Ann: IOU Provides Mid December Quarter Update on BNPL Business, page-20

>Read the highlighted pieces.
Yes.

Investors say "wait you don't have enough money to get a 1500% increase in revenueeee"

And so read the highlighted pieces carefully, it's their answer to this question.

It says .. if it gets big enough to need funding, we'll look at funding.
Right now, we don't see a need for funding. That's all it says.

>Honestly, please stop telling me that line; it’s flat-out wrong and the only one who can’t see that is you.
No. Read their presentations. BNPL is the driver to their brand market penetration. Out of this entire page - the summary of what their business does - BNPL is an "included" piece.





Again. They have made a clever observation that if you want people to notice you, you have to offer some benefit.

They're offering a good finance deal - customers notice - and they're not predatory in their practices - the government notices.

>They’re a BNPL company and that’s how all their announcements present themselves. The end.

Yes, because these are investor presentations. Fintech is boring and hard to quantify, BNPL, people understand.
"Afterpay! Bags!". I don't like it either.

If they told you how many thousands of lines of code they'd written, how many bank / merchant API's they'd gotten access to and begun writing DB's etc for, how interested would people be.

If they were a BNPL company they would not have bought IDSB.
If they were a BNPL company they would have instead put all of that cash into the loan book.
If they were a BNPL company they would have accepted a worse deal on funding to grow BNPL.

It is unfortunate for investors that this is their strategy for attracting investors, because - not just you but literally everyone else investing - looks at this as a sub par BNPL.