Emmanuel Chalit

So that's one of the ways we drive that engagement is to tell them, now you can go get these passwords because they sit in your browser.

And actually, it's a good opportunity to remove them

from that browser where they're not secure.

Think about a quarter million.

Today, think about 50-50.

Well, more and more because the challenge we have to address is very simple.

Today, the vast majority of individuals know about the problem, the pain points related to digital identity, but they don't even know that there are solutions.

Our biggest competition is do nothing or it's an Excel file or an Evernote note, which is a terrible idea.

most people don't know that there is a solution.

That is why, as the leader in this market, we have to invest more and more aggressively to educate consumers, to educate businesses about the fact that there is actually a solution.

Today, you can think of us as spending, we are below a million a month, but that number is quickly growing.

It's closer to a million than 500K.

So we have raised two types of capital.

We have raised equity in the past.

We did three rounds of equity for a total of 54 million.

But we have a business now where essentially

the use of capital is largely user acquisition.

And because of the incredible retention characteristics we have, because of the high predictability of our cash flows, we are actually able to fund the business with debt.

which is much more attractive from a cost of capital standpoint, from a dilution standpoint.

So I won't go into the details, but today we have the ability to raise significant amounts of debt to accelerate our growth because that capital mostly goes to our user acquisition and we have very short payback times.