Ann: Lending and Payments Volumes Update, page-14

Well, at least the hype is now over. They have not been able to substantially increase the lending book, which could be either because they don't have enough customers, or they did not have the financial resources to do so in this quarter. I would note that the actual revenues related to lending should take into account the cost of funding, and I don't think the numbers reported in this announcement do. $13mio portfolio & $3mio of revenues imply a yield of 23%, in line which what had been reported before. Assuming 10% cost of funding on 90% (they fund the first 10% of loss), that's $1.17mio in cost of funding, and net $1.83mio of revenues from lending. To compare to operational costs of about $2.5mio per quarter.
I wish they could explain better how much revenues they can generate from payments, on top of the 23% yield earned on lending. The volumes are growing, which is good, but we need more details to predict the related additional revenues.
And nothing about SaaS.
I saw the SP trying to get some life out of this, but this is unambiguously a disappointment for those still hoping for CF+ in the short term. The only positive out of this announcement, in my opinion, is that it is a very first attempt at providing a clearer and more honest update. I