$2 Club, page-3

I am an LT holder and despite averaging down over the last few years I am still underwater like you. You make some good points not just about FXL but the BNPL industry in general. I add a separate point about the banks wanting to join the fracas - they are mainly interested in the possible spinoff of new customer introduction as banks have exhausted most other ways of gaining new business. But all the same BNPL companies can gain much from such associations. I would also add that I am also of the opinion that FXL should maintain the diversity in their business. The BNPL business is capital hungry if they grow too fast they will need access to free capital within the business, bank loan drawdowns or capital raisings. A relatively slower growth rate enables a BNPL company to grow organically using the frequent but small profits it is making to expand - so holders should understand that FXL will not have free capital, profit or reserves to pay dividends if BNPL growth becomes overheated. At the moment FXL is treading a fine line and growth is matched fairly well to headroom in bank funding, higher profits available from longer term lending within their portfolio ,more marginal profits arising from the BNPL business and of course the capital raised just recently. If us holders want a very rapid increase in the BNPL business we will need to get ready for frequent CRs and in the end those activities begin to wear thin with investors - so there is a fine line there and I for one am happy to toe it with Rebecca and the board - I do not want to see frequent CRs.