Ann: Cirralto to Present at NWR Virtual Investor Conference, page-49

Invoice finance is riskier than most other forms of commercial credit. Many have tried to run successful Invoice finance businesses over the years and failed due to frauds, operational challenges, lack of audits and ultimately credit losses. Just ask anyone that worked at Comm Bank Invoice finance a few years ago or at Greensill more recently.
Commbank losses were in the order of $50Mill and closed the business and that was despite expensive systems, Audit teams, Credit committees and so on. On the other hand if credit Insurance is in place then a good chunk of margin is eroded day 1.Will be interesting to monitor credit losses with this model. Fingers crossed they are conservative with their lending appetite and don't just chase volumes.