Face the music, page-235

I appreciate your contrarian point of view. I'm a bit concerned on your formed view being no competitive advantage & simply a marketing product.

Approaching 10Mn customers & still growing at 50-100% per year & likely to for the short to medium term, & significantly more/better merchants than competitors, mostly simpler product are all competitive advantages. The obvious next direction would be targeted marketing on those numbers based on data & tailored offerings (a la Google, Facebook). This would be low cost & has potential to deliver higher returns.

The features can of course be copied by competitors, but customers can't simply be acquired at such a rate without significant investment. Of course there are plenty with deep pockets, but as I've said previously the industry is still loss-making & unproven, which is also a barrier to entry.