Breakeven no of users, page-9

You're right. It's not easy signing up large financial organisations and banks. In fact, that's one of the reasons why 9SP decided to go public and raise a substantial amount of capital in the IPO - it gave them leverage and exposure in closing those large white label deals. This is why the banks have confidence in the 9SP platform and fundamentally why it's currently valued at $60m.

The benefit from the banks point of view is that they can receive services from 9SP for little cost. From 9SP point of view it grows their user base. That's basically the gist of these deals, the Banks get something for free and 9SP gets more users.

The white label deals to date are being closely watched by other banks and if they are successful then more deals will follow. I believe this is the reason why the USA bank has decided not to sign as of yet. They're basically evaluating the outcome of the current deals. Other markets are being tested, like the soon to be NZ bank, which provides a good testing market overall, and also Canada which provides a great test for the USA. The Australian one makes sense because 9SP is an Australian listed company. Barclays is interesting, but it is coming off a major restructure lately.

It's important to note that these banks haven't got in interests in 9SP, nor have they spent a large amount of money. They have basically 'dipped their toes' in to test the platform and demand from their own clients. To date there has been some encouraging signs, like for example the 10,000 user mark but other than that there's not alot to go by. Hopefully they will release more metrics soon. In my opinion it's going to take more proof to convince the market that this is working.