I'm not comparing DOU to Xinja and 86400. I am referencing the...

I'm not comparing DOU to Xinja and 86400. I am referencing the neobanking field and suggesting that DOU exists within a broader picture and suggesting that when there are limited dollars for investment, people will make a choice.

DOU's propostion has a number of things going for it and does have a first mover advantage in that's it's first to list on the ASX but that's not much of a long term moat. Their governance so far has been massively sub-par.

You watch the very similar competitors come to the market (listed and unlisted) over the next year, all of whom will have been watching the unfolding of DOU very closely and avoiding the mistakes. There are already companies out there doing very similar things.

Xinja are giving back their bank licence heavily because they got overconfident and had thought their input of funding was coming in much sooner than it actually (theoretically) did. Xinja's theoretical rollout would have been much more of a financial services company than strictly a bank account. This is still may or may not come to pass in some way.

86400 are seemingly thinking of their much longer term future and will become the new UBank in the second half of the year.

Volt has seemingly taken a completely different tangent now.

Subscription banking remains a massive unknown in the marketplace. There are significant risks involved.

DOU can have all the bold, "capital-lite" moves they want but they have to be able to build and maintain a solid base of customers and investors for the long term.