Ann: Cashrewards H1FY21 Announcement, page-47

CRW needs to keep growing member numbers for a while yet.
Reopening travel will help revenues.
This business could easily lose money every quarter for 3 or 4 years then be bought out from triple the IPO price. The value will emerge when they have a large customer base to cross market to.

Some of the comments here sound like “Qantas frequent flyer and fly buys are terrible businesses because all they do is give away points that people can redeem for cash/flights.” You need to be a little more thoughtful of how this business will create value.