I think during your time there, they also tried to do another U.S. acquisition, right? I think they tried to acquire Sezzle. So they had already acquired QuadPay. Was the idea to continue expanding their presence in the U.S., or what was the rationale behind acquiring Sezzle?

In the game of consolidation, it's not just about gaining more consumers; it's also about accessing more retailers or businesses adopting the buy now, pay later solution. Sezzle had done this well, with a lot of loyal customers. We believed that acquiring them would help consolidate efforts. They were smaller, and the opportunity seemed right. There was a strong connection between the founders of Sezzle and Zip, and the conversations went really well.

Yes, that's actually really helpful and gives us several jumping-off points. One question I had is about the integration work when vetting QuadPay and Sezzle. Both businesses already had their customers and presumably built models to predict borrower behavior. At the same time, Zip might have had its own models. From an integration perspective, how did Zip approach this? Was the idea to acquire these companies and have an additional library of predictive behavior to access, or was it to acquire them but use Zip's credit or borrower predictor systems? How did that work?

There are many things to consider in this acquisition. At face value, the relatively easier part is that by doing the acquisition, the customer lists are combined. Our clients and the number of customers transacting get consolidated into one bucket, increasing the opportunity for transactions and revenue.

I wonder if Sezzle might be more male-oriented, which could be due to Sezzle having more retailers who sell video games or similar products. Would that explain why?

These customers start as Best Buy customers but also become Zip customers. Once they're in the Zip ecosystem, it's a valuable customer acquisition tool. We can then introduce them to other retailers for different purchases, like fashion or car accessories, not available at Best Buy. Understanding the retailer's perspective is crucial because it's a customer acquisition tool. We had Best Buy and Newegg, both electronics retailers. As you bring more electronic and gaming retailers, you tend to skew more towards a male demographic.