40% Growth in US customers in the last 2 months (Jan + Feb). How has this no quashed all fears of a lack of profit? A lower merchant fee in the US has obviously been extremely successful in attracting retailers and thus customers. Each additional retailer in the US brings 500 more customers. With a 95% retention rate in AUS, and rapidly rising retention in the US, seems a sensible strategy. Some short term pain for LONG TERM GAIN.