If we go back ten years (when the AU population was 23.5m), CCV...

If we go back ten years (when the AU population was 23.5m), CCV had 550k cash advance active customers. Australia has 26m people today. Their prospectus touted a TAM of 5.3m people. I would certainly think they would have expectations of taking significantly more than 5% of that potential user base.

But you highlight a good point and one that makes me hesitate with this company: How do they grow the user base while maintaining these unit economics? It feels as though the push into other products is because they're not quite sure how to answer that question.