Monks looks to the future to meet your aspirations.

That's why we take time to consider those key themes that we believe will provide opportunities for the years ahead.

Looking forward in this way, rather than backwards, helps our search for those companies that will shape the future.

We think it's a better way to deliver returns you can look forward to.

Monks is managed by Bayley Gifford.

A key information document is available by visiting BayleyGifford.com.

As with any investment, capital is at risk.

In the very early stages of this product idea, we came across a corporate that prints 18,000 pay slips every single month and spends 25,000 ran,

curing them around the country and it just completely blew our minds.

Here you had a market where we needed a little bit of cooperation from payroll in order to offer an on-demand pay product.

But we had the ability to save payroll literally days of work every single month by taking those pay slips and offering them on our exact same channel, which is via WhatsApp.

100 years ago you worked today at the end of the day you went in line and you got given a bunch of cash.

No employees can't get access to their money and have to rely on predatory lending.

With technology today, we can give employees a percentage of what they've already earned.

That is really not lending but just giving people access to what is already there in an efficient way.

I found myself in an interesting position knowing I'd been South Africa for all of August. Don't rob my house please.

I reached out to a few extra guests to build up a stock of their episodes to tide me over.

And then everyone said yes. So now I'll rather than hoard July recordings until October. I'm flipping the script and publishing a South African themed bonus episode every Tuesday of my trip.

This is the second one of those. South Africa has an awkward history with payday lending and payday adjacent lending.

In the days of apartheid some lenders often in the form of furniture retailers would open so many direct salary deduction loans that somebody might spend a whole month working down the gold mines, only to get a negative paycheck after.

When I started my career that was what we pointed to when we wanted a short and example of predatory lending.

Then a few years later a couple of South Africans started wonger. The Nardy Fanked Payday Lender whose astronomical APRs made it the UK's contemporary byword or over aggressive lending.

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