I attended the EMerchants AGM in Sydney today. The day started...

I attended the EMerchants AGM in Sydney today. The day started well when I paid the taxi driver at the Adelaide Airport at 5.15am via his Ingogo terminal. In Sydney I bumped into Tom in the street outside the Sofitel 40 mins prior to the meeting and had a good chat. Highlights of the meeting were comments such " Many more non-reloadable deals to be announced in UK/Europe " . EML is now a worldwide principal Mastercard member. No longer needs an issuing bank - saves dollars and time. Will be able to get new products to the market a lot quicker. Each Way is being developed in the UK and the reloadable offer will now include "Each Way". Blackhawk and Redeem each add around $300K EBITDA. Working on 3 gift card mall deals worth around $180M @ 3.5%. Card load for Credit Corp , Nible, Cash Converters will end up being around $400M eventually. Working with Edge Loyalty in the UK with Cashback cards. Bascially Edge Loyalty does all the marketing and gets a % of the breakage. Reloadable deal will happen in the UK at some point . Will be with a pure on line player - I suspect it will be Bet 365. Locally Ingogo now have 5000 drivers on the Emerchants platform. True leverage was revealed when an investor asked how many more staff they had put on, thinking Tom was going to give a big number. He said staff have gone from 34 to 35 split 50/50 between local and international. As the CEO said to me " it's a true fintech company with very high operating leverage and 2015 is just the beginning" Tom spoke about the culture of the company - staff are very focused and engaged in thier roles - a tribute to Tom's leadership skills. Think of EML as a truly international operation now.