earnings allocated to noncumulative dividend to convertible preferred stockholders

2,694,000

Less: non-cumulative dividend to convertible preferred stockholders

(2,694,000)

Add: undistributed earnings reallocated to common stockholders

732,000

Net (loss) income attributed to common stockholders—Diluted

$ (4,801,000)

$ 8,165,000

$ (6,957,000)

$ 0

Denominator

Weighted average shares of common stock—basic

100,176,295

88,943,115

90,986,048

76,918,167

Dilutive effect of equity incentive awards

10,421,439

33,647,099

Weighted average shares of common stock—diluted

100,176,295

99,364,554

90,986,048

247,773,816

Net (loss) income per share

$ (0.05)

$ 0.08

$ (0.08)

$ 0.00

$ (0.05)

$ 0.08

$ (0.08)

$ 0.00

Numerator: Earnings allocable to Redeemable Class A Common Stock

Denominator: Weighted Average Redeemable Class A Common Stock

$ (604)

$ (2,676,840)

$ (3,478,664)

$ (1,650,406)

$ (7,805,910)

Basic and diluted weighted average common shares outstanding

^[1]

5,625,000

Basic and diluted net loss per common shares

$ 0.00

Numerator

Common Class A [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ (604)

(2,676,840)

$ (3,478,664)

$ (1,650,406)

(7,805,910)

Numerator: Earnings allocable to Redeemable Class A Common Stock

Denominator: Weighted Average Redeemable Class A Common Stock

$ (2,141,472)

$ (5,990,311)

Basic and diluted weighted average common shares outstanding

25,376,598

20,481,452

Basic and diluted net loss per common shares

$ (0.08)

$ (0.29)

Numerator

Common Class B [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ (2,141,472)

$ (5,990,311)

Numerator: Earnings allocable to Redeemable Class A Common Stock

Denominator: Weighted Average Redeemable Class A Common Stock

$ (535,368)

$ (1,815,599)

Basic and diluted weighted average common shares outstanding

^[2]

6,344,150

6,207,710

Basic and diluted net loss per common shares

$ (0.08)

$ (0.29)

Numerator

Series A Preferred Stock [Member]

$ (535,368)

$ (1,815,599)

Denominator

Dilutive effect of convertible stock

133,216,940

Series B2 Preferred Stock [Member]

Denominator

Dilutive effect of convertible stock

3,991,610

[1]

Excludes 843,750 shares of Class B common stock that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 6).

[2]

Summary of Significant Accounting Policies - Summary Of Computation Of Diluted Net Loss (Income) Per Share (Detail) - shares	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	180,621,923	168,655,147	173,887,437	17,937,900
Equity incentive awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	28,364,683	18,120,547	23,352,837	4,611,850
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	150,534,600	150,534,600	150,534,600	13,326,050
Series B-1 warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,722,640

Restatement of Previously Issued Financial Statements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Increase (Decrease) in Provision for unrecoverable advances	$ 300,000
Common Class A [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Temporary equity redemption price per share		$ 10.00
Minimum net worth to consummate business combination		$ 5,000,001

Restatement of Previously Issued Financial Statements - Summary of Restatement of Balance Sheet (Detail) - USD ($)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Jan. 22, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Mar. 09, 2021

Jan. 13, 2021

Dec. 31, 2018

Member advances, net of allowance for unrecoverable advances

$ 44,868,000

$ 38,744,000

$ 29,042,000

2,701,000

4,008,000

89,578,000

69,352,000

62,215,000

Liabilities, convertible preferred stock, and stockholders' deficit

133,856,000

76,405,000

67,088,000

508,000

44,897,000

24,180,000

9,575,000

545,000

585,000

37,000

81,229,000

26,561,000

11,796,000

(17,705,000)

(12,904,000)

(5,947,000)

Total liabilities, convertible preferred stock, and stockholders' deficit

(19,546,000)

$ 11,678,000

(22,329,000)

(16,881,000)

$ (3,507,000)

133,856,000

76,405,000

67,088,000

100

13,285,000

5,493,000

3,712,000

25,539,000

19,688,000

Net loss before provision for income taxes

144,129,000

77,579,000

123,177,000

74,450,000

(4,802,000)

6,848,000

(6,812,000)

1,332,000

(1,000)

(20,805,000)

145,000

545,000

$ (4,801,000)

$ 27,653,000

$ (6,957,000)

$ 787,000

$ (0.05)

$ 0.08

$ (0.08)

$ 0.00

$ (0.05)

$ 0.08

$ (0.08)

$ 0.00

Adjustments to reconcile net loss to net cash used in operating activities:

$ (4,801,000)

$ 27,653,000

$ (6,957,000)

$ 787,000

21,693,000

14,311,000

25,539,000

19,688,000

(1,307,000)

22,904,000

4,008,000

(508,000)

508,000

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(40,000)

471,000

547,000

37,000

(4,801,000)

27,653,000

(6,957,000)

787,000

(17,705,000)

(12,904,000)

(5,947,000)

(19,546,000)

$ 11,678,000

(22,329,000)

(16,881,000)

$ (3,507,000)

1,037,591

Liabilities, convertible preferred stock, and stockholders' deficit

$ 100,000

254,819,737

75,604

2,268,718

32,961,632

(604)

(31,908,509)

$ (29,231,669)

$ (25,753,005)

$ (29,231,669)

(31,908,509)

$ (26,080,827)

Total liabilities, convertible preferred stock, and stockholders' deficit

24,396

(31,907,875)

(29,231,035)

(25,752,371)

(29,231,035)

(31,907,875)

(26,080,193)

$ 0

100,000

254,819,737

Class A common stock subject to possible redemption

253,765,980

24,353

(604)

(2,676,840)

(3,478,664)

(1,650,406)

(7,805,910)

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(604)

(2,676,840)

(3,478,664)

(1,650,406)

(7,805,910)

(604)

(2,676,840)

(3,478,664)

(1,650,406)

(7,805,910)

(604)

(31,908,509)

(29,231,669)

(25,753,005)

(29,231,669)

(31,908,509)

(26,080,827)

Initial classification of Class A common stock subject to possible redemption

$ 24,396

(31,907,875)

(29,231,035)

(25,752,371)

(29,231,035)

(31,907,875)

(26,080,193)

$ 0

253,765,980

Change in value of Class A common stock subject to possible redemption

^[1]

5,625,000

Class A [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ 0.00

Liabilities, convertible preferred stock, and stockholders' deficit

Class A common stock subject to possible redemption

253,765,980

$ 0

(2,141,472)

(5,990,311)

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(2,141,472)

(5,990,311)

$ (2,141,472)

$ (5,990,311)

25,376,598

20,481,452

Class A common stock redeemable shares [Member]

$ (0.08)

$ (0.29)

Class A common stock redeemable shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

4,008,000

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

25,376,598

7,863,171

17,700,960

ClassB common stock nonredeemable shares [Member]

$ (0.11)

$ (0.12)

$ (0.22)

ClassB common stock nonredeemable shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

(4,008,000)

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

6,344,150

5,931,376

6,126,629

Convertible Preferred Stock [Member]

$ (0.11)

$ (0.12)

$ (0.22)

Liabilities, convertible preferred stock, and stockholders' deficit

(12,904,000)

(5,947,000)

(22,329,000)

(16,881,000)

(6,957,000)

787,000

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(6,957,000)

787,000

(6,957,000)

787,000

(12,904,000)

(5,947,000)

(22,329,000)

(16,881,000)

As Previously Reported

Member advances, net of allowance for unrecoverable advances

47,588,000

31,789,000

1,576,000

75,764,000

64,962,000

Liabilities, convertible preferred stock, and stockholders' deficit

82,817,000

69,835,000

1,348,000

10,415,000

735,000

26,711,000

12,636,000

(6,642,000)

(4,040,000)

Total liabilities, convertible preferred stock, and stockholders' deficit

(16,067,000)

(14,974,000)

82,817,000

69,835,000

19,441,000

16,941,000

Net loss before provision for income taxes

117,079,000

71,703,000

(714,000)

4,079,000

1,888,000

1,385,000

$ (2,602,000)

2,694,000

$ (0.03)

$ (0.03)

Adjustments to reconcile net loss to net cash used in operating activities:

$ (2,602,000)

2,694,000

19,441,000

(1,576,000)

(1,348,000)

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

698,000

(2,602,000)

2,694,000

(6,642,000)

(4,040,000)

As Previously Reported | VPC Impact Acquisition Holdings III, Inc [Member]

(16,067,000)

(14,974,000)

Liabilities, convertible preferred stock, and stockholders' deficit

$ (5,129,070)

$ (1,650,406)

$ (5,129,070)

(1,978,231)

Class A common stock subject to possible redemption

5,000,005

5,000,009

5,000,005

5,000,007

219,534,940

223,013,600

219,534,940

222,685,780

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

10,128,098

6,649,473

10,128,098

6,977,293

(5,129,070)

(1,650,406)

(5,129,070)

(1,978,231)

Initial classification of Class A common stock subject to possible redemption

5,000,005

5,000,009

5,000,005

5,000,007

222,685,780

Change in value of Class A common stock subject to possible redemption

327,820

(3,150,840)

As Previously Reported | Class A [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Liabilities, convertible preferred stock, and stockholders' deficit

As Previously Reported | Class A common stock redeemable shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ 343

$ 308

$ 343

311

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

25,376,598

As Previously Reported | ClassB common stock nonredeemable shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ 0

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

6,344,150

5,851,019

6,129,745

As Previously Reported | Convertible Preferred Stock [Member]

$ (0.55)

$ (0.28)

$ (0.84)

Liabilities, convertible preferred stock, and stockholders' deficit

(6,642,000)

(4,040,000)

(16,067,000)

(14,974,000)

(2,602,000)

2,694,000

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(2,602,000)

2,694,000

(2,602,000)

2,694,000

(6,642,000)

(4,040,000)

(16,067,000)

(14,974,000)

Restatement

Member advances, net of allowance for unrecoverable advances

(8,844,000)

(2,747,000)

2,432,000

(6,412,000)

(2,747,000)

Liabilities, convertible preferred stock, and stockholders' deficit

(6,412,000)

(2,747,000)

(840,000)

(840,000)

(150,000)

(150,000)

(840,000)

(6,262,000)

(1,907,000)

Total liabilities, convertible preferred stock, and stockholders' deficit

(6,262,000)

(1,907,000)

(6,412,000)

(2,747,000)

6,098,000

2,747,000

Net loss before provision for income taxes

6,098,000

2,747,000

(6,098,000)

(2,747,000)

(1,743,000)

(840,000)

(4,355,000)

(1,907,000)

Adjustments to reconcile net loss to net cash used in operating activities:

(4,355,000)

(1,907,000)

6,098,000

(2,432,000)

840,000

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(151,000)

(4,355,000)

(1,907,000)

(6,262,000)

(1,907,000)

Restatement | VPC Impact Acquisition Holdings III, Inc [Member]

(6,262,000)

(1,907,000)

Liabilities, convertible preferred stock, and stockholders' deficit

$ (24,102,599)

(24,102,596)

Class A common stock subject to possible redemption

(34,231,040)

(30,752,380)

(34,231,040)

(31,080,200)

34,231,040

30,752,380

34,231,040

31,080,200

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(10,128,098)

(6,649,473)

(10,128,098)

(6,977,293)

(24,102,599)

(24,102,596)

Initial classification of Class A common stock subject to possible redemption

(34,231,040)

(30,752,380)

(34,231,040)

(31,080,200)

31,080,200

Change in value of Class A common stock subject to possible redemption

(327,820)

3,150,840

Restatement | Class A [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Liabilities, convertible preferred stock, and stockholders' deficit

Restatement | Class A common stock redeemable shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ (343)

$ (308)

$ (343)

$ (311)

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(17,513,427)

(7,675,638)

Restatement | ClassB common stock nonredeemable shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ (0.11)

$ (0.12)

$ (0.22)

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

80,357

(3,116)

Restatement | Convertible Preferred Stock [Member]

$ 0.44

$ 0.16

$ 0.62

Liabilities, convertible preferred stock, and stockholders' deficit

(6,262,000)

(1,907,000)

(6,262,000)

(1,907,000)

(4,355,000)

(1,907,000)

Consolidated Statement of Convertible Preferred Stock and Stockholder's Deficit:

(4,355,000)

(1,907,000)

(4,355,000)

(1,907,000)

(6,262,000)

(1,907,000)

$ (6,262,000)

$ (1,907,000)

[1]	Excludes 843,750 shares of Class B common stock that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 6).

Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 13,755	$ 17,666	$ 25,305

Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Financing receivable weighted average maturity	46 days	24 days
Proceeds from sale of marketable securities	$ 7.8	$ 15.8
Payments to acquire marketable securities	0.1	32.9
Marketable securities, gain (loss)	$ 0.1	$ 0.3

Member Cash Advances, Net - Summary of Member Cash Advances, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Gross Member Advances	$ 56,208	$ 51,324		$ 38,397
Allowance for Unrecoverable Advances	(11,340)	(12,580)	$ (9,562)	(9,355)	$ (3,277)
Member Advances, Net	44,868	38,744		29,042
1-10 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	32,881	27,948		25,529
Allowance for Unrecoverable Advances	(2,030)	(1,367)		(1,027)
Member Advances, Net	30,851	26,581		24,502
11-30 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	10,469	8,380		4,263
Allowance for Unrecoverable Advances	(1,340)	(1,205)		(1,607)
Member Advances, Net	9,129	7,175		2,656
31-60 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	4,934	5,489		3,277
Allowance for Unrecoverable Advances	(2,547)	(3,009)		(2,202)
Member Advances, Net	2,387	2,480		1,075
61-90 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	4,162	6,088		2,930
Allowance for Unrecoverable Advances	(2,681)	(4,284)		(2,400)
Member Advances, Net	1,481	1,804		530
91-120 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	3,762	3,419		2,398
Allowance for Unrecoverable Advances	(2,742)	(2,715)		(2,119)
Member Advances, Net	$ 1,020	$ 704		$ 279

Member Cash Advances, Net - Summary of Allowance for Unrecoverable Advances (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
Beginning balance	$ 12,580	$ 9,355	$ 9,355	$ 3,277
Plus: provision for unrecoverable advances	21,693	14,311	25,539	19,688
Less: amounts written-off	(22,933)	(14,104)	(22,314)	(13,610)
Ending balance	$ 11,340	$ 9,562	$ 12,580	$ 9,355

Member Cash Advances, Net - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Allowances for loan and lease netted against gross member cash advances	$ 12.6	$ 9.4

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued charitable contributions	$ 6,057	$ 3,364	$ 1,026
Accrued compensation	1,498	875	360
Sales tax payable	1,422	991	332
Other	859	94	172
Total	$ 9,836	$ 5,324	$ 1,890

Accrued Expenses - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Asset Pledged as Collateral [Member]
Assets pledged for charitable purposes	$ 3.6	$ 3.8	$ 2.4	$ 1.4

Note Payable - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	1 Months Ended
	Aug. 31, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Notes payable fair value disclosure		$ 14.6
Unsecured Promissory Note [Member] \| Amendment to Private Investment in Public Equity Subscription Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument face amount	$ 15.0
Number of shares issued on conversion of debt	1.5
Debt instrument term	1 year

Long-Term Debt Facility - Summary of Fair Value of the Warrants at the Issuance Date (Detail) - Warrant	Sep. 30, 2021 yr
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Instrument, Measurement Input	55.0
Risk-free interest rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Instrument, Measurement Input	0.1
Risk-free interest rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Instrument, Measurement Input	0.2
Remaining term \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Instrument, Measurement Input	0.6
Remaining term \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Instrument, Measurement Input	2.9

Long-Term Debt Facility - Additional Information (Detail) $ / shares in Units, $ in Thousands	Nov. 30, 2021 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)
Subsequent Event
Fair value of the warrants at the issuance date	$ 100
Victory Park Management, LLC \| Senior Secured Loan Facility
Line of credit facility, maximum borrowing capacity			$ 100,000
Proceeds from sale of productive assets		$ 250
Percentage of prepayment of loans from proceeds		100
Proceeds from lines of credit		$ 30,000
Victory Park Management, LLC \| Amended Senior Secured Loan Facility \| Subsequent Event
Proceeds from lines of credit	10,000
Line of credit facility, additional borrowing capacity	$ 20,000
Percentage right to acquire a number of common shares on fully diluted equity	0.20%
Proceeds from issuance of equity	$ 40,000
Percentage of fair market value of each share of common stock	80.00%
Fair market value of each share of common stock per share \| $ / shares	$ 3.752050
Line of Credit \| Victory Park Management, LLC \| Senior Secured Loan Facility
Debt instrument, description of variable rate basis			6.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%
Debt instrument, basis spread on variable rate description			three-month LIBOR
Debt instrument, basis spread on variable rate			2.55%
Debt instrument covenant amount		$ 10,000
Line of Credit \| Victory Park Management, LLC \| Amended Senior Secured Loan Facility \| Subsequent Event
Debt instrument, description of variable rate basis	8.95% annually plus a base rate defined as the greater of three-month LIBOR (as of the last business day of each calendar month) and 2.55%.
Debt instrument, basis spread on variable rate description	three-month LIBOR
Debt instrument, basis spread on variable rate	2.55%
Base Rate \| Victory Park Management, LLC \| Senior Secured Loan Facility
Line of credit facility, interest rate during period			6.95%
Base Rate \| Victory Park Management, LLC \| Amended Senior Secured Loan Facility \| Subsequent Event
Line of credit facility, interest rate during period	8.95%

Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 730	$ 491
Less: Accumulated depreciation		(214)	(70)
Property and equipment, net	$ 636	516	421
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		289	79
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		427	398
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 14	$ 14

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 100	$ 100
Outstanding commitments for the purchase of property and equipment	$ 7	$ 14

Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.9	$ 1.1	$ 1.6	$ 0.8

Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization		$ (2,618)	$ (1,044)
Intangible assets, net	$ 6,504	4,505	2,090
Internally developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross		7,002	3,013
Domain name [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross		$ 121	$ 121

Intangible Assets, Net - Summary of Estimated Amortization Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021		$ 2,000
2022		1,623
2023		816
2024		8
2025		8
Thereafter		50
Intangible Assets, net	$ 6,504	$ 4,505	$ 2,090

Proposed Public Offering - Additional Information (Detail) - VPC Impact Acquisition Holdings III, Inc [Member] - USD ($)		9 Months Ended
	Jan. 22, 2021	Sep. 30, 2021
Proposed Public Offering [Line Items]
Shares issued, price per share		$ 10.00
Public Warrants [Member]
Proposed Public Offering [Line Items]
Number of securities called by each warrant or right	1	1
Exercise price of warrants	$ 11.50	$ 11.50
Proposed Public Offering [Member]
Proposed Public Offering [Line Items]
Number of units issued	$ 22,500,000	$ 25,376,598
Shares issued, price per share	$ 10.00	$ 10.00
Proposed Public Offering Including Over Allotment Option [Member]
Proposed Public Offering [Line Items]
Number of units issued	$ 25,875,000	$ 2,876,598

Private Placement - Additional Information (Detail) - VPC Impact Acquisition Holdings III, Inc [Member] - USD ($)			9 Months Ended
	Mar. 09, 2021	Jan. 22, 2021	Sep. 30, 2021
Private Placement [Line Items]
Sale of stock,price per share		$ 9.20	$ 9.20
Private Placement Warrants [Member]
Private Placement [Line Items]
Exercise price of warrants		$ 11.50	$ 11.50
Private Placement [Member] \| Private Placement Warrants [Member]
Private Placement [Line Items]
Number of warrants issued		7,075,000	5,100,214
Number of warrants issued, price per share			$ 1.50
Value of warrants issued			7,650,320
Over-Allotment Option [Member]
Private Placement [Line Items]
Sale of stock, number of shares issued in transaction	2,876,598
Sale of stock,price per share	$ 10.00
Sale of stock, consideration received	$ 253,765,980

Related Party Transactions - Summary of Future Minimum Rental Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Lessee Operating Lease Liability Maturity [Line Items]
Less: imputed interest	$ (384)	$ (341)
Total lease liabilities	3,382	1,488
PCJW Properties LLC [Member]
Related Party Lessee Operating Lease Liability Maturity [Line Items]
2021	335	320
2021 (remaining)	80
2022	339	335
2023	295	339
2024	309	295
2025		309
Thereafter	0	0
Total minimum lease payments	1,358	1,598
Less: imputed interest	(239)	(329)
Total lease liabilities	$ 1,119	$ 1,269

Related Party Transactions - Additional Information (Detail) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 09, 2021

Mar. 04, 2021

Jan. 22, 2021

Jan. 19, 2021

Jan. 31, 2019

Nov. 30, 2018

Jun. 30, 2018

Sep. 30, 2021

Mar. 31, 2021

^[2]

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Jun. 07, 2021

Jan. 14, 2021

102,620,971

100,223,194

99,449,310

Repayment of promissory note

$ 0.005

$ 8.67

$ 0

$ 14,388,000

Promissory note outstanding

$ 14,608,000

$ 0

Initial lease term of contract

7 years

Sublease rental expense

$ 19,000

Annual lease escalation percentage

5.00%

3.00%

Stock shares issued during the period value for services rendered

$ 25,000

^[1]

$ 25,000

Repayment of promissory note

$ 88,142

Minimum [Member]

Minimum [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ 3.273

$ 10.00

10.00

Maximum [Member]

Debt instrument maturity date

$ 3.408

$ 3.362

Aug. 12, 2026

Proceeds from Issuance of Debt

$ 1,000,000.0

$ 100

Number of Shares Pledged

1,050,000

1,942,250

Notes Payable, Related Parties

$ 1,100,000

$ 100,000

Debt Instrument, Term

5 years

1.87%

Due from related parties

$ 14,800,000

$ 14,500,000

1.50%

Loans To Stockholders [Member]

2.00%

Debt instrument maturity date

Aug. 12, 2026

Sponsor [Member] | Working Capital Loans [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

1.87%

Due from related parties

15,100,000

$ 15,100,000

15,100,000

14,800,000

Working capital loan convertible into warrants

$ 1,500,000

Debt instrument conversion price

$ 1.50

Working capital loans outstanding

$ 0

Sponsor [Member] | Administrative Support Agreement [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Related party transaction expenses

$ 10,000

30,000

70,000

Sponsor [Member] | Related Party Loan [Member] | Promissory Note [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Promissory Note face amount

$ 300,000

Repayment of promissory note

$ 88,142

Debt instrument maturity date

Dec. 31, 2021

Promissory note outstanding

$ 0

PCJW Properties LLC [Member]

Initial lease term of contract

7 years

5 years

Sublease rental expense

$ 19,000.000

$ 5,000.000

Annual lease escalation percentage

5.00%

4.00%

PCJW Properties LLC [Member] | Leasing Arrangements [Member]

Operating lease expense

$ 200,000

$ 300,000

Founder Shares [Member] | Lock In Period One [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Lock in period after business combination founder shares

1 year

Founder Shares [Member] | Lock In Period Two [Member] | Minimum [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Lock in period after business combination founder shares

150 days

Class A [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Class A [Member] | Founder Shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Percentage of common stock shares outstanding

20.00%

Number of consecutive trading days for determining the share price

20 days

10 days

Number of trading days for determining the share price

30 days

Class A [Member] | Founder Shares [Member] | Minimum [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Class B [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

$ 12.00

Class B [Member] | Founder Shares [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

6,468,750

6,344,150

Stock shares issued during the period shares for services rendered

6,468,750

Stock shares issued during the period value for services rendered

$ 25,000

Common stock share subject to forfeiture

6,408,750

6,344,150

843,750

Percentage of common stock shares outstanding

20.00%

Common stock shares not subject to forfeiture

719,150

Share based compensation other than employee stock scheme shares forfeited during the period

124,600

Class B [Member] | Founder Shares [Member] | Board Of Directors [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Shares transferred to related party

60,000

Private Placement Warrants [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Exercise price of warrants

$ 11.50

Private Placement Warrants [Member] | Private Placement [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Number of warrants issued, price per share

7,075,000

5,100,214

$ 1.50

Private Placement Warrants [Member] | Private Placement Includes Over Allotment Option [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

Private Placement Warrants [Member] | Sponsor [Member] | Private Placement [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

7,750,000

Number of warrants issued, price per share

4,716,667

$ 1.50

Private Placement Warrants [Member] | Sponsor [Member] | Private Placement Includes Over Allotment Option [Member] | VPC Impact Acquisition Holdings III, Inc [Member]

5,166,667

[1]	Includes up to 843,750 shares of Class B common stock that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 6)
[2]	In connection with the underwriters’ partial exercise of the over-allotment option and the forfeiture of the remaining overallotment option on March 9, 2021, 124,600 Founder Shares were forfeited and 719,150 Founder Shares are no longer subject to forfeiture resulting in an aggregate of 6,344,150 Founder Shares outstanding at September 30, 2021.

Leases - Additional information (Detail) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jan. 31, 2019	Nov. 30, 2018	Jun. 30, 2018
Initial lease term of contract				7 years
Description of option to expand lease term						The initial term of the lease is nine months with a five-year extension option at the discretion of the lessee.
Lease rental expense		$ 23		$ 19		$ 1
Annual lease escalation percentage				5.00%		3.00%
Sublease rental expense				$ 19
PCJW Properties [Member]
Initial lease term of contract			2 years		5 years	5 years
Lease rental expense		$ 230
Annual lease escalation percentage		3.50%	3.00%		4.00%	4.00%
Sublease rental expense			$ 10		$ 5	$ 5
Lease expiration date		Oct. 31, 2021
Whalerock Industries Holding Company, LLC [Member]
Initial lease term of contract	18 months
Sublease rental expense	$ 140

Leases - Schedule of Leasing Activities (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating lease cost	$ 901	$ 546	$ 402
Short-term lease cost	0	0	40
Variable lease cost	0	0	0
Total lease cost	901	546	442
Cash paid for operating leases	798	534	356
Right-of-use assets obtained in exchange for new operating lease liability	$ 2,514	$ 0	$ 1,736
Weighted-average remaining lease term - operating lease	2 days 5 hours	4 days 4 hours	4 days 20 hours
Weighted-average discount rate - operating lease	10.00%	10.00%	10.00%

Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2021 (remaining)	$ 546
2021/2022	2,116	$ 525
2022/2023	498	347
2023/2024	297	351
2024/2025	309	297
2025		309
Thereafter	0	0
Total minimum lease payments	3,766	1,829
Less: imputed interest	(384)	(341)
Total lease liabilities	3,382	1,488
3rd-Party Commitment
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2021 (remaining)	466
2021/2022	1,781	205
2022/2023	159	12
2023/2024	2	12
2024/2025	0	2
2025		0
Thereafter	0	0
Total minimum lease payments	2,408	231
Less: imputed interest	(145)	(12)
Total lease liabilities	2,263	219
Related-Party Commitment
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2021 (remaining)	80
2021/2022	335	320
2022/2023	339	335
2023/2024	295	339
2024/2025	309	295
2025		309
Thereafter	0	0
Total minimum lease payments	1,358	1,598
Less: imputed interest	(239)	(329)
Total lease liabilities	$ 1,119	$ 1,269

Commitments and Contingencies - Additional Information (Detail) - USD ($)			9 Months Ended		12 Months Ended
	Aug. 17, 2021	Jan. 22, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Commitments And Contingencies [Line Items]
Loss contingency lawsuit filing date					September 16, 2020
Loss contingency settlement agreement counterparty name					Whalerock Industries Holding Company, LLC
Misappropriation of shares				6,800,000
Stock split ratio				10:1
Legal Settlement Expense [Member]
Commitments And Contingencies [Line Items]
Loss contingency estimate of possible loss					$ 3,200,000
VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Deferred underwriting fee payable			$ 8,881,809	$ 8,881,809
Shares issued, price per share			$ 10.00	$ 10.00
Proposed Public Offering [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Shares issued, price per share		$ 10.00	$ 10.00	10.00
Stock Issued During Period, Value, New Issues		$ 22,500,000	$ 25,376,598
Proposed Public Offering Including Over Allotment Option [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Stock Issued During Period, Value, New Issues		$ 25,875,000	$ 2,876,598
Private Placement [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Stock Issued During Period, Value, New Issues	$ 15,000,000
Underwriting Agreement [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Term of option for underwriters to purchase additional Units to cover over-allotments		45 days
Additional Units that can be purchased to cover over-allotments (in shares)		3,375,000
Underwriting discount per unit		$ 0.20
Deferred underwriting commission payable per unit		$ 0.35
Deferred underwriting fee payable per share			$ 0.35	$ 0.35
Deferred underwriting fee payable			$ 8,881,809	$ 8,881,809
Underwriting Agreement [Member] \| Proposed Public Offering [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Underwriting discount payable		$ 4,500,000
Deferred underwriting commission payable non current		7,875,000
Underwriting Agreement [Member] \| Proposed Public Offering Including Over Allotment Option [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Underwriting discount payable		5,175,000
Deferred underwriting commission payable non current		$ 9,056,250
Subscription Agreement [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Debt Instrument, Face Amount	$ 15,000,000
Common Class A [Member] \| Private Placement [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Shares agreed to purchase	1,500,000
Common Class A [Member] \| Subscription Agreement [Member] \| PIPE Investors [Member] \| Private Placement [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Commitments And Contingencies [Line Items]
Shares agreed to purchase			21,000,000
Shares issued, price per share			$ 10.00	$ 10.00

Stockholders' Equity - Additional Information (Detail) - $ / shares		9 Months Ended	12 Months Ended
	Jan. 22, 2021	Sep. 30, 2021	Dec. 31, 2020	Jun. 07, 2021	Dec. 31, 2019
Subsidiary or Equity Method Investee [Line Items]
Common Stock, Shares Authorized		290,000,000	290,000,000		285,000,000
Common stock description of voting rights			one vote
Common Stock, Par Value		$ 0.000001	$ 0.000001		$ 0.000001
Common Stock, Shares, Issued		105,460,096	103,062,319		101,391,560
Common Stock, Shares, Outstanding		102,620,971	100,223,194		99,449,310
Share Price		$ 0.005	$ 0.005	$ 8.67
VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred stock shares authorized	1,000,000	1,000,000
Preferred Stock par or stated value per share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$ 0.0001
Temporary equity shares issued	0
Number of days prior to the date of notifying the warrant holders for determining the total trading period	3 days
Sale of stock issue price per share	$ 9.20	$ 9.20
Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price		3.273	$ 3.273
Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	10.00	10.00
Triggering Share Price One [Member] \| Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 18.00	18.00
Class of warrants or rights redemption price		$ 0.01
Number of consecutive trading days for determining the share price	20 days	20 days
Number of trading days for determining the share price	30 days	30 days
Number of days of notice to be given for the redemption of warrants	30 days	30 days
Number of days prior to the date of notifying the warrant holders for determining the total trading period		3 days
Triggering Share Price One [Member] \| Warrant Redemption Price One [Member] \| Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price	$ 0.01
Triggering Share Price Two [Member] \| Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 10.00	$ 10.00
Number of consecutive trading days for determining the share price	20 days	20 days
Number of trading days for determining the share price	30 days	30 days
Number of days of notice to be given for the redemption of warrants	30 days	30 days
Number of days prior to the date of notifying the warrant holders for determining the total trading period		3 days
Triggering Share Price Two [Member] \| Warrant Redemption Price Two [Member] \| Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price	$ 0.10	$ 0.10
After The Completion Of A Business Combination Or Earlier Upon Redemption Or Liquidation [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights term	5 years	5 years
Exercise price of warrants	$ 11.50	$ 11.50
Event Trigerring The Value Of Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 9.20	$ 9.20
Number of consecutive trading days for determining the share price	20 days	20 days
Percentage of gross proceeds from share issue for the purposes of business combination	60.00%	60.00%
Event Trigerring The Value Of Warrants [Member] \| Market Value [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Redemption price of warrants in percentage	115.00%
Redemption price of common stock percentage	180.00%
Event Trigerring The Value Of Warrants [Member] \| Newly Issued Price [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Redemption price of warrants in percentage	115.00%	115.00%
Redemption price of common stock percentage	180.00%	180.00%
Class A [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Common Stock, Shares Authorized	200,000,000	200,000,000
Common stock description of voting rights	one	one
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Temporary equity shares outstanding	200,000,000	25,376,598
Temporary equity shares issued		25,376,598
Class A [Member] \| Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of common stock shares outstanding	20.00%	20.00%
Number of consecutive trading days for determining the share price	20 days	10 days
Number of trading days for determining the share price	30 days	30 days
Class A [Member] \| Founder Shares [Member] \| Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 12.00	$ 12.00
Class B [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Common Stock, Shares Authorized	20,000,000	20,000,000
Common stock description of voting rights	one	one
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	6,468,750	6,344,150
Common Stock, Shares, Outstanding	6,468,750	6,344,150
Class B [Member] \| Founder Shares [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Common Stock, Shares, Outstanding	6,408,750	6,344,150
Percentage of common stock shares outstanding	20.00%
Common stock share subject to forfeiture	843,750

Warrant Liability - Additional Information (Detail) - $ / shares		9 Months Ended
	Jan. 22, 2021	Sep. 30, 2021	Jun. 07, 2021	Dec. 31, 2020
Subsidiary or Equity Method Investee [Line Items]
Share Price		$ 0.005	$ 8.67	$ 0.005
VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of days prior to the date of notifying the warrant holders for determining the total trading period	3 days
Sale of stock issue price per share	$ 9.20	$ 9.20
Private Placement Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of Warrants outstanding		5,100,214
Public Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of Warrants outstanding		6,344,150
Exercise price	11.50	$ 11.50
Event Trigerring The Value Of Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 9.20	$ 9.20
Number of consecutive trading days for determining the share price	20 days	20 days
Percentage of gross proceeds from share issue for the purposes of business combination	60.00%	60.00%
Event Trigerring The Value Of Warrants [Member] \| Newly Issued Price [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Redemption price of warrants in percentage	115.00%	115.00%
Redemption price of common stock percentage	180.00%	180.00%
After The Completion Of A Business Combination Or Earlier Upon Redemption Or Liquidation [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights term	5 years	5 years
Exercise price	$ 11.50	$ 11.50
Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price		3.273		$ 3.273
Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	10.00	10.00
Triggering Share Price One [Member] \| Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 18.00	18.00
Class of warrants or rights redemption price		$ 0.01
Number of days of notice to be given for the redemption of warrants	30 days	30 days
Number of consecutive trading days for determining the share price	20 days	20 days
Number of trading days for determining the share price	30 days	30 days
Number of days prior to the date of notifying the warrant holders for determining the total trading period		3 days
Triggering Share Price Two [Member] \| Minimum [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 10.00	$ 10.00
Number of days of notice to be given for the redemption of warrants	30 days	30 days
Number of consecutive trading days for determining the share price	20 days	20 days
Number of trading days for determining the share price	30 days	30 days
Number of days prior to the date of notifying the warrant holders for determining the total trading period		3 days
Triggering Share Price Two [Member] \| Minimum [Member] \| Warrant Redemption Price Two [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price	$ 0.10	$ 0.10

Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Liabilities:
Warrant Liability	$ 3,586,000	$ 0
Fair Value, Recurring [Member]
Liabilities:
Warrant Liability	3,586,000
Fair Value, Recurring [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund	253,782,146
Fair Value, Recurring [Member] \| Private Placement Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	11,026,051
Fair Value, Recurring [Member] \| Public Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	10,785,054
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund	253,782,146
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Private Placement Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Public Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	10,785,054
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Private Placement Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Public Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 3) [Member]
Liabilities:
Warrant Liability	3,586,000
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 3) [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 3) [Member] \| Private Placement Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	11,026,051
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 3) [Member] \| Public Warrants [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Liabilities:
Warrant Liability	$ 0

Fair Value Measurements - Summary of Changes in Fair Value of the Warrant Liabilities (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at End	$ 0
Private Placement Warrants [Member] \| Warrants [Member] \| Level 3 [Member] \| VPC Impact Acquisition Holdings III, Inc [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at Beginning	10,426,690	$ 8,823,370	$ 0
Initial measurement			9,027,379
Change in valuation inputs or other assumptions	599,361	1,603,320	(204,009)
Fair value at End	$ 11,026,051	$ 10,426,690	$ 8,823,370

Fair Value Measurements - Additional Information (Detail) - VPC Impact Acquisition Holdings III, Inc [Member]	Sep. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in trust non current	$ 253,782,146
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in trust non current	$ 253,782,146

Line of Credit - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2017	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2019
Line of credit			$ 3,910,000	$ 0	$ 0
UBS [Member]
Interest payable, Current			10,000
Line of Credit [Member]
Line of credit			3,900,000
Line of Credit [Member] \| UBS [Member]
Debt issuance costs, Line of credit arrangements, Net	$ 0		0
Line of credit facility, Description	There is no stated maturity date, there are no financial covenants and the amount of line of credit is solely dependent upon the total amount of assets the Company holds with UBS at any given point.
Line of credit facility, Remaining borrowing capacity			8,300,000
Proceeds from lines of credit			$ 3,900,000
Repayment of line of credit		$ 3,900,000
Agreement termination month year		2021-03
Line of Credit [Member] \| UBS [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt instrument, Basis spread on variable rate			1.75%
Debt instrument, Description of variable rate basis			the 30-day LIBOR rate.

Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2020 $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 shares
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Preferred stock divident payment terms			The preferential, ratable payment is made to preferred stockholders out of available assets determined as the higher of a) $0.141 per Series A Preferred Share, subject to adjustments as stated in the Restated Certificate, and b) amount that would have been payable if all Series A Preferred Shares were converted into Common Stock in accordance with the stated conversion rights.
Common stock dividends paid \| $	$ 0		$ 0
Common Stock, Shares Authorized \| shares	290,000,000		290,000,000		285,000,000
Common Stock, Par Value	$ 0.000001		$ 0.000001		$ 0.000001
Common Stock, Shares, Issued \| shares	105,460,096		103,062,319		101,391,560
Common Stock, Shares, Outstanding \| shares	102,620,971		100,223,194		99,449,310
Common stock description of voting rights			one vote
Series A Preferred Shares
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Temporary Equity, Shares Authorized \| shares	133,216,940		133,216,940		133,216,940
Temporary equity shares outstanding \| shares	133,216,940		133,216,940	133,216,940	133,216,940	133,216,940
Temporary Equity, Par Value	$ 0.000001		$ 0.000001		$ 0.000001
Temporary equity dividend payable per share	$ 0.0113		$ 0.0113
Temporary equity shares issued \| shares	133,216,940		133,216,940		133,216,940
Dividend payable \| $	$ 0		$ 0		$ 0
Temporary equity conversion ratio	1		1
Preferred stock conversion price per share	$ 0.141		$ 0.141
Applicable conversion price per share preferred shares			$ 0.141
Temporary equity Liquidation preference \| $	$ 130,686		$ 130,686		$ 124,558
Preferred stock conversion basis			Series A Preferred Shares are entitled to stockholder voting rights that are equal to the number of Common Stock into which Series A Preferred Shares are convertible.
Series A Preferred Shares \| IPO [Member]
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Temporary equity conversion amount \| $			$ 75,000,000.0
Temporary equity Liquidation preference \| $			$ 130,700,000
Series A Preferred Shares \| Minimum [Member]
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Preferred stock conversion price per share			$ 0.423
Temporary equity conversion amount \| $			$ 50,000.0
Series B-1 Preferred Shares
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Temporary Equity, Shares Authorized \| shares			13,326,050		13,326,050
Temporary equity shares outstanding \| shares			13,326,050		13,326,050
Temporary Equity, Par Value				$ 0.000001	$ 0.000001
Temporary equity dividend payable per share	$ 0.300164		$ 0.300164
Temporary equity shares issued \| shares					13,326,050
Dividend payable \| $	$ 0		$ 0
Temporary equity conversion ratio	1
Preferred stock conversion price per share	$ 0.3752050		$ 0.3752050
Applicable conversion price per share preferred shares			$ 0.3752050
Preferred stock divident payment terms		The preferential, ratable payment is made to preferred stockholders out of available assets determined as the higher of a) $3.752050 per Series B-1 Preferred Share, subject to adjustments as stated in the Restated Certificate, and b) the amount that would have been payable if all Series B-1 Preferred Shares were converted into Common Stock in accordance with the stated conversion rights.
Series B-1 Preferred Shares \| IPO [Member]
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Temporary equity conversion amount \| $			$ 75,000,000.0
Temporary equity Liquidation preference \| $			$ 50,000,000.0
Series B-2 Preferred Shares
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Temporary Equity, Shares Authorized \| shares	3,991,610		3,991,610		3,991,610
Temporary equity shares outstanding \| shares	3,991,610		3,991,610	3,991,610	3,991,610	0
Temporary Equity, Par Value	$ 0.000001		$ 0.000001		$ 0.000001
Temporary equity dividend payable per share	$ 0.240131		$ 0.240131
Temporary equity shares issued \| shares	3,991,610		3,991,610		3,991,610
Dividend payable \| $	$ 0		$ 0
Temporary equity conversion ratio	1
Preferred stock conversion price per share	$ 0.3001640		$ 0.3001640
Applicable conversion price per share preferred shares			$ 0.3001640
Preferred stock divident payment terms			The preferential, ratable payment is made to preferred stockholders out of available assets determined as the higher of a) $3.752050 per Series B-1 Preferred Share, subject to adjustments as stated in the Restated Certificate, and b) the amount that would have been payable if all Series B-1 Preferred Shares were converted into Common Stock in accordance with the stated conversion rights.
Temporary equity Liquidation preference \| $	$ 11,981		$ 11,981		$ 11,981
Series B-2 Preferred Shares \| IPO [Member]
Convertible Preferred Stock And Stockholders Deficit Line Item [Line Items]
Temporary equity conversion amount \| $			75,000,000.0
Temporary equity Liquidation preference \| $			$ 12,000,000.0

Convertible Preferred Stock and Stockholders' Deficit - Schedule Of Convertible Preferred Stock (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Carrying Value	$ 72,173,000	$ 72,173,000		$ 72,173,000
Common Stock, Shares Authorized	290,000,000	290,000,000		285,000,000
Common Stock, Shares, Issued	105,460,096	103,062,319		101,391,560
Common Stock, Shares, Outstanding	102,620,971	100,223,194		99,449,310
Common Stock, Carrying Value	$ 100	$ 100		$ 100
Series A Preferred Shares
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Authorized Shares	133,216,940	133,216,940		133,216,940
Issued Shares	133,216,940	133,216,940		133,216,940
Outstanding Shares	133,216,940	133,216,940	133,216,940	133,216,940	133,216,940
Liquidation Preference	$ 130,686	$ 130,686		$ 124,558
Carrying Value	$ 9,881,000	$ 9,881,000	$ 9,881,000	$ 9,881,000	$ 9,881,000
Series B-1 Preferred Shares
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Authorized Shares	13,326,050	13,326,050		13,326,050
Issued Shares	13,326,050	13,326,050		13,326,050
Outstanding Shares	13,326,050	13,326,050	13,326,050	13,326,050	0
Liquidation Preference	$ 50,000	$ 50,000		$ 50,000
Carrying Value	$ 49,675,000	$ 49,675,000	$ 49,675,000	$ 49,675,000	$ 0
Series B-2 Preferred Shares
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Authorized Shares	3,991,610	3,991,610		3,991,610
Issued Shares	3,991,610	3,991,610		3,991,610
Outstanding Shares	3,991,610	3,991,610	3,991,610	3,991,610	0
Liquidation Preference	$ 11,981	$ 11,981		$ 11,981
Carrying Value	$ 12,617,000	$ 12,617,000	$ 12,617,000	$ 12,617,000	$ 0

Stock-Based Compensation - Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options (Detail) - Employee Stock Option [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	10 years	6 years	5 years 10 months 24 days
Risk-free interest rate	1.50%	0.80%	1.90%
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	40.00%	57.00%	48.60%

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Options outstanding	23,025,382	12,273,640
Granted	13,317,662	14,690,130
Exercised	(2,433,761)	(1,441,795)
Forfeited	(5,734,226)	(2,386,363)
Expired	(47,874)	(110,230)
Ending Options outstanding	28,127,183	23,025,382	12,273,640
Nonvested options, Shares		17,524,327
Vested and exercisable, Shares		3,448,301
Beginning Weighted- Average Exercise Price Options outstanding	$ 0.74	$ 0.38
Weighted- Average Exercise Price Granted	0.98	0.96
Weighted- Average Exercise Price Exercised	0.61	0.18
Weighted- Average Exercise Price Forfeited	0.91	0.59
Weighted- Average Exercise Price Expired	0.90	0.94
Ending Weighted- Average Exercise Price Options outstanding	$ 0.83	0.74	$ 0.38
Nonvested options, Weighted- Average Exercise Price		0.88
Vested and exercisable, Weighted- Average Exercise Price		$ 0.37
Weighted- Average Remaining Contractual Term (years)		8 years 8 months 12 days	9 years 1 month 6 days
Nonvested options, Weighted- Average Remaining Contractual Term (years)		9 years 4 months 24 days
Vested and exercisable, Weighted- Average Remaining Contractual Term (years)		7 years 7 months 6 days
Aggregate Intrinsic Value	$ 5,548	$ 6,775
Aggregate Intrinsic Value		5,548	$ 6,775
Nonvested options, Aggregate Intrinsic Value		1,844
Vested and exercisable, Aggregate Intrinsic Value		$ 2,123

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares	2,375,000	17,416,710
Granted, Shares	0	0
Vested, Shares	(2,137,500)	(14,388,585)
Forfeited, Shares	0	(653,125)
Ending Balance, Shares	237,500	2,375,000
Beginning Balance, Weighted Average Grant-Date Fair Value	$ 0.93	$ 0.37
Granted, Weighted Average Grant-Date Fair Value	0	0
Forfeited, Weighted Average Grant-Date Fair Value	0.93	0.26
Vested, Weighted Average Grant-Date Fair Value	0	0.93
Ending Balance, Weighted Average Grant-Date Fair Value	$ 0.93	$ 0.93
Share-based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares	5,209	231,254
Granted, Shares	0	0
Vested, Shares	(5,209)	(226,045)
Forfeited, Shares	0	0
Ending Balance, Shares	0	5,209
Beginning Balance, Weighted Average Grant-Date Fair Value	$ 0.93	$ 0.93
Granted, Weighted Average Grant-Date Fair Value	0	0
Forfeited, Weighted Average Grant-Date Fair Value	0.93	0.30
Vested, Weighted Average Grant-Date Fair Value	0	0
Ending Balance, Weighted Average Grant-Date Fair Value	$ 0	$ 0.93

Stock-Based Compensation - Additional information (Detail)		9 Months Ended	12 Months Ended
	Mar. 03, 2021 tranches $ / shares shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) employees $ / shares shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017	Sep. 30, 2020 shares
Share-based payment arrangement, expense		$ 6,300,000	$ 900,000
Share based compensation arrangement by share based payment award options aggregate repurchases \| shares		459,375	1,104,636
Related Party Exercise Receivable Promissory Notes [Member]
Proceeds from issuance of debt			$ 1,000,000.0	$ 1,000,000.0	$ 100
Number of Shares Pledged \| shares			1,050,000	1,050,000	1,942,250
Employee Stock Option [Member]
Share-based payment arrangement, expense			$ 1,500,000	$ 300,000
Share-based payment arrangement, plan modification, incremental cost		$ 2,100,000
Share based compensation arrangement by share based payment award options aggregate repurchases \| shares			866,585	841,933
Share based compensation arrangement by share based payment award options Aggregate repurchases weighted average price \| $ / shares			$ 0.80	$ 0.04
Cash-based Arrangement unvested shares of common stock			$ 88,000	$ 0
Proceeds from issuance of debt			$ 1,000,000.0
Number of Shares Pledged \| shares			1,050,000
Share-based payment award, contractual term						10 years
Common stock, capital shares reserved for future issuance \| shares			4,849,883
Weighted-average grant-date fair-value \| $ / shares			$ 0.51	$ 0.39
Nonvested award, option, cost not yet recognized, amount			$ 7,100,000
Nonvested award, cost not yet recognized, period for recognition			3 years 2 months 12 days
Employee Stock Option [Member] \| Related Party Exercise Receivable Promissory Notes [Member]
Share based compensation arrangement by share based payment award options aggregate options exercised in exchange for non recourse notes \| shares		2,839,125	2,839,125	1,942,250			2,992,250
Share based compensation arrangement by share based payment award options aggregate vesting of options exercised in exchange for non recourse notes \| shares		2,379,750	2,052,754	1,195,317			1,887,614
Employee Stock Option [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share based payment award, award vesting rights, percentage						25.00%
Employee Stock Option [Member] \| Share Based Compensation Award Remaining Tranche [Member]
Share-based compensation arrangement by share-based payment award, award vesting rights						1/48th of the shares vest monthly over the remaining three years.
Award vesting period						3 years
Employee Stock Option [Member] \| Chief Executive Officer [Member]
Option indexed to issuer's equity, shares \| shares	8,458,481
Share based payment arrangement number of tranches \| tranches	9
Stike price \| $ / shares	$ 0.98
Fair value		$ 10,500,000
Restricted Stock [Member]
Share based payment arrangement nonvested award excluding option cost not yet recognized amount			$ 0
Restricted Stock [Member] \| Share-based Payment Arrangement, Employee [Member]
Share-based payment arrangement, expense			0	$ 0
Share-based payment arrangement, plan modification, incremental cost			$ 0	$ 0
Stock issued during period, shares, restricted stock award, gross \| shares			0	0
Number of employees in which plan was modified \| employees				2
Restricted Stock [Member] \| Share-based Payment Arrangement, Nonemployee [Member]
Share-based payment arrangement, expense			$ 100,000	$ 200,000
Nonvested award, cost not yet recognized, period for recognition			9 months 18 days
Stock issued during period, shares, restricted stock award, gross \| shares			0	250,000
Share based payment arrangement nonvested award excluding option cost not yet recognized amount			$ 4,000

Convertible Debt, Net - Schedule of Convertible Debt Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total interest expense	$ 17	$ 852
2019 Convertible Notes [Member]
Debt Instrument [Line Items]
Contractual interest expense	$ 17	$ 1
Effective interest rate	1.70%	1.70%
2018 Convertible Notes [Member]
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 640
Amortization of debt discount	$ 0	$ 211
Effective interest rate	0.00%	3.80%

Convertible Debt, Net - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 12, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Repayment of convertible debt		$ 0	$ 2,000
2018 Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount				$ 13,000
Debt instrument interest rate				8.00%
Debt instrument term				12 months
Qualified equity transaction aggregate proceeds from issuance of common stock				$ 10,000
Qualified equity transaction percenatge of price paid to determine number of conversion shares				80.00%
Debt instrument convertible amount			12,000
Repayment of convertible debt			$ 2,200
Gain on conversion of debt	$ 800
2018 Convertible Notes [Member] \| Derivative Liability Related to Convertible Notes [Member]
Debt Instrument [Line Items]
Derivative, loss on derivative	$ 500
2018 Convertible Notes [Member] \| Series B Two Convertible Preferred Stock [Member]
Debt Instrument [Line Items]
Number of shares issued on conversion of debt			3,991,610
2019 Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount			$ 700
Debt instrument interest rate			1.69%
Debt instrument term			36 months
Qualified equity transaction aggregate proceeds from issuance of common stock			$ 40,000

Income Taxes - Schedule of Current and Deferred Portions of Income Tax Benefits (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal			$ 19	$ 246
State			104	262
Total current			123	508
Deferred:
Federal			22	37
State			0	0
Total deferred			22	37
Provision for income taxes	$ (1)	$ (20,805)	$ 145	$ 545