Appreciate that mate... I am not trying to be an outright bear,...

Appreciate that mate... I am not trying to be an outright bear, I just understand the space implicitly and want people to be aware that finance is not PAAS and that there are very different caveats to be aware of... I see this and AFY as benefiting from the intentional miss-classification of what are clearly consumer finance businesses as platform or tech equivalents, when they clearly arent. This just aids in skyrocketing the valuation, great for raising money, but this will only convert into disappointment in the future. Profit is instrumental in sustainable growth... for finance companies, without it, you just can't grow your book without dilution.

At its current valuation, ZML needs to achieve a $12m np figure on its current equity base and dilution...within the next 12 months.. Sure its sacrificing some profits for reinvestment into operations and tech, but that is a luxury you don't truly have in finance... they are going to have to raise a material amount of money soon to sufficiently equitise their new lines. As for AFY, its even more lofy, its valuation conservativelysuggests $30m np in the next 18 months... it wont even do half that in top line revenue in a rolling 12 month period...

If you also consider the end game for both businesses is to get to Flexi's size... have a look at what that business trades at... 7-9 PE... its just a big consumer loan book, that's it... whats more you need an absolute tonne of equity to get to their size, which will only ever come by dilution or profit.