Question: how much is RFN's stake in Loyyal now? It *was* 14.9%...

Question: how much is RFN's stake in Loyyal now? It *was* 14.9% when they bought in, but then this happened: https://loyyal.com/loyyal-continues-global-expansion-with-new-japan-based-investors/

At 14.9% this implies you have to think Loyyal is a good buy at $21M, but with some dilution, we might be talking needing to see $30M+. And the holding in Loyyal is very indirect - it's not like owning shares of RFN allows anyone to call the shots at Loyyal.

Personally I think the idea that the "ribbit.me" people, with their 5 long years of doing not much more than issue PRs and gather other people's money (not to mention the endless churn of employees) have a company that's worth even $21M is at least questionable.