Nick Molnar stated on the Annual Results investor call that they...

Nick Molnar stated on the Annual Results investor call that they don't want to pursue anything that feels like traditional credit, i.e. a card. At first, I was shocked by this - thinking a card could be natural progression, but thinking about it, his point of view is genius and gives me further comfort in management and their strategy.

The long game is not to be another bank, or look anything like traditional credit. None of their competitors (especially the new entrants, SplitIt, Latitude etc) seem to have this mindset, they are just trying to chase the flavour of the month & make a short term buck.

The long game isn't just to clip the 3 - 6% ticket from merchants as a short term consumer credit product - it's to own the payments space and the underlying invaluable marketing data; which will in turn justify the merchant fee and give them pricing power vs competitors.