Others have answered about why the company is currently funding...

Others have answered about why the company is currently funding the on-balance sheet lending facility partly from cash reserves and partly using debt. It has been explained in previous investor briefings and makes perfect sense to preserve some cash to invest into the business when the margin on the lending will generate good returns in its own right that will be able to be reinvested in building the loan book. AF has stated in previous briefings that they may make additional investments in related businesses if they see value, and mentioned the area of RegTech as an area they may make a potential acquisition. RegTech for cross boarder trade payments is a very important capability IMHO.

Regarding IP. This was also dealt with in a previous investor briefing. The company analysed the cost/benefit of seeking IP protection for its software inventions and determined that it was not worth the effort. Let's face it, this is a contestable industry. Other companies are competing in the B2B digitisation of payment space. It's the delivery of a service that meets client needs better than the competition that is going to make the business. The company concluded that it is more important to invest in developing and delivering a superior service offering to targeted verticals than in spending money on IP protection that isn't actually going to provide any competitive advantage.