Fundies (as you state) have an obligation to their shareholders...

Fundies (as you state) have an obligation to their shareholders and index funds to invest in companies added to indexes as part of rebalance, the market cap is too small for a general fund or institutional investment company to invest.

If Novatti weren’t growing at the rate they were & didn’t get approved for 1/20 principal acquiring licenses issued in Australia (only 20) from Visa then you could question the fundamentals- if it’s good for a $250B company in Visa, it’s good for me too.

Organic growth growing at 110% this puts us within the $50M revenue forecast within 12 months, $75M with 24 months & $100M within 36 months. With growth and expansion at this rate, there’s a solid chance Novatti will be a $500M-$800M market cap within 3 years based off their processing and acquiring business- the bank will be in its own lane (add what MC extra you like).

Whilst we’re at it- Citi, JP Morgan & Soul Pattinson have also invested in Novatti, pretty sure they do their diligence for small cap tech stocks- specially one growing at this rate