FXL now and International expansion, page-100

back to the expansion question. Agree EU is challenging as whilst its one economy every country still has varying regulatory environments for lending and credit reporting bureau's. There is also the funding arrangements. Flexi only recently opened Irish funding lines, prior to that they were using balance sheet from Aust business which limited its growth and carried risk of any currency fluctuation. Any OS expansion will require funding like others have done with bringing in funding (capital) partners which can be expensive due to risk adjusted. Growth particularly in markets that you have little experience and knowledge does carry risk (hence buying an existing business), however not growing also carries different market risk so its a double edged sword.