Ann: March Quarterly Activities Report, page-262

And I agree with what you're saying also.

Where I'm coming from is - they built a marketing and lending infrastructure (it cost significant amounts of money as you demonstrated)

They had cash to lend and what they have spent money on is development of a demand for it.

What would a better business decision have been?

I agree, they're going to have to do a cap raise or find someone to fund BNPL. But they have an actual business case for it- ie, a demand for their product and (as far as anyone can tell) good lending practices.

The one real unknown is their bad debt metrics for the sept-december quarter. I mean, if their bad debt has crept up and they still went all in on lending, yes, bad management. You're going to find out next quarter, and as I've said above, if the YTD bad debt is more than double, I'm out myself.

Would it have been more conservative to roll back credit criteria and try to keep the payments to merchants in a sustainable balance? Yes.

But.. then they might have lost momentum. So yes, they took a risk, time will tell if it was a bad one.