Disclosure: Not financial advice. Do your own research.

Picture this: you’re an asset-light fintech company growing 18% top-line, with positive operating income. You’ve got 850K merchants, up 38% YoY. In September 2025, you successfully complete your IPO at $40 per share, a market cap of $15 billion. You quickly reached a high of $45, before falling 55% to today’s price of $20.37.

Mr. Market took you down from a market cap of $15 Billion to $7.7 Billion today. Meanwhile, you’ve got $8.3 Billion in cash (incl. customer deposits), with an enterprise value of $2.0 Billion…

Oh and in the past two years, headcount has been reduced by 39%, now at less than 3,000 people.