I don't know, the industry appears to be over-saturated in my opinion because while there's over 20 million entrepreneurs in the country, only about 3 - 5 million of them qualify for what we offer in terms of a cash advance or alternative business loan.

But because our pricing is significantly higher than a traditional source, the vast majority of these merchants will never consider our product. You can market to them all day long, the significant price for our product will also be the main reason these merchants will not take the financing unless they are in a situation to actually use it.

A P2P type of product (Lending Club, FC, etc) where the pricing and terms are closer to conventional sources, are more in line to attract more attention, but then with those products you are looking at a more conservative underwriting model which will offer much fewer approvals. So we are back to the same problem.

At the end of the day, it appears to me (but I could be totally off here), that we in the MCA space are only competing over the business of 100,000 - 300,000 merchants at any given time.