Good afternoon. Welcome to the MoneyLion session this afternoon. I'm John Hall. I'm the Vice Chairman of Investment Banking. Been a fintech banker for a long time. Pleased today to have Dee Choubey, who's the Founder and CEO of MoneyLion, along with Rick Correia, who's the CFO, who's right there. Why don't you raise your hand, Rick, in case people... Yeah. Thank you. As many of you know, MoneyLion is a digital banking platform with a unique and visionary business model, which we'll spend some time talking about, offering consumer and enterprise solutions, which is not your typical construct. The company is headquartered in New York City, went public through a SPAC merger in September 2021 and here we are today. Before we jump in to our conversation, I wanna congratulate both Dee and Rick and the team overall for a tremendous performance that has exceeded both expectations and their guidance. In the last two quarters, they've grown respectively 71% and 34%, added over 1 million customers in each of the last two quarters, for now they have a total of almost 8 million, and they had their first Adjusted EBITDA positive quarter in the last quarter. They have exceeded it, and having worked on this SPAC, I can tell you they've exceeded their own expectations in terms of what we thought they'd be able to do. It's a tremendous performance. Let's start off talking more general in terms of the vision and the concept for the company. You guys have a tagline, which I noticed recently, "Rewiring the financial system so everyone can live their best money life." What does that mean? Particularly, what does rewiring mean? Yeah. Well, John, first of all, thanks for having me, and thanks for JP Morgan's support over the years. Look, you know, we've always been a mission-driven company here. You know, when we think about traditional financial services, anytime you have a downturn, it's the average American consumer that pays the price. When we started the business in 2013, it was really on the heels of the last credit crisis. The money center banks coming out of 2008, 2009, were really figuring out how to deal with the American regulators' part of their capital structure. This was Chase all the way down to the community and regional banks. The opportunity that we saw and the problem that we saw in the market that we wanted to disrupt, using technology and using the latest and greatest innovations, was to give more empowerment to the American consumer. When we say rewiring the financial system, we're talking about a paradigm shift. We're talking about how do we get personalized financial services down to the consumer that's a gig economy worker, the teacher, the cop, the union worker, all the way up. We always say that 99% of Americans should be a client of MoneyLion. When we say rewiring the financial system, it's really to be pioneers in using data-driven technologies, data-driven approaches to give superpowers to the consumer every day across financial inflection points, whether it's a time of excess, when they make more money than they're spending, or whether it's a time of need, when they need to really smooth their earnings from one period to the other. Talk a little bit about that vision in the context of what you've got at this two-sided marketplace of a model now serving both consumers. Yeah. enterprises. Maybe you can talk a little bit about that, and then we can dive in a little deeper on the two lines of business. Yeah. You know, I think to really get an appreciation for why we have a consumer business and why, you know, we're really pushing hard on the enterprise side, the B2B2C side, if you look at our evolution, we started in 2013, with a simple algorithm, and that algorithm could predict when consumers would have money and when they would run out of money. Around that, the first product we built with five people in the room, it was a typical startup strategy. It was never up and to the right, but it was typical in the sense that, you know, we wanted to compete with Chase and, you know, when you're young, you think that you could do that. It was a once in a lifetime opportunity where the hood of the car of American Financial Services was open. Chase was distracted, Capital One was distracted. The early idea was we can use the proliferation of data. Data is being generated by your utility bills, it's being generated by your car, it's being generated by, you know, all the signals that you're getting from your mobile device. Our idea was we're gonna use all those signals to create, you know, a better lending product for the consumer, a better digital bank product, better investing, better roundups, better, the entire panoply of financial features that help you live a better life. That was the early thesis that, hey, we're gonna be that digital bank, that neobank. When we went public in 2021, what we saw from a market structure perspective was that hundreds of millions of dollars were going into acquiring customers, right? we made a very concerted decision that instead of buying up TV ads or, you know, naming stadiums, MoneyLion Stadium, as much as we'd like to do that, a better approach would be to actually provide the capabilities that we're using for the digital bank from a microservices perspective to be able to provide that across the internet. We acquired a company called Even Financial. Even Financial is a piece of technology that allows any website to really compete with Credit Karma, NerdWallet, LendingTree, and the like. That business sees anywhere from 20 million-30 million consumer inquiries in a quarterly basis. In real time, we're matching them with the Chase credit card, the personal loan, SoFi, LendingClub, LendingTree. They're all clients on the demand side. What we're able to do with that connectivity by providing that service throughout the internet is we're also able to put that into the consumer proposition. If you look at the MoneyLion consumer app, it's one of the most powerful, fully built super apps in America, maybe even the world. We're not going to be building every single financial product. We have digital banking. We have the entirety of wealth management from stock trading to managed portfolios to crypto. We've done a lot of work on the content side. If you download the app, it's every money-adjacent conversation that happens on the internet, we want that to happen on the MoneyLion consumer side. We knew that we weren't gonna be able to build out full-service insurance, full-service HELOCs, full-service high-yield savings accounts. What we do now is we take the products from, you know, seemingly our competitors or seemingly other participants in the market, and we play the role of Switzerland, and we say, "Okay, we wanna do what's best for the consumer." Again, goes back to rewiring the financial system, mission-driven. We wanna basically say, "Whether you take our product or not, we want you to have the best end outcome." And with that philosophy and with that mission, the two-sided approach allows to keep our CAC downs. If you look at the most recent quarter, we were able to acquire customers for under $15, which if you can, you can compare that across fintechs, you can compare that across digital banks, traditional banks, it's going to be industry-leading. We get that paid back within 3- 3 and a half months consistently now across cohorts. It does work. You know, now really the challenge for us is to scale it even more. From a business model perspective, I think we've done a good job in changing the narrative of not being as capital intensive as some of our competitors and some of our peers in having to spend hundreds of millions of dollars or more in acquiring consumers on a yearly basis. We have a differentiated approach to customer acquisition. When you think about your competition- Mm-hmm. Competition comes in many different forms and flavors here. How is there anybody who comes close to the approach that you've taken? I'm not aware of anybody, does it... I mean, just to give the audience some sense of when you look at your peers, who do you watch most careful closely? Yeah. Look, I think over the last 10 years as we have built the platform, we've always admired, you and I have had this conversation, we've always admired, just on the consumer side, the work that a lot of the Asian apps have done, right? When Rick and I over the years when we were raising venture capital and when we went to VCs and we said we have this, you know, ambition to create a super app, the reason we said that was we understood that consumers think of their lives holistically. They don't think of it as a debit card or a credit card, or I wanna invest today. They think of it, holistically, that I wanna earn more, I wanna spend less, and I wanna save more, right? The idea of building that super app was not a popular approach here in the States. You can debate that multiple times over. You have to look at a lot of the Asian applications, right? You have, you know, of course, Tencent, WeChat. I think now it's becoming- Ant and Alipay Alipay. Ant Group. Exactly. If you look at the last two years, you see that everyone now is converging back to the strategy that we were expounding for the last six or seven years, right? You see PayPal, you see others. Klarna. Klarna, right, going back into realizing that customer acquisition is super difficult. It's even more difficult to take that customer that you acquire and make them into a loyal user. It's likely that a very small set of your loyal users are the ones that are most likely to take your second, or your third, or your fourth product. Therefore, you need the ability really to expand that lifetime value to go up there. You know, the other on the other side, we think of ourselves as an insights and data company that happens to have a monetization angle through digital banks, right. If you think about, you know, we actually look to data companies and insight companies for what we wanna be in two years, in three years, in five years, right. You know, who's done a really good job at that? You think about, in the financial services space, people like Intuit, you know, that are able to take inferences that they get from their tax business, they're able to hit the consumer at multiple times across the year. We have a similar way that we've set up our business between our consumer app and the fact that we see 30 million+ inquiries every quarter. Over the next couple of quarters, we'll have seen 100 million Americans come through our system. That data set is incredibly valuable, right? We know exactly where they're living, how much money they're making, whether they're working at Amazon or Walmart or IBM. We know what type of cars they're driving. We know what they're purchasing next. We have over 20 million bank accounts linked to our system, right? We have our own bank account that generates billions of transaction or insights. Our ability to match that together only but creates a distance in our ability to provide the next best option to that consumer that, you know, why is it important to do it? Ultimately, you know, it just increases the lifetime value even more. They trust us even more with the next financial product that they wanna consume. We are agnostic, whether it's our first party or it's one that's offered by one of our marketplace partners. Let's talk a little bit about the customer base and how do you measure engagement, because one would be number of products, number of the kind of revenue they're generating, but what's the best way to think about engagement? On the consumer side of the business, which again makes up just over 60% of our revenue mix, that has very traditional KPIs that we look at, right? These are, you know, you can go on first financial accounts. These are, you know, customers that are taking our banking products, our investing products. They're coming into our capabilities every day. You know, our message to them is that this is what a bank would not do, right? This is a daily destination for money-adjacent conversations. That part of our business has typical daily active usage metrics, monthly active usage metrics, and, you know, we're top of the class in how we measure or how we stock up on that side. On the enterprise side of the business, we're matching leads, right? Every day, people are starting their journeys from anywhere on the internet, could be CNBC, Forbes, all the way down. We have over 500 supply partners, publisher partners that we provide monetization as a service. They get through the funnel, we're able to instantly match them with personal loans, credit cards, HELOCs, high-yield savings, auto loans, insurance products, and that generates an entire funnel of consumers that come in as well. Together, that makes up our, you know, monetized total customers on a quarterly basis. Do you measure number of products per customer, and has that Pre-enterprise marketplace and then post-enterprise marketplace, what do those comparisons look like? We do. You know, one of the statistics that have remained fairly consistent pre and post have been the fact that when we acquire a consumer, when we acquire a customer, we're able to get them to engage with at least 2.4 products over the course of. You know, that's a very pre-precise number because that's the number we can point out from our last release. We've done actually a good job of getting that consumer to open either a bank account, monetize the marketplace, take an Instacash product, invest with us, round up with us. All of those capabilities have actually gone up over time. If you look at our total product per customer, we're industry leading in that aspect. How many products between first party and third party do you roughly offer? Oh, wow. look, I mean, We think of third party as one discrete offering, right? Oh, okay. Inside of that third party, you could have N number of products, and that's dynamic, that's changing all the time. In fact, one of the things that we're super proud of is on the enterprise side, you know, we were not immune to the pullback last year on the advertising side of the marketplace. A lot of our monetization was coming from personal loans. Of course, as we saw interest rates rise precipitously, not only were the lenders impacted, but the American consumer who's before getting a 9% personal loan for a $50,000 loan to redo their kitchen, that interest rate all of a sudden increased to 15%, 16%, or 17%. Not so attractive. A lot of the substitution effects played out in the sense that personal loan demand went down. We were able to replace that personal loan demand with high-yield savings, with HELOCs, with other products, right? That were made available in the market. We think of that as one asset class. When we say 2.4, 2.5, 2.6 products per customer, it's our banking product that consumers usually come in for. We try hard to get them into that product. They may take one of our credit products. They may take one of our membership products, investing, and then we cross-sell them with a lot of these insights that we know about that consumer at the right point into our marketplace. How many of your banking account clients actually have direct deposit these days? Yeah. look, I think that that is a very traditional KPI in terms of looking at our types of businesses. you know, as you know, we don't disclose that. you know, from just a general perspective, from a framework perspective, you know, we think that the bank account plays the role of a wallet in our ecosystem, and a third of those consumers will use it as their primary bank account. the two-thirds that don't use it as their primary bank account, they are still incredibly valuable because they're using it as a supplementary bank account. They're using it to pay friends. They're using it for their secondary spend card. That's generating not only revenue streams for us, but it's also generating a lot of signals from a data perspective that we're then able to use for cross-sell into the marketplace or into insights or content. I mean, we haven't really talked about the content part of the business. We'll talk about that in a second. All of it really plays in to provide a feedback loop back to our enterprise clients as well in terms of where they should be positioning their products in our marketplace. You spoke about this, but let's just spend a little time on it. The whole game of conversion and adoption and keeping people in the loop and cross-selling is not a trivial matter. You guys have a very interesting kind of lifecycle strategy. Yeah. Maybe you could spend a little time on that. Yeah, look, I mean, I think, you know, it's financial services. It's really hard to convince a very evolved American consumer about switching their bank account or trusting any institution with their money, especially let alone fintechs or digital institutions. You know, we've made a lot of investments in that area. We acquired a media company, so we actually have our own studios in on the East Coast as well as in Los Angeles. We have our own creator network. We have our own talent representation capability. The reason to do that is really to use the athletes, the influencers, the celebrities that everybody's used to seeing on their Instagram feed. They all have money lives and money conversations. What we have found is that when we can be really authentic with our consumers on talking about the really hard money matters, if you think about some of the most disadvantaged communities in America, you know, Kevin Garnett's a spokesperson for us and, you know, we had a conversation with him, and he still reminded us that when he grew up in South Carolina, there is such a massive distrust for traditional financial institutions in a lot of communities in the United States that we take for granted in Boston and New York and San Francisco or L.A., that requires a demystification. So our ability to have our own storytelling capabilities, our own content production capabilities, allows us to be really authentically involved in money conversations. You'll see us doing a lot with high school athletes, with college athletes. You'll see us really being a embedded persona, if you will, in sports. There's a reason why we do that. The reason to do that is to actually be partners with a lot of these athletes that then go to our consumer base and talk about the first time they made their first $10,000 or their first $100,000. They talk about their mistakes, right? We have a whole series with Kevin Garnett, who talks about how he lost $200 million of his NBA. At one point he was one of the highest paid NBA athletes. Mm-hmm. Everything he just about made, he lost in an accounting scam with one of his tax guys. The reason that's important for the person using our mobile app or using our network is they know that they're not alone in that journey. They know that there are people to learn from. And what it really does from our perspective, why do that, it increases the trust. You asked about direct deposits. You asked about how, ultimately, how penetrated are our products. Doing that in an authentic way increases our engagement and retention with our consumer base, ultimately driving up share of wallet and ultimately driving up the number of times that consumer comes back to us to trust us with the next recommendation. Are you using the content platform solely for your own benefit, or are you also selling it to third parties? Yeah. I think the big part of our strategy is, anything that our consumer business uses, we want to productionalize that, commercialize that for the use of the entire network. Network defined as your enterprise partner. The network are the 1,000 two-sided clients, right? On the one side we have suppliers, again, it's the CNBCs, the Fortunes, the Forbes, all the way down, and on the other side it's 430 plus financial institutions. Community banks, regional banks, fintechs, specialty finance companies, insurance companies, asset management companies. Just like we're able to produce content for MoneyLion. You can create content for them. ... that content can be used for the asset manager, right? For. We've done this across the board. You know, how do we tell authentic stories for, you know, for people like Amazon, IBM, KPMG, all the way down to, you know, the SoFis of the world, right? If you think about it from who's consuming our capabilities, we enrich all of those interactions with our data. Because we're seeing billions of transactions, because we're seeing purchasing, you know, we know exactly how many tacos get eaten in Texas, how much gas goes in the cars in Ohio, we're able to really put that data together, anonymize it, and help the people, help our enterprise clients actually pick the right performance management. If you think about, you know, what's happened with Apple, it's really hard now with the privacy settings to get attribution on marketing campaigns. Right ... because those networks have become super closed loop. We're now seeing a lot of success in helping just the same CAC advantage that we see on the consumer side. Yes We're now starting to help our enterprise clients with the same capabilities, whether it's digital display, whether it's retargeting, whether it's remarketing. We wanna change the way that we're perceived in the market. You know, one of the, one of the disappointing or one of the frustrations that's been since we've been public is we get bucketed that MoneyLion is just a neobank. MoneyLion is just a digital banking institution. We are so much more than that because of the billions of insights that are being generated, the transactions that are being generated, that we can then package into either physical content across social channels, across DSPs, across, you know, all advertising realms, as well as the leads that we're providing to help really large institutions in America meet their new inventory goals. What are the revenue streams in the enterprise business? The enterprise business makes up about anywhere, depending on the quarter, there's some, you know, cyclicality in that business, 45%-55% of our revenue. Roughly half the business. Half the business. That's a good way to look at it. At least in steady state it'll be half the business. Predominantly, there are demand partner fees, you know, the lenders and the financial institutions pay us a monthly recurring fee to use our technology. For that technology, they get what we call the Command Center, and those are best in class analytics to help them manage their funnel. Every time there's a match on our network, we share in the spread there. A simple example, if we bring a consumer in from cnbc.com that takes a $10,000 personal loan, we get anywhere from $100-$300 on that transaction. We'll split anywhere from 40%-90% with the publisher, depending on the deal that we have, depending on, you know, the nature of the contract, and we'll keep the rest. We'll keep the spread plus the demand fee that's generated from the financial institution being on our network. Then of course, in the enterprise line, you'll also see, you know, the content that we're producing. Uh-huh ... and some of the affiliate fees that are being generated as well from that. From that. We have about 10 minutes, but I thought I'd just open it to the floor. I've got more questions, but is there anybody who would like to ask a question? Can you just, let us get you a mic, 'cause that way everybody can hear you. Can you just talk about, like, the balance sheet? You know, the risks you're taking there, you know, maybe two very different businesses, one media business, one- Yeah. How do you kinda think about those two? Yeah, no, that's a great question. I think the question was just kind of talking about the balance sheet. On the consumer business, just by way of background there, you know, we have a very successful and popular product called Instacash. It's our earned wage access product. We think of that as a payments product. Last quarter, we just did over $500 million of originations on that. Most of the capital that's needed for the Instacash product are provided by third-party warehouse facilities. If you look at the investor presentation that we just put out for the last quarter, there's a page, I don't remember, Sean, the page, exact page, but we can get that to you at the end of this. That actually illustratively shows our balance sheet, as just if we were a technology company plus the SPVs and then consolidated. What that shows you is that we take very little credit risk, if any, on the originations part of our business. If you take that originations piece, it's consolidated for GAAP purposes, so it looks as if we have leverage on the balance sheet to finance those very fast-turning Instacash receivables. The fact of the matter is, the recourse of that is held by third parties consolidated for GAAP purposes. From a liquidity perspective, you know, I think it's really important to know that, you know, we took advantage of the SPAC market, and we raised a significant amount of capital there. As John mentioned earlier in the conversation, that we have been managing that cash balance with a lot of precision. We, you know, we understand that the regime has changed. You know, we were ready to operate in a model to grow really fast at all costs. Now we've really pivoted the capital allocation to grow in a way that's really emphasizing the places where we're super profitable. That's showing up in the numbers as well. We feel really good that the cash that we have, it's about $110 million of cash plus a significant more that's in flight, that that gives us ample liquidity to, you know, get to fully adjusted EBITDA positive on our way to free cash flow generation, on our way to GAAP net income positive. Any other questions? Okay, we can come back and ask some more. Talk a little bit about your financial profile. I mean, for people who don't know the business in terms of size. Yeah. -in terms of revenue growth, margins, break even, things like this. Yeah, you know, I think the, you know, we get lost a little bit sometimes in just kind of the regime shift and kinda what's happening in the markets. You know, we're super proud of the scale that we've been able to develop. When we took the company public, the business used to do $76 million of revenue for the year. This is when we decided to take the company public. In 2022, we did $328 million of revenue. Just this last quarter, we had $7 million of positive EBITDA on $89 million of revenue. Just in Q1, we had, we have, you know, we effectively did more than we did when we took the company public. You know, if you look back at some of our public filings, I think what we've said is, you know, 35%-50% medium-term growth on that $320 million number over the next 18 months from a revenue profile growth perspective. No, it's incredible. Right now, I think, you know, one of the things that we enjoy right now is we get to be greedy, as Rick says, on both growth and profitability. Really, if you think about why we're able to do that, it's because we've shifted the requirement to really invest in marketing dollars, so traditional marketing, if you will, so brand performance marketing. We're getting the benefits from having these two unique assets. One is bringing in massive leads from the network. 5% of the people in the network get matched immediately. The other 95%, we're able to say, "Hey, you know, we've saved all of your offers in the MoneyLion app." That gets them to download the MoneyLion app, and then we're able to cross-sell them over time into both first and third-party products. That keeps our CAC incredibly low. That is our secret sauce. If there's one takeaway that we have from this conversation, is that we have solved a pretty challenging problem for traditional and atraditional financial institutions in the market. That allows us to really hit that operating leverage point. The growth is really coming from once we've figured out the marketing point, you know, we've done everything. Well, there's more to do, but we've done a lot to decrease the operating cost of the business. Operating leverage is increasing. We've brought down our headcount expense by 30% from two quarters ago. There's more to do there, again, with sort of, you know, the use of automation, generative AI, all of the enhancements that we have there in terms of making just the cost of revenue even lower over time. Finally, the growth comes from the fact that we're just scratching the surface in terms of the cross-sell to the massive, you know, funnel of leads that we're getting, and expanding the number of products that those consumers are using. Finally, you know, we see a lot of growth from taking our data assets, commercializing them, whether it's in fraud, whether it's in identity, and providing them back as services and resources to our enterprise clients. How would you rank, from most important to less important, the growth drivers? You just named a number of them, but how would you rank them? Yeah. Prioritize them. I think scaling what we do today is the number one thing that we're focused on. Which is adding more people and selling more products. Exactly. Yeah. What do you worry about with the business these days? Look, I mean, I think, you know, I think we've heard this over and over again today, across panels, is that the macro continues to be really uncertain. Whenever you have an uncertain macro, you never know what impact that's gonna have on capital availability. You never know how that kind of seeps into what your competitors do. That's always something that we think about. You know, for the most part, we ignore what we can't control. Then you have to worry about what you can control. You know, can we retain our best talent? You know, if you think about how our business is set up, all of our engineers, product managers, developers, sit in Asia, right? In Kuala Lumpur. You know, We are a very attractive- You might explain why that's the case because that's not your average- Yeah. Tech destination. Exactly. You know, if you think about the operating leverage in the business, you know, if you can build software for the United States and have it built in Asia, clearly there's a cost benefit. We didn't do it for that reason. You know, when we started the business in 2013, you know, my co-founders, my co-founder was a Chinese Malaysian person. You know, it just so happened that he was able to recruit the first 5- 10 engineers there, and it went from 5- 10- 50 to almost 250 now, right? If you think about that region, we're probably the leading tech employer in that region. Instead of working for Google or Microsoft in the back office, you'd rather work on- Really. you know, really cutting-edge AI and front-end technologies there. That's been kind of the story over the years. You know, we continue to compound that advantage, and it's something that's gonna continue dropping to the bottom line and increasing our operating leverage. AI, we've been hearing AI has been the topic du jour, and there's not a conversation. I know you mentioned it a moment ago, but I think you've probably been ahead of this most people in terms of you employing AI and machine learning. I guess to maybe educate people as to what you've been doing and more importantly, how you see yourself taking further advantage of it going forward. Yeah. You know, when we started the business, like I said earlier, the reason why we existed and were able to raise hundreds of millions of dollars of venture capital was around a algorithm that predicted when consumers had money and when they'd run out of money. To be able to do that, you know, we were pioneers in parallel processing. Of course, it was being done across, you know, the Department of Defense. In 2013, we were using Spark and GLB and GLMs and random forests to create that algorithm. If you look at our business today, we do millions of credit transactions every month with zero human interaction. You know, when we started the business, we used to high-five with 100, you know, humans looking at underwriting, when we did 40 a day, right? Now we do millions a day. We've always been pioneers in that application, in a real-world application. I think in the world of, you know, generative AI, LLMs, there's probably more to do, right? Those applications, you know, we're pioneering and kind of at the bleeding edge as well. Very soon, we will have a personal financial chatbot that's able to do 98% of what a human could do, right? Mm-hmm. Again, if you think about business equation, that's ultimately going to impact the bottom line. You know, I think the other exciting element is that it just makes your existing staff that much better, right? Yeah. Everyone can be a 10x version of themselves when you have both Bard and ChatGPT and Stable Diffusion kind of running in different tabs on your computer, right? Your marketers get better. Your operations folk get better. Your accountants. Financial people get better. Yeah. Your accountants get faster, right? It's definitely going to have a massive impact on the business equation of our business. You know, one of the things that's up for debate or up for consideration right now is inside of a regulated financial institution. You know, we partner with a bank, so we have effectively OCC oversight. We're a broker-dealer. We're regulated by the SEC. We have state regulations. You know, the reason why we're super excited is we have the white truffle. The LLMs are just models, right? Who has the permissible purpose on the data, right? Our consumers are giving effectively triple opt-in. We can text them, we can email them, we can call them, right? Only we, MoneyLion, and our entities have that. Data. have that not only the data, but the permissible purpose to actually recommend a financial product or the next best financial product. If you think about the natural extension of this, as Google and Facebook retreat from financial products, as the Google first page retreats from being ad-driven and more LLM-driven, people like us and companies like ourselves have a really interesting opportunity to take those financial institutions and say, "Hey, we'll host the next best product, and we'll show the consumer based on how much money they make, based on their credit score, based on other factors, your product in a way that's contextual for them, that's personalized for them," right? Again, those are the things that we're thinking about in the long run. Those are the things that make a lot of sense. That's why we have a media business inside of our house. That's why we have a consumer business, so we understand exactly how first-party products are, the unit economics work. That's why we have the marketplace of just about every type asset class of financial product that exists in the United States that's available through MoneyLion. Well, D, it's a wonderful story. We wish you all the best of luck. Thank you. I think we've run out of time. Thank you all for coming. Appreciate you coming to the conference overall. Thanks, everyone.