Company Overview - CLA, a buy now pay later company, recently went public, raising nearly $1.4 billion, marking one of the largest IPOs of the year and the biggest week for IPOs in four years [1] - The company offers various consumer financing options, including a CLA card and a technology platform for tracking spending [2][3] Market Presence - CLA is already significant in the market, with an average of 48% of the top 100 merchants in its operating markets using CLA for payment facilitation, and 66% advertising on CLA's network [3] Revenue Model - Approximately 75% of CLA's revenue comes from transaction and service fees, which are derived from a cut of transactions made through their network [4] - The remaining 24% of revenue is generated from interest income from traditional lending, although these transactions are less popular [6] Credit Quality - CLA has demonstrated impressive underwriting standards, with a provision for credit losses representing only 0.52% of its gross merchandise volume, significantly lower than the average loan losses of 2.92% at commercial banks last year [6][7]