Ann: IOUpay Provides Product Development Update, page-19

>They have proven to be poor at executing their business plans imo
BNPL is live and they have way more merchants onboard in 12 months than any other startup BNPL I can think of, unless you have a counter example?

They're about to own 42% if IDSB.

I don't know what you mean by "poor execution".


You were really rattled by that 0.3 number, weren't you.


The "13 million" in merchant payments is misleading. It isn't clear how their payment to merchants work (are 30 day accounts a thing in Malaysia?), but likely they do not do an instant payment. They did 11 million in TTV in March, why did they pay merchants 13 mil? Likely, they paid a large proportion of the last 1-2 weeks of december orders in early january.

Also don't forget that every time a merchant is paid they have already received 30% of the funds from the customer in the form of the deposit. So, an order goes in end of month; IOU gets the 30% deposit (counts as "receipts from customers" in the december quarterly), but no merchant payment made until January.


Jan - Mar they did 11 million in TTV. Thus, they loaned approximately 7.2 million and expect 7.7 million back. A proportion of that amount came in during the period; and some isn't due until as late as August.

They haven't shown us details of the loan book. You don't know what came in as receivables from December and January in april, may, june etc.

It's, as usual, a problem of the communication. The 4c isn't an appropriate tool to track BNPL performance, and they really don't explain it well.

Mondy's perspective on this is more reasonable - the real problem is whether the operating costs are fixed or if they're one offs for development.
Given they keep announcing things they're developing, as per todays announcement, likely they are not "fixed costs".