Yeah, you know, we're definitely helping these companies scale quite a bit. Not only are we decreasing their cash conversion cycle so they could just build cash on their side, which is important to them. If we can actually get these customers to a negative cash conversion cycle, then cash will just build. But I think more importantly, we're able to double to triple the company's revenues. And then, you know, company could either take that money to reinvest, or you could parlay that into raising a larger venture round, which then they could hire more people, potentially introduce new products, and continue building the brand out there. I think that's definitely the best feedback we've gotten.

And in some cases, customers have staved off venture capital completely, because like, hey, now I don't need to raise money for inventory or for marketing. So I could use this debt solution/ working capital solution to meet that, and I'll never have to raise another venture round again. And thus, I could keep more ownership of the company. So it just really depends on the route they want to take to grow their company.

The other thing that we noticed was consumer behaviour changed, which was really interesting. Some of it was taking the subsidies and doing this, some it was taking the payment holiday and doing this, and some of it was just people doing it on their own: but we've seen the largest stockpile of cash going into bank accounts that we've ever seen, of just new deposits that came in over COVID. And so there's this big pot of cash that consumers are holding onto right now.

And I think the provision for credit losses that most of the banks had forecasts through COVID were relatively high and nothing came to fruition, right. They didn't see the link. And in fact, delinquency rates have been dropping, even when deferrals ran off as the freezes expired. We thought, well, you know, the people taking deferrals are probably the people that need it. Once they don't have that option anymore. We're gonna see delinquency rates amongst that population increase... and it didn't. So it did, it's increased slightly, but not to the levels that we had thought. And so I think lenders looked at that brand. And they just said, No, we're ready, we're ready to jump back in and you know, ourselves from a supply perspective, we tighten the reins, you know, it was prudent from a risk perspective what we did, but we're ready to start to get back out and you know, reengage with consumers and lend.

… one of the reasons that immigration is so essential to the US economy and to the US labour force is that our domestic population is not replenishing, our birth rate in this country is no longer outpacing the demographic shift as the older generation exits the labour force. And what that means in terms of US population growth is that today, immigration drives over 50% of the US population growth...

There are more people today that move to the US than there are people who turn 18 and enter the financial system… and so not having a dedicated strategy for how to attract and retain the recent immigrant segment is a formula to demographically lose market share over time.

I think the unprecedented level of government support and the way that lenders and consumers alike have been able to help keep the ship afloat, mean that it definitely could have been a lot worse than what we've seen up to date. But to your point, there are still plenty of consumers, hurting out there, and hopefully are getting that assistance as they need it.

So we actually as home prices started coming back up, we saw that consumer started reprioritizing their mortgage ahead of credit card. And what we saw, you know, actually starting back in like the first quarter of 2017, we first see that mortgage overtakes auto as the primary payment. So the phenomenon of mortgage becoming the highest ranked actually started well before this pandemic. And then what we saw in the pandemic, was the separation between auto and mortgage delinquency got even bigger. It's likely due to a number of factors, as we talked about the accommodations, for sure, you know, suppressing that delinquency, but also, you had so many people now working from home that they had to protect their home, they might be willing to maybe let one of their autos go, because they weren't going anywhere, you know, and people weren't taking road trips, and they weren't worried about their car, they had to make sure that they had a place to work that coupled with the home price index in the US.