And let's get a few other things straight before people go out...

And let's get a few other things straight before people go out and rush to buy these things.

The so claim "first mover" advantage is a bit of a stretch. There are a few other players out there that have thousands more merchants on their platforms. And these merchants are revenue generating for these other competitors. And the volume of transactions processed are higher on a monthly basis, than what RXH have had as total prepaid credit added.

There has been no growth in the rate of adding "prepaid credit added" over the last 2 months. For a high growth business this should be accelerating at this stage.

The prepaid credit used each month actually increased at a slow rate in August compare to July. It should definitely be increasing.

Growth in merchants in August was less than the growth in July. Given these are free sign-ups this isn't a great results.

I think the "member" numbers needed to be taken with some caution. I think I currently have received 5 Rewardle cards that I have got at various stores. I keep on losing them and get new ones. I know a lot of people in exactly the same position.

I really struggle to see how the limited network size, the non-accelerating growth and pretty much non-existent revenues can justify the current market capitalisation.

I didn't buy any in the float, and won't unless it comes down a LOT. But I will watch closely as I'm interested in this space.

Regards
Marv