• Growing revenues for lending businesses is easy. Growing while maintaining low loss rates and high repayment rates is much harder
• E-commerce businesses are easier to launch, but harder to scale. Whereas marketplace businesses are hard to launch, but have significant benefits (network effects) at scale
• D2C businesses tend to trade at much lower revenue multiples than SaaS
• D2C businesses can sometimes cap out at $15 - $30M of revenue as CAC starts to blow out and competition intensifies
• The biggest problem with selling to SMBs is acquiring them (cost effectively)
• CAC for consumer is difficult
• Hard to invest pre-traction for consumer