Earlypay business' sounds similar to what Greensill was doing (supply chain finance) before that collapsed last year.

However, unlike Greensill, Earlypay's core business is invoice finance where they give a service that allows customers to unlock funds from unpaid invoices, thus allowing clients to use some of their accounts receivables as secuirty.

Surprisingly, Earlypay is profitable and is more concentrated around smaller to medium sized businesses. They also have a growing tech platform that appears to be scaling well as they get more clients.

Main concerns going forward from a macro level:

With interest rates going up, will there suddenly be less clients using their service because those clients close down as a result of rising costs and inflation?

How will high interest rates affect margins? (from the Feb 22 call transcript it appears they can pass on any interest rate rise to customers)

All in all, an interesting business but not sure how the macro picture will play out.