Thanks ambitious.1 for the opening post.  Definitely agree with...

Thanks ambitious.1 for the opening post.  Definitely agree with your sentiments here. The fact that WZR is already listed and available for investment from the general public will one day be worked out by the market and the market price reflected correctly.  As you quite rightly point out, both Society One and WZR are similar businesses, with WZR rapidly gaining ground.  But their valuations are miles apart.

Also, if Society One did IPO, the valuation would have to be significantly higher than their last round, otherwise why bother.  Could Society One list at a $400M valuation with one of its closest competitors remarkably less valued on a loan origination basis?  Also, it may be useful to draw out the differences between the two companies, especially in terms of their respective technology platforms and product sets.  WZR seem to be drawing well from their technology base recently with a host of new products and services.  Which company is better placed to adapt to the ever-increasing changes in the future credit market?  Society One may be well funded, but that doesn't necessarily mean they are any more capable other than perhaps a bigger marketing budget.

Irrespective,  I think WZR are well placed in 2019, and I can't see the existing valuation staying where it is for much longer.  Hopefully this is confirmed in the next quarterly update if the loan growth momentum continues.