IOU needs funding urgently. Any goodwill they have built up with merchants will be destoyed if they tell new customers sorry they can't provide BNPL because they have run out of money.
I think they are in this pickle because they assumed funding would be much easier to obtain. Maybe they were led down the garden path by a prospective funder that changed its mind at the last minute.
Ann: March Quarterly Activities Report, page-386
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