Some clarity required here. This is a startup with no revenue....

Some clarity required here.

This is a startup with no revenue. Their model is primarily to convert free merchants into $50 per month paying customers - out of 2000 they have converted less than 70 so far.

They have not proven they can do this yet.

The valuation is purely froth until they can show some revenue numbers.

Their cost of acquisition to date is huge - which suggests they have flooded the market with feet. They clearly ramped up acquisition cost pre IPO to reflect increasing growth - their figures detail this.

Also the first mover claim is fairly weak with many other participants in the market.

This may pop but in a different way.

walt.