Dec 21 - Quarterly Discussion, page-24

The payments suite is seen as one of the catalysts for growth (alongside lending) and it was only launched in May 21 while lending is still in its infancy while we wait for the debt warehouses to come online.

Q4 FY21 receipts were 334k and Q1 FY22 receipts were 472k which is 41% growth. 76k of the Q1 FY22 receipts were earned by Invigo prior to acquisition and therefore not listed on the 4c.

Investors are willing to accept a higher valuation for CRO at the moment given the future earnings capability of the business are believed to be high. Part of their business is SAAS (build once, sell infinitely) and the other parts are payments (usually a set margin for each transaction) and lending (a target return/margin based on risk is usually used).

Where it gets interesting is in the differences to other payments/lending businesses. If you look at B2C BNPL providers I believe only one is profitable, the others are sinking under the weight of continued marketing expenses and bad debts. CRO shouldn't have that problem, it operates a node and spoke Marketing strategy whereby they onboard a largish business and all of the other companies that do business with them are then invited to do so via Spenda - word is this has been working well. Spenda also does ledger integration which minimises the risk of bad debts - e.g. if a company doesn't have cash/accounts receivable in excess of the borrowed amount being sought then they can decline the transaction.

I'm really not scratching the surface here, but a lot has been built/changed in the past six months so I wouldn't bother looking further back beyond that. The company isn't without its faults, way to generous to management in my opinion for the stage that it's at. That's outweighed by the potential at the moment IMO.