I'm not sure some wanted TSI sold at any price - the issue has...

I'm not sure some wanted TSI sold at any price - the issue has often been how little we know about it and how reluctant management were to present it. That and it felt like the market assigned zero value to it.

Today's update gives a much better line of sight and a conservative figure/approach, but some glimpse of the upside.

TSI took the Modi hit on the chin back in November 2016 and to build i-pay from internal cash flows since then appears an awesome effort. GTV of $US80m with 5,500 merchants and the ability to scale up.

It's now got some Covid headwinds to deal with (but who hasn't), but in the interim it's good to have something more meaningful to reflect on.