Not sure where you are getting your figures from but from the...

Not sure where you are getting your figures from but from the last 4C revenues for the 1st 6 months were $3,747,000.

Cash burn for the last quarter was $240k. This quarter could be $1 mil due to the expansion into Indonesia.

They had $9 mil plus in the bank at 31 December, 2018.

There are plenty of unlisted digital banks going around currently with $100 mil plus valuations that have nothing but promise.

Raiz has growing funds under management which at last report sat at $289 mil at the end of Feb which is up nearly $40 mil since the end of Dec plus we have the possible new upside of Indonesia which could be anything.

I expect the company could be cashflow positive towards the end of the year.

Yeah, so at a $37 mil its undervalued. IMO.