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$CRD Picked up a starting position a couple weeks back in advance of AGM, added a bit more yesterday after positive update. Haven’t seen much chatter so quick background: US consumer finance marketplace (scalable Platform business) which links millennial consumers with lenders. 
$CRD Started in student loans (US$20B market), then added personal loans ($150B) and credit cards. Recently entered the enormous US ($1.6T) mortgage market - a small % share there would move the needle.
$CRD Aligned/integrated with ~40 lending partners using CRD’s pricing/underwriting engine and a “soft pull” (act of applying for credit doesn’t appear on a customer’s credit record). Much more value add than traditional intermediary lead generation.
$CRD Consumers answer a 3min questionnaire (12 questions), then are matched with accurate pre-qualified credit offers in real time. CRD clips the ticket on each loan, taking a % of LV. Zero credit risk but clearly relies on loan volumes.
$CRD Early signs of Network Effects with consumer & lender numbers growing. Part of the thesis is that CRD will hopefully track millennials through their life (student loan -> personal loan -> mortgage etc). Customers will hopefully use the platform for multiple credit products.
$CRD Opportunity for CRD to one day become a credit version of Trivago or Expedia? Bell Potter likens CRD to an early stage $REA (*if* it can replicate the 4 pillars: Market leader, lender partnerships, customer experience, revenue growth = pricing power & margin expansion).
$CRD Growth has accelerated over last 2 Qs, including a big Dec-18 quarter (nullifying usual seasonal slowdown). Looks highly scalable following years of software & system development. 96% customer satisfaction score with its millennial customers.
$CRD Cash of $26M at 31 March, probably funded through to its breakeven inflection point (2021?), though expect S&M ramp in mortgages. Founder CEO has 43% stake. Market cap ~$360M - lot of share price upside IMO relative to the current hotness ($APT (also held), $Z1P et al)
