Kevin’s answer above explains. That $13M is not available, it’s basically the money they’re lending out by paying it to merchants (and they getting paid back 3 or 6 months later with a ~7% margin on top which is their income or NTR).
They can’t use that cash to fund their expenses (staff costs, marketing, product operating costs etc) otherwise they’ll have no more revenue. This is the basics of how BNPL works, surely you’re aware of this?
That’s why the cashflow statement shows only $3m left to fund the opex:
Kevin’s answer above explains. That $13M is not available, it’s...
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