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 This is one thing that I used to compare pre-covid during pre-covid

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 verse post covid is that what

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 were the numbers before covid the origination numbers

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 before covid? What were the originated origination numbers after covid?

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 You will see that for square and Shopify. The

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 origination numbers are higher post covid than

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 they were pre-covid, which is amazing. Yeah

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 for Shopify in particular their origination

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 numbers increased during covid and

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 that's because they're an e-commerce platform squares did

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 go down during covid and that's

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 because a lot of their customers are in person

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 retailers that have the square POS. Those are

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 the ones that were closed. So they were doing as much lending

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 Shopify was entirely eCommerce. They were a major

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 beneficiary of covid lockdown. So everyone was

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 ordering everything online and so their loan and MCA

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 origination volume shot up. Both of them

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 are now doing more volume in mca's and

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 loans.

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 Then they were before covid even

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 happened.

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 So here we went through the worst thing that could ever be imagined in

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 the small business finance ecosystem where the businesses

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 themselves are shuttered and what has happened.

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 Both companies are now doing more volume. I although

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 I will acknowledge that Shopify stock

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 has plummeted just in the last few days

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 or so. If you take a look online, you're going to

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 see a lot of the you know, they're gonna see a lot of red ink on the

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 stock chart, but in terms of the loan origination volume,

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 which is what I really like to look at. Yeah Shopify the big

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 eCommerce platform, so I'm not gonna analyze them with an e-commerce platform

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 because I'm not a stock analyst. I'm not an e-commerce analyst but

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 the loan origination volume NCAA origination volume for

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 Shopify. Particularly Shopify Capital. That's

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 where the division is called. Those numbers have increased. Yeah,

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 so, you know specifically speaking about mca's

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 when we see

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 numbers like this. What does it mean for our like the MCA space?

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 I mean it clearly I mean they're using this

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 in the MC space also. So what is what is

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 something?

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 Like obviously something good. But I guess would

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 you be able to help us understand a little bit more of

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 what that means? Yeah. Okay. So, you know

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 this kind of question. I feel like I came up on on daily funder

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 recently because when you hear about these large

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 origination volumes from these huge tech

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 companies,

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 I think some people get afraid that they're cannibalizing the

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 rest of the market and if you're a small player.

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 Well, you're obviously you're eventually going to get

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 run out of the business buy one of these companies. Yeah,

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 you're a customer potential customer is going to go to you know

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 a square this Shopify capital or a PayPal.

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 This is obviously a lot of others. Yeah out there,

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 but I think the flip side of

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 that is

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 And this was said in the daily funder Threat by I

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 can't remember who posted it. But I think they're kind of right is

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 that it's actually normalizing to

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 some extent. Yeah, the mechanism for

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 how these products work because

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 Shopify is taking a percentage of future sales right square

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 is taking a percentage of future sales. And

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 so if you've used those products and then you work

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 with ABC code based in Brooklyn that has five guys

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 and and like well, how did this work? They say hey,

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 we take a percentage of future sales. So like oh I get

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 that. Yeah, I use that at one of the large companies. And so I think

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 what's happening is I think it's it's normalizing. It's

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 normalizing the mechanism and

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 the methodology of financing that's available.