Agreed. 3% is an overly optimistic estimate for how much they are making off each transaction since they are charging 2.75% and no per transaction fee and inter

Agreed. 3% is an overly optimistic estimate for how much they are making off each transaction since they are charging 2.75% and no per transaction fee and interchange isn't too much lower than that (maybe around a 2 or 2.2% blended rate?) Then you have to account for per-transaction fees, chargebacks, etc. Given the pricing, I am guessing that they are making anywhere from break-even to 1% on each transaction. At my most generous estimate, that's $80M of annual revenue before any costs, but I'd wager they are pretty damn close to break-even and not making too much, yet... So I agree with you, they are growing very quickly and have pretty tremendous potential, but I'm not sure I'd say they are "printing money".