@Christos12 @street talk @Warnie
Not sure what your thoughts are, but Comparing a global social media network like Facebook (and it being unprofitable for 5 years) to a tech enabled lender of last resort is way too simplistic a view to take... This model is a scale play, like APT, however with a 5x larger equity requirement ... Tech companies do not carry risk in the same way a lending company does. Tech companies can just scale up revenue with costs growing slower. In a lending tech play on the other hand, every extra/marginal dollar lent, addings circa 10-20% of its face value to revenue AND 100% of its face value to credit risk, meaning hyper-scaling, which the market rewards, means exposure to extreme credit risk... Tech companies don't walk around with hundreds of millions of dollars of potential contingent write offs, which could end its existence literally overnight. So a mere 1-2% swing in bad debts ( which can happen easily in a down turn), will wipe out the majority of said companies revenue in an instant... Why do you think companies like Ondeck went from an $xbn cap to 1/10th of that overnight? Far as I see it, you have an Aussie lender now with a cap similar to that of Ondeck, which is global and profitable... note the PE multiple isnt so sexy anymore.
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