Hi SebbyV, thanks for the reply.I agree with you regarding the...

Hi SebbyV, thanks for the reply.

I agree with you regarding the capital raise and need to spendto turbocharge growth. I also shared your fears about being outgunned by the bigger boys and missing the party. I have directly reached out to management along these lines in recent months. It is easy to say that Charlie is shrewd and prudent, but potentially too cautious, in light of the progress of cashed-up competitors. But he is still delivering exceptional growth, 300%++ per annum, has rebranded Sezzle this year, has created an office culture that makes Sezzle an award-winning place to work, achieved Public Benefit Corp certification and significantly accelerated the sign up more large retailers (by Sezzle’s standard) in the past quarter. These achievements are great, but they did not give me the peace of mind I sought that it can challenge Afterpay. That peace of mind came for me with the announcement of the new products. That made it clear to me that Sezzle is pursuing a different strategy to achieving this turbo-charged growth, and they have been gearing up for this next growth phase for a while, through the necessary product development and pilot trial cycles. Key for me is when the triggered is pulled on these new products. They’ve been announced, so I would expect them to be imminent, but perhaps they want to see how COVID plays out a bit more.

Valuations are tricky and I sure approaches will evolvequickly. Benchmarking against revenue is helpful, but it doesn’t capture differences is growth rates, profitability or competitive moats. Given the high uncertainty (which leads to heavy discounts of the huge upside), I expect share prices to continue to appreciate over time for those BNPL players that continue to execute strong growth and improving profitability. I am encouraged by Sezzle’s record on these counts and happy to stay invested. My personal justification is the upside risk (which could be multiples of the current share price, given the $750m market cap), outweighs the downside risk, on a balance of probabilities.

Re news of Target signing up with Sezzle, for me, I took fromthe below that it was essentially a done deal. What do you think?

I suppose I disagree about seeing $2 before we see $7. The threat of the second wave has been hanging over the US markets for a few weeks, but markets have held up. In my opinion it is for a few reasons, including: hope of a vaccine / treatment breakthrough; expectation that the Fed will support if required; markets care more about deaths than active cases (thankfully US deaths have continued to decline, but remain tragically high) and the knowledge that the virus can be managed through lockdowns and social distancing. I don’t expect a V-shaped recovery, but I don’t expect COVID to annihilate the US economy either. I think investors will be happy to provide capital if required to support Sezzle through a COVID-blip if things got bad, given its long-term potential.