A few thoughts after this mornings call:

- Tailwinds: Reduction to Job Keeper is likely to increase demand for working capital. 

- Reduction in funding costs to flow through in the next half. 

- Record monthly volumes in December 20 $171m 

Insights:

- Might have a bigger moat than I first thought. When management were quizzed on competition e.g. Thorn group entering the space. Their response was it is a long game to do invoice finance at scale profitably. In fact they bought a invoice finance loan book from Thorn a few years ago. 

- Risk of bad debts in this model is less about the borrower, more about the debtor paying the invoice. (I had previously weighted more to the borrower)

- The integration with brokers and with a platform will help build a moat in distribution.