I think it makes sense. They're banks and their currency is miles. Their customers have accounts with balances, transactions, and they make money by selling mi

I think it makes sense. They're banks and their currency is miles. Their customers have accounts with balances, transactions, and they make money by selling miles that they make out of thin air. They don't just create miles from travels, they also sell them for real money to customers and business partners. They're "more" banks than airlines in the sense that their loyalty programs valuation is roughly twice that of the airlines themselves.