I'm not saying they are in a great funding position but - $36m...

I'm not saying they are in a great funding position but
- $36m is nothing for a Paypal or Discover
- Bad debt reserve is a non cash charge and they might just be prudent given the impact of CV19, etc.. Bigger issue is whether there is a problem with their underwriting standards but if it is the case then SZL is uninvestable and SP will go a lot lower

I think the dream is still alive but given all payment companies got crushed recently and the market is on "risk-off mode", this is not exactly the ideal time for an IPO. Will see, sentiment changes pretty quickly these days