Partner, United States, Australia discussed on Bloomberg Markets

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Up front the customer pays four payments of fifty dollars every two weeks so they get the puck straightaway way pay the retailer next day and we take all the risk and they pay no interest i pay no interest so the retailer pays us a small fee transaction shifted the economics in favor of the customer so we charge the retailer which means a customer combined their favorite products in pay nothing extra this is my husband's worst nightmare lavery exactly but where do you getting all this money nick so as you mentioned we're we're listed on the australian stock exchange we've had a pretty amazing ride so we raised our first round of money two and a half years ago we had less than ten retailers and a couple of thousand customers we've now got fourteen thousand retailers we bring live about thirty businesses per day we protest one in four online fashion transactions in australia so we've grown really fast we have raised both money privately and then listed on the stock exchange and then partner with some of the biggest banks in australia go ahead all right here in the united states is that right will wear a whollyowned subsidiary looking at so tell me the united states market different from australia or not necessarily we've gone on an adventure to learn a lot about particularly millennials in the us market and what we found is that they're largely similar the most interesting thing is that two out of every three millennial do not own a credit card so post global financial crisis out of three millennials do not own a credit card a lot of apps rate that they're doing everything athletes they used to direct debit they used to today subscription models eighty five percent of our customers use debit cards not credit card.

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