My impression of Novatti is that they are still well in the...

My impression of Novatti is that they are still well in the build phase of their ecosystem and products. Many of their offerings inside and outside of Aus appear to rely heavily on other platforms (e.g. Currencycloud for cross-border, licences for their Verv offering etc).

I would guess there are upfront setup fees etc to get the initial agreements and integration in place.

They need a lot more scale to outpace these 3rd party costs, but are still making good progress.

Also, with all the new hires, I would expect 18-months or so for the real benefits to appear. Which I guess is maybe 12 mths from now. At least that has been my expeience with scaling products and turning around troubled programmes. After 18-months suddenly the momentum is there.