Can you help me understand how SEA has $2.3bn of DFS revenue on $5.1bn loan book? If this is purely loans, it is 40% interest rate? Are there significant fee income?
Their loan book is just one of the many revenue streams that DFS generates. They started off with Digital payments through ShopeePay. They also have BNPL through SPayLater, payment processing and insurance etc that make up the $2.3B revenue.
Their loan book will likely be the lion's share of revenue generation in the future but at the moment, it is likely still a small contributor.
Can you help me understand how SEA has $2.3bn of DFS revenue on $5.1bn loan book? If this is purely loans, it is 40% interest rate? Are there significant fee income?
Their loan book is just one of the many revenue streams that DFS generates. They started off with Digital payments through ShopeePay. They also have BNPL through SPayLater, payment processing and insurance etc that make up the $2.3B revenue.
Their loan book will likely be the lion's share of revenue generation in the future but at the moment, it is likely still a small contributor.
Incredible earnings! Added this morning at $128, but after reviewing more in-depth, I'm going to add even more tomorrow.