Ann: H1 FY20 Appendix 4D and Half Year Report, page-112

Yes the pattern is there won’t be 6-7 BNPL businesses in a few years. Only the biggest will survive. That’s why I laugh at people who say competition is coming for Afterpay and they are in trouble because it will become too crowded. These same people then mention how Afterpay isn’t making a profit. They think that Afterpay competitors will come into the market and magically make good profits and therefore because Afterpay doesn’t make a profit they will fold. They never think that maybe their new smaller (much smaller) competitors will struggle to ever make a profit and therefore fold leaving Afterpay as 2-3 dominant players. These investors lack foresight.... and good returns.