Ann: Appendix 4C - quarterly, page-29

The business case is simple, provide an attractive service and bring in revenue from interchange fees and deposit bonuses from their partner bank in the US. They won't have their BaaS (subscription service) ready for at least half a year and even when it does launch, the majority of their revenue will be from interchange, ie, people using the product. Interchange is around 2% per purchase in the states with Mastercard and net of fees, they receive 90% of that revenue (it's in the prospectus, search "interchange"). Based on this, they only need around 10,000 customers spending $50 a day to bring in around 2 million in revenue a year and their growth will come from Australian and US based operations in just a few months.