Have been watching IODM after the Western Union agreement. The...

Have been watching IODM after the Western Union agreement. The Top 20 shareholders have about 80% of the shares so its tightly held.

Currently revenue is not substantial as it appears to be generated by subscription fees & invoice numbers. You can only charge a small amount for each invoice thus the small revenue.

With the Western Union agreement there will be an additional substantial new revenue stream being a percentage of the invoice value. You only need a small percentage of the invoice value to generate significant revenue. For example, outstanding invoice values in Australia alone total about $19B per annum.

The value of invoices onboarded during 1H2020 was $482.9M so on track for about $1B for 2020.

QOQ revenue growth of 35% is about 330% growth YOY.

The director increased shareholding during the last quarter so maybe the Western Union invoice value revenue stream will commence from this quarter.