Hi @adpadp. Remember that in the two prior quarters they had paid out roughly $5M in payments to merchants each quarter.
Some of that will be flowing back into the business as revenue right now (because the loan periods are 3-6 months). So long as they don’t immediately lend it *all* out again as payments to merchants (i.e. recycle it straight back as BNPL receivables) then they’ll be able to use some of that money to pay the bills. But obviously the BNPL TTV will suffer as a result, and they won’t be able to grow the book to attract the wholesale funding. So it’s a bit of a cruel cycle at the moment.
Does that help?
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