Regarding the point on expenses, I think there are two different elements : - paid acquisitions : I agree. It is a bit strange to reproach to a growth company to invest to get more customers. I think we should probably look at paid acquisitions, together with top line growth. As long as paid acquisitions support the top line growth, I don't see why it is a problem; - gross margin : that was disappointing. The decrease qoq was significant. The company explained it and saw it as a one off. The main point for me was that they gave a guidance for future gross margin, while they are very reluctant to give any clear guidance usually.
One of the question I have at this stage is about the volume of transactions when they published (more than 5 % of the capital if I remember well). Not clear who was selling such volumes, as we had no change of substantial holders (on the sell side) so far.
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