Summary
[Your thesis in two short paragraphs.]
How Payments Businesses Make Money
[Take rate, volume, cost per transaction and what drives operating leverage.]
How Lenders Make Money
[Yield, cost of funds, credit losses and the resulting risk-adjusted margin.]
| Driver | Payments | Lending |
|---|---|---|
| Revenue Driver | [x] | [x] |
| Key Cost | [x] | [x] |
| Key Risk | [x] | [x] |
Valuation Implications
[Which multiples suit each model, and what a fair comparison to listed peers looks like.]
Key Risks
- [Risk One]: [Explanation.]
- [Risk Two]: [Explanation.]
Sources
[Published annual reports and regulatory filings used; dates.]