Adv

Repayment of convertible bonds and reduction in liabilities are prudent. However, the company raised equity before listing and has an authorized 72 million share equity incentive plan, which is large relative to current scale and could be dilutive if widely granted.

There is no history of buybacks or dividends, which is appropriate at this stage, but capital intensity is primarily in working capital and go to market. Overall approach is reasonable for a small fintech, but shareholder friendliness is constrained by the need to fund growth.