Customer Base/QUAD/Tap, page-78

Mate your insinuation is misleading and omits a number of key bits of information. Firstly Zip and Quadpay effectively merged - i.e. the Quadpay founders hold a material interest in the enlarged Zip entity post-merger. This crap people are writing about 'oh why did Quadpay need Zip' is incredibly juvenile and amateurish. The Quadpay founders hold an interest in a larger BNPL player, freshly injected with $200m in capital, that can now tangle with the larger players in the US. Without this they would be on their own in the US market, similar to how SZL is now, which is a dangerous place to be competitively.
Further, if Quadpay were stripped out and publicly floated, it would likely be worth $1bln+ already, whether you think that is overvalued or not. In a few short quarters the price tag of $400m is going to look like an absolute bargain.