It's a nice side benefit that interest rates are likely at their...

It's a nice side benefit that interest rates are likely at their low, and any rises mean big upside to SWF's overall profit.

But in a hopefully conservative scenario, interest rates could take 5 years to rise. In that case, they need to have a plan for the meantime, to maximize market share, diversify products offerings / revenue sources, and to profit at some point, so as to not need another raising.

The recent raising gives them 3 years runway to work all that out, if cash burn doesn't rise further from here.

The likely scenario in 1 year is that they add 40k+ more users, from 107k now. If they kept staff at the current levels (which is a lot higher than a year ago), then I'd put them at cashflow positive again at that point. That would be enough staff to be releasing features at a good speed - maybe 2 per quarter, and enough volumes/revenue to support that level of staff.