To your point: -far too many staff for the revenue, -but also...

To your point:

-far too many staff for the revenue,
-but also far too little revenue for the book size
-and far too big a book size for the TTV... which shows seriously extensive book aging.

The economics are hugely flawed... but I think their tech and product is far more robust than AFYs... but AFY has far better turn and economics... they also won the for the most part the land grab.

Either way its a very over-hyped space... that as you said is essentially low doc loans/pay day moonlighting as fintech.