Lending businesses have a hyperbolic curve. The inflection point is c. two credit cycles. That is the time it takes to understand and build systems to cope with the massive complexity and nuances of collecting and operating. Once done: huge. Too early: catastrophic. Fintech lenders will go through a period of consolidation - the relative ease of lending & hence (investor demanded) growth temporarily masks limited operartional capability. Few startups have the appetite / capability / real world understanding to collect what they have lent.