Sebastian Siemiatkowski

So at some point of time, I started thinking, wow, you know what?

We're actually doing lending.

What does that mean?

What does it mean for consumers?

What does it mean for their financial life?

What's the implications of this?

And at that point of time, I thought to myself, okay, there's two things I can do here, right?

I can either sell this business and say, oh, shit, we're making a little bit too much on interest and late fees.

Let's go and do something else.

Or I can try to change this.

And one of my co-founders left at that point of time.

But I said, no, I'm going to stay and I'm going to make the change.

And I realized that the buy now, pay later credit offering is a healthier one than your credit card.

Like on your credit card, you put all your spending full month on that.

And then the bank tries to push you to revolve.

You build up a balance of a few thousand pounds or dollars, and then you pay very high interest.

So I was like, but I remember when I worked at Burger King, it used to be like press one for debit, press two for credit when I would swipe my card.

And so like, where did that go?

Well, banks didn't like it because the problem was if you were pushing debit now and then, your bill at the end of the month was much smaller and you were less likely to revolve and borrow money and they would make less money.

So they removed the debit button.