Ann: June Quarterly Activities Report and Appendix 4C, page-183

agree.

I like to look at this Zip presentation:

https://www.asx.com.au/asxpdf/20150721/pdf/42zxwj7c4vv4tj.pdf

Look at slide 6.

Zip money was launched beginning of 2014, this preso is from July 2015. So looking at slide 6, it means that it took Zip about 78 weeks to onboard 5,000 customers, 100 merchants, and achieve TTV of $1mil a month.

In just 6 weeks IOU has on boarded 1,837 customers, 1,267 merchants and have also already achieved TTV of nearly $1.1mil a month

If IOU was to keep this onboarding pace up over 18 months (and given that we are now onboarding new merchants at over 500 a week, and are yet to tap into offline merchants, plus the fact there is a movement control order happening in Malaysia…all of this suggests that the current onboarding rate will only increase in the future once Malaysia’s covid crisis is over), then:

FIRST 18 MONTHS:

Zip

5,000 customers
100 merchants

IOU

22,000 customers
15,200 merchants (35,000 merchants if IOU maintain the current mass onboarding rate of 500 a week)

There is absolutely no way this stock will be valued at $100mil MC in 18 months time.

Zip SP:

Jan 2015: 8c
Jan 2016: 40c (+400%)
Jan 2017: 77c (+92.5%)
Jan 2018: 95c (+23%)
Jan 2019: $1.17 (+23%)
Jan 2020: $4.08 (+249%)
Jan 2021: $7.27 (+78%)

Or to put it another way: if you invested $20k in Zip at the 12 month mark of the product being launched, it would be worth $1.66mil today. An 8,300% return on investment

This is the kind of growth that’s up for grabs here with IOU

IMO

GLTAH