Alex Bean

That's a damn big range, but okay.

More than a billion, less than 10 billion.

And then I guess, can you maybe just so I can quickly understand this.

So last 12 months, if you guys look at your total revenue, just give me percentages, what percent would you say is credit card versus paid software versus your credit fund returns?

Almost all, I would say majority of that is on interchange.

Oh, wow.

So really, it's mostly credit card.

Interesting.

I was thinking you might have said that there's actually a massive balance sheet business here because you have unique insights and data you can underwrite better than anybody else.

Yeah, there's definitely elements of that.

But even if you talk to Brex and Ramp, you're not making most of your money on that, right?

Because again, underwriting just minimizes your losses.

It doesn't actually add you.

If you're really good at underwriting, it doesn't add revenue.

It minimizes your loss rate.

Well, I mean, so look, I mean, there are cabbages, you know, cabbages of the world, right?

That play in this space, right?

Which it's a, it's a purely balance sheet business.

You drive your cost plus one or two, you have underwriting, you do deals, SMBs at a 35% effective APR, you make a big spread.

Yeah.