Ann: September Quarter Appendix 4C, page-46

TTV looks pretty good. Little under the $7m I was thinking but not by much. Given the MCO I think the numbers are pretty good.

An issue I do have though; 16,999 app downloads and only 4,806 activated consumer accounts. That's approximately 70% of downloads not resulting in an activation. If you read some of the one star reviews of the app, the complaint was that consumers were unable to activate their accounts because of an issue taking a photo of their ID Card. This makes me think the issue is still present and is having quite a negative impact on the TTV.

With that being said, the average customer spend since 30 June is $1,367 which is great. Imagine what the numbers would look like if more of the app downloads resulted in account activations. I'm aware that some people would uninstall and reinstall the app but I don't think that would account for the disparity between app downloads and account activations. If activations were doubled and you maintain the average customer spend, TTV would have been closer to $12,500,000 and revenue would have been closer to $1m.

Is the development team dropping the ball? Is poor app performance resulting lost revenue? Anyone have any thoughts around this?