Jeff Goldenberg

For sure.

So Borrowell is a marketplace lender.

We compete.

So in Canada, we don't have the fintech revolution that you guys had six or seven or eight years ago when companies like Lending Club and Prosper really took a huge bite out of the traditional banking system.

In Canada, we have a big five banks that owns most of the business.

So what Borrowell is just trying to do is we offer online loans to high credit Canadians just as an online and convenient option to the

to the big banks.

Well, we're an extremely data-focused company, and that's what makes our marketing team really good.

We basically have a culture of data where everything needs to be backed up by data, and we study the funnel every which way till Friday.

And we do our marketing on a one- to two-week basis, so we have a highly experimental marketing regime where we're not buying three or six months in advance.

We're studying all the metrics and finding out what converts the best and the correlations and what cohorts...

of potential customers are the best.

So we don't really have one specific one.

Although when you're an early stage high growth company, CAC or cost of customer acquisition cost is really sort of the key metric because you want to grow really fast, but you also want to be declining what it costs you to acquire a customer at the same time.

And when you think about it, that's really like conflicting goals to grow as fast as you can and to become as efficient a marketer as you can.

But high growth, early stage companies that are looking to raise VC capital are asked to do just that.

So it's very challenging.

Yes, that's really interesting.

So if someone comes to our website, they fill in an application, a percentage of them we make offers to, and then a percentage of the people we make offers to take a loan.

I think an interesting point in the funnel to focus on is a cost per offer, how much it costs us to generate an offer to someone that we're able to do business with.