IPO - Prospa Group Limited, page-5

Compare this to similar fintech Axsess. They are growing at similar rate, however, their costs are increasing far slower than their interest generating revenues, and are able to pay a dividend.

Would think a fin tech would be using its 'technology advantage' to reduce the bad debt vs revenue.

So in summary:

Positive: - consistent high growth in revenue and loan book, high market opportunity in unsecured loans, high revenue vs loan book.

Negative: short loan duration / high loan turnover / costs increasing inline with revenue / very high bad debt, no clarity around true COGS or cost breakdown.