TS Anil

And we pulled out of that process when it felt like regulation there was unlikely to grant any fintech players licenses. So we pulled out of that process. That was the sort of first version. Was it the right decision to pull out? Oh, totally. Because I mean, nothing has moved on the regulatory front on that in the couple of years or three years, even since we pulled out.

And we pulled out of that process when it felt like regulation there was unlikely to grant any fintech players licenses. So we pulled out of that process. That was the sort of first version. Was it the right decision to pull out? Oh, totally. Because I mean, nothing has moved on the regulatory front on that in the couple of years or three years, even since we pulled out.

So yeah, that was absolutely the right decision.

So yeah, that was absolutely the right decision.

So yeah, that was absolutely the right decision.

Because we're not looking to go in with a banking license. The US fintech industry has this well-established model of a partner bank, a sponsor bank, and most of the US fintech industry operates with that model. That's what we're doing.

Because we're not looking to go in with a banking license. The US fintech industry has this well-established model of a partner bank, a sponsor bank, and most of the US fintech industry operates with that model. That's what we're doing.

Because we're not looking to go in with a banking license. The US fintech industry has this well-established model of a partner bank, a sponsor bank, and most of the US fintech industry operates with that model. That's what we're doing.

So working with a partner bank and building out product for the customer and focused on the things that we do really well, which is work close to the customer and nail what will help them make better decisions. Why has no one won the US yet? It's interesting, Harry. So I've spent a lot of time looking at talking to different US fintech companies. There's lots of hypotheses. I have a couple.

So working with a partner bank and building out product for the customer and focused on the things that we do really well, which is work close to the customer and nail what will help them make better decisions. Why has no one won the US yet? It's interesting, Harry. So I've spent a lot of time looking at talking to different US fintech companies. There's lots of hypotheses. I have a couple.

So working with a partner bank and building out product for the customer and focused on the things that we do really well, which is work close to the customer and nail what will help them make better decisions. Why has no one won the US yet? It's interesting, Harry. So I've spent a lot of time looking at talking to different US fintech companies. There's lots of hypotheses. I have a couple.

One is too much cheap capital chasing US fintech. Because what that I think ended up doing was create a context where most fintech entrepreneurs felt like they were being incented to grow users. And the number of businesses that we look at in the market, which is a mediocre product, sort of fueled by CAC marketing dollars, but the actual business, the actual product doesn't resonate.

One is too much cheap capital chasing US fintech. Because what that I think ended up doing was create a context where most fintech entrepreneurs felt like they were being incented to grow users. And the number of businesses that we look at in the market, which is a mediocre product, sort of fueled by CAC marketing dollars, but the actual business, the actual product doesn't resonate.

One is too much cheap capital chasing US fintech. Because what that I think ended up doing was create a context where most fintech entrepreneurs felt like they were being incented to grow users. And the number of businesses that we look at in the market, which is a mediocre product, sort of fueled by CAC marketing dollars, but the actual business, the actual product doesn't resonate.

The actual product is not doing what they want it to do. And the monetization is coming from early wage access or some like one piece of it, as opposed to all of the other sort of talk about the business is staggering. So I feel like money chased the wrong things and people sort of built businesses that were sort of CAC fueled businesses in effect. But there's another reason, right?

The actual product is not doing what they want it to do. And the monetization is coming from early wage access or some like one piece of it, as opposed to all of the other sort of talk about the business is staggering. So I feel like money chased the wrong things and people sort of built businesses that were sort of CAC fueled businesses in effect. But there's another reason, right?

The actual product is not doing what they want it to do. And the monetization is coming from early wage access or some like one piece of it, as opposed to all of the other sort of talk about the business is staggering. So I feel like money chased the wrong things and people sort of built businesses that were sort of CAC fueled businesses in effect. But there's another reason, right?

Which is US fintech has been a developed industry for a while. In being a developed industry for the last couple of decades, what you have is really great fintech companies that have solved thin slivers of needs, right? So for P2P, there's a Venmo or there's a Cash App. For point of sale lending, there's someone else. For something else, there's someone else.

Which is US fintech has been a developed industry for a while. In being a developed industry for the last couple of decades, what you have is really great fintech companies that have solved thin slivers of needs, right? So for P2P, there's a Venmo or there's a Cash App. For point of sale lending, there's someone else. For something else, there's someone else.

Which is US fintech has been a developed industry for a while. In being a developed industry for the last couple of decades, what you have is really great fintech companies that have solved thin slivers of needs, right? So for P2P, there's a Venmo or there's a Cash App. For point of sale lending, there's someone else. For something else, there's someone else.