I agree but then NPL ratio being reported (0.78%) is a red herring because they’re calculating it as a percentage of TTV. What actually matters is NPL divided by the actual income they are making, as it’s their income that is going to be eroded.
So: over the past 12 months they have incurred $249,430 of bad debt, and earned $1,985,770 of revenue. So their current bad debt ratio is 12.56% which is reasonably high.
I think at Sezzle’s worst they were over 50%, but the difference is that they were growing aggressively, IOU are treading water at best.
IOU Price at posting:
4.9¢ Sentiment: None Disclosure: Not Held
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