which exact product are you referring to? The paynow financing?...

which exact product are you referring to? The paynow financing? The splitit bnpl product? The online payment tools? Are you Aus or US based? I have successfully sold this product to my accountant and they like it.. would be super curious to hear your experience.

in terms of capital intensity there is a bit in the lending business, as you need to build the loan book. We really need that to get up to the 50+% growth rate so that we can access a securitisation program and lower the cost of funding. Northleaf have clearly backed to loan book to recover, and the next step will be unlocking the incremental US$30m ABL they have provided.

There’s also capital intensity on the front end of the US merchant payments business in the US, as you need to build your own infrastructure to a degree (QUBE). As your yield on the volume picks up, you end up making lots of cash like Affinipay. That’s assuming QFE can keep growing at the same rate as recent years.